Farming & Agriculture

Farming businesses hold significant assets, run on long cycles and frequently span generations. The accounting needs to reflect all three.

We act for arable and livestock farms, contract farming arrangements and mixed estates across North Lincolnshire and the surrounding area. Herd basis elections, stock valuations, subsidy and grant income and the tax treatment of buildings and machinery are routine work for us.

Averaging of profits remains one of the most useful reliefs available to farmers, smoothing the tax effect of a poor year following a good one. It only works if the figures are prepared early enough for the election to be made deliberately.

Diversification — holiday lets, storage, solar, events — brings new VAT and tax questions, and often affects the availability of agricultural and business property relief. We look at those consequences before the project starts rather than after.

Succession is the conversation most often postponed. Getting the ownership of land, buildings and machinery right, well ahead of time, is the single most valuable piece of planning available to a farming family.

How we can help

• Farm accounts and stock valuation
• Averaging of farming profits
• Herd basis elections
• Grant, subsidy and diversification income
• Agricultural and business property relief
• Succession and partnership agreements