During these difficult economic times it is more important than ever for the agriculture sector to receive the correct financial and taxation advice.
As the administration burden from Department for Environment, Food & Rural Affairs (DEFRA), Rural Payment Agency (RPA), and HM Revenue & Customs (HMRC) becomes ever increasing, it is crucial that all submission deadlines are met.
In all farming business’s it is important that tax planning is undertaken at the earliest opportunity to reduce the burden of Income Tax, Corporation Tax, Capital Gains Tax and Inheritance Tax.
As the government is continuously changing tax legislation, receiving up to date advice is key and means you don’t have to worry about not being compliant. Farmers now have the option to average their profits for five years rather than the traditional two years with effect from April 2016, which could provide you with an additional cash boost if you are eligible to make a claim.
There can be large sums of tax involved in disposing and acquiring farms, so setting the business structure up correctly is very important. No farm is the same as the next one which is why professional advice from a specialist who understands the sector is key.
We will work with you to understand your individual circumstances and help you to achieve a solution that is right for you and your business, ensuring that you pay the least amount of tax.
Agricultural advice from agricultural people. Give us a call today.