Farming
Accountancy specifically for Agriculture based businesses
Charles Rowan comes from a farming background and we take time to understand the need of the farmer. Our approach to farming businesses recognises your unique circumstances.
Farming, unlike many other commercial enterprises, is a specialist business with unique practices and conventions.
We recognise that farming is not just a business to our clients, but a way of life, and as such our approach to each client is tailored to meet their individual need and objectives.
By listening to and understanding our clients’ needs and hopes, we have developed a working method that centres around a relationship of trust and commitment. Our clients know that their accounts are in order and can trust that we are there to help whatever may come.
We provide a comprehensive range of agricultural accounting and taxation services that will give you the confidence to develop your business.
Agriculture tends to be capital intensive, so the approach to your business structure is important. What was the best structure for a firm 10 or even 5 years ago, may not be the case now. Considerations of succession and capital tax planning (both inheritance tax and capital gains tax) may be vital. Planning for long term care costs is also very important.
We specialise in agricultural and rural affairs supporting a range of farming, horticultural and rural businesses, working closely with you to make the most of the tax planning opportunities and reducing tax liabilities.
We apply a range of tax saving procedures and by careful planning, ensure that you pay minimum amount of tax. Some examples where savings can be made are outlined below.
One Ballymena based two partner farming business was able to save over £3500 in tax by averaging the 2013/14 profits with 2012/13 profits. Profit averaging can now be extended over a 5 year term.
In the case of milk production, with large fluctuations not only in selling prices, but also in the cost of production, farming profits can vary widely from year to year. However, averaging enables farmers to lessen the effect of high tax rates on a successful year when preceded or followed by a bad year. This valuable relief should not be forgotten.
One Larne farmer was able to reduce his farming profits by £26,744 which at the higher rate of 40% tax plus the 1% in respect of the additional insurance contributions, saved him £10,965.
If you would like to find out the likely effect of this tax adjustment on your profits and how much tax you could save, please contact us on (028) 2564 3973 or at charlesrowanuk@aol.com.