Who we help
Agriculture Newsletter Autumn 2020
30 Oct 2020
Agriculture Newsletter Summer 2020
06 Aug 2020
Agriculture Newsletter Spring 2020
16 Apr 2020
Agriculture Newsletter January 2020
06 Jan 2020
Agriculture Newsletter Autumn 2019
15 Oct 2019
Agriculture Newsletter Summer 2019
21 Jun 2019
Agriculture Spring 2019 Newsletter
11 Apr 2019
Agriculture January 2019 Newsletter
02 Jan 2019
Making Tax Digital for Farming Businesses
26 Sep 2018
The Government has announced that the current Annual Investment Allowance (AIA) of £1,000,000, which was due to revert down to £200,000 on 1 January 2021, will be extended for a further year to 1 January 2022.
Lifetime gifts are generally subject to IHT if they exceed the £325,000 nil rate band and do not qualify for either Agricultural Property Relief or Business Property Relief. However, some gifts are automatically exempt from IHT and do not require you to survive seven years for the value of the gift to fall outside your estate.
If you are one of the lucky landowners, with either residential or commercial development...
Farming & agriculture
Agriculture is in our DNA. Since Ellacotts began, we have provided specialist advice to the agricultural community.
In fact, many of our Partners and staff are from farming backgrounds. We understand the challenges and opportunities that face the farming industry. These strong links have allowed us to develop our expertise in all aspects of finance and taxation related to farming.
Today we are market leaders in the agricultural sector and represent the interests of a large number of farmers, landowners and other agri-businesses, both regionally and nationally.
Making Tax Digital
Making Tax Digital (MTD) came into effect on 1 April 2019 and has prompted many businesses to review their bookkeeping and software needs. With our detailed knowledge of agricultural businesses, and our strong links with software providers, our Agriculture and Property team can offer advice on the best software fit (and price) for you. Please contact us if you have any questions regarding the impact of MTD on you and your business.
Inheritance Tax and succession planning
The most tax-efficient way to pass on your business will vary significantly from one family to another. We work closely with your family’s land agent and solicitor to ensure that legal documents such as partnership agreements, wills, trust deeds and lasting powers of attorney reflect the needs and wishes of your family and your business.
Property & land transaction planning
Tax charges on property transactions can be substantial and, without planning, may be triggered unintentionally. There is potential to save significant amounts of tax with the right planning.
We can provide you with comprehensive guidance on the purchase, sale and development of property and land. We have a team dedicated to property matters to ensure you keep tax bills to a minimum.
Talk to us about your agricultural business
Benchmarking and gross margin accounts
To enable you to make important business decisions we provide gross margin accounts, which show in detail your different enterprises and the contribution they make to business profits.
These accounts allow us to benchmark your data against other farmers and then review how the farm has performed.
The information helps the process of making informed strategic business decisions such as investment in machinery or purchasing land.
Each year we hold a benchmarking event where we share the overall results of the harvest in financial terms, offering insight into how the industry is performing.
Renewables and diversification
If you are considering investing in a renewable energy project, we can talk you through the relevant business and tax planning points.
Early involvement will ensure you implement the optimum trading structure for your new enterprise.
In addition, we can explain the tax implications of the new venture, which is particularly important when land is being taken out of agricultural production.
We are always on the lookout for new developments that will help you work smarter, making compliance work more straightforward and freeing up more time to focus on both the present and the future.
Thanks to our strong relationships with software providers, we offer a range of specialist agricultural bookkeeping software at a discount. We take the time to work with you and your software provider to create a bespoke, efficient and effective solution. We regularly hold face to face software training sessions for you and your bookkeepers and we can also help ensure you are compliant with Making Tax Digital.
We can also help you with
By outsourcing financial and accounting management services, including payroll, to Ellacotts, you have more time to concentrate on strategic issues and growing your agri-business.
Ellacotts Wealth Planning team can help you protect and manage the wealth that you have invested in your farm business and private portfolio.
Contact us today to discuss how we can assist your agricultural business.
Speak to a farming and agriculture expert
I have no hesitation recommending Ellacotts for their reliable and efficient service.
Robert Barnes, Managing Director
L E Barnes & Sons Limited