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Agricultural Accounts

Shirley
  • Fellow PM.Dip
  • Practice Licence
  • 16 posts
  • # 80206

Hi everyone

Just wondered if someone out there could offer some advice. I am seeing a new client Friday who has a large working farm and also holiday lets on the the farm.
Not worried about the holiday lets side of things, but out of the wide variety of clients I have, I haven't got a farmer!

Is there anything different on agricultural accounts that I need to know about or look into?
I am hoping to use Sage.

Thanks


Shirley
Laughing
gigagirl
  • 220 posts
  • # 80210

Are you doing the Self-Assessment too, or just the bookkeeping?  There are special tax allowances/rules for Farmers or Market Gardeners.  Search for Helpsheet 224 on HMRC website, makes interesting reading.
  • Member
  • Practice Licence
  • 88 posts
  • # 80211

Hi Shirley - with a farm the majority of the income will be zero rated. I usually liaise closely with the accountant for private proportions for telephone, electricity etc with a new farm. Invoice based VAT probably better from a cash flow point of view - depends on what has been happening prior - but if you are using sage that will be okay as you don't need to do seperate cash book. I don't know how involved you are in farming, but terminology may be your biggest bugbear!! If I can be of assistance send me an email louisetempleton@hotmail.com - for my sins I've worked with farmers for the last 20 odd years!

Good luck
Louise
Shirley
  • Fellow PM.Dip
  • Practice Licence
  • 16 posts
  • # 80213

Hi Louise and Andrea

They want their self assessments dealt with too (partnership) ... I am literally waiting for my exam results on the self assessment part! So hopefully will be able to include that.

They only started trading in August and saw an accountant but until I see them, I don't know how much setting up has been done... I get the feeling vertually nothing and they need to do their VAT.

Thanks Louise, I think I will definately contact you! Really appreciate the offer Laughing

Shirley
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