Agriculture, Farms and Rural Businesses
Agriculture, Farms and Rural Businesses, whether small or large, face a number of challenges in order to operate successfully and retain value for future generations. With farming businesses largely being family-run enterprises we understand it is crucial for advisors to understand the family circumstances and aspirations in order to provide tailored and constructive business support and advice.
As a Lincolnshire and East Yorkshire based firm, in counties with strong agricultural heritage and thriving related businesses, it is no surprise that the agriculture, farms and rural businesses sector forms a large part of what we do. Our in-house team is made up of dedicated specialists who have developed close links with other experts and professionals serving the agricultural community. The knowledge we have developed means we are well placed to offer specialist support and advice, delivered by individuals who understand the issues affecting farming businesses.
We work closely with you to understand your requirements and will tailor our services accordingly in order to meet these. In addition to the general compliance services, in respect of the preparation of annual financial accounts and tax compliance work, we also offer advice in other key areas;
- preparation of harvest year management accounts containing detailed information in key specific areas including;
- Five year summary showing yields, average price per tonne for each commodity and average output per acre
- Breakdown of income and costs on a per acre basis
- Sensitivity analysis highlighting the impact on profitability of a change in yield or price
- Breakeven schedule showing the required commodity price to cover production costs and total farm costs
- Variance analysis highlighting the impact on harvest output due to changes in crop rotation, yields and prices
- advice on the selection and implementation of farm specific accounting software
- business planning advice including preparation of budgets and cash flow projections
- retirement and succession planning
- capital taxes advice in respect of both Capital Gains and Inheritance tax.