It’s As Easy As That With Flat Rate VAT!

VAT

Flat rate VAT is a scheme introduced by HMRC to help businesses simplify their VAT accounting, in turn reducing the amount of time spent on calculating their liabilities. Many business love the sound of a reduced rate in VAT…but is it worth it? The flat rate VAT...
Accounting For Insurance Payouts

Accounting For Insurance Payouts

Advice, Business Support, Tax

No matter what type of business you run, you will have assets. Farm businesses may have stock, land, crops, machinery, a farmhouse. It is prudent to insure these assets to be confident that you that you are fully covered in the event of an unfortunate incident. Given...
Herd Basis Elections

Herd Basis Elections

Advice, Business Support, HMRC

Usually, when dealing with farm animals, they are treated as trading stock for accounting purposes. However, some farm animals are more like capital assets of the farmer’s business than current assets to be bought and sold. One example of this is animals which...
Entrepreneurs relief for farmers

Entrepreneurs relief for farmers

Advice

Where Entrepreneurs Relief is available any profit on the sale of capital assets (like land) is taxed at 10% as opposed to 28% and so this is an extremely valuable relief. The question of whether or not Entrepreneurs Relief is available is very complex as was...