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Agriculture & Property Spring Newsletter 2023

28 Apr 2023

In this newsletter:- Tom May considers the complications multiple properties and periods away can bring and the impact on Private Residential Relief. Dan Martin breaks down the rural highlights from the Spring Budget 2023 and how it may affect your business.  Emma Russell takes a look at the way in which HMRC charges penalties for late VAT return submissions and late VAT payments has changed.

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Agriculture accounting

Agriculture is in our DNA. Since Ellacotts began, we have provided specialist agriculture accounting advice.

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.

Agricultural IT

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 with your agriculture accounting for your 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

Finances can be complicated.
Let us connect the dots for you…