Agriculture

Smailes Goldie Turner in Hull is a specialist agricultural accountancy firm, with a substantial and varied client portfolio in this sector.

Farms and landed estates are often seen as unlike other businesses but the same business principles apply to agriculture as to any other commercial activity, including the need to make a profit and maximise cost efficiency.

Our farming clients benefit from all the accountancy, tax, business advisory and specialist services we offer, along with our particular expertise in sector-specific issues, such as herd basis, averaging elections, stock valuations and contract and share farming arrangements. They also value our general business services, including:

  • business reviews, benchmarking and management consultancy
  • business support services, including bookkeeping, payroll, business planning and forecasts
  • compliance services, including audits
  • IT
  • independent financial advice
  • personal tax and trusts.

Our depth and breadth of experience in tax issues is of particular value to agricultural clients. For many farmers and landowners, IHT is a key area for tax planning opportunities, particularly with rising land values. At a price of £5,000 an acre, the potential IHT liability for a 500-acre farm with a modest house would be around £1,200,000, highlighting the need for specialist advice.

While farmers can benefit from generous IHT relief, careful planning is essential to ensure the full benefit is retained, for example to ensure that income-generating projects are consistent with IHT planning measures or in relation to the different IHT status of different types of tenancy.

With expert advice from Smailes Goldie Turner’s agricultural accountancy and tax specialists, farmers can maximise the IHT relief opportunities on their land and property.

For landowners and farmers, capital gains tax also needs to be carefully planned for, including in relation to land transactions, to address pitfalls and maximise opportunities to claim Entrepreneurs’ Relief.

In everything we do for agricultural businesses and landed estates, we believe in adding value and our clients benefit both from our in-depth farming sector expertise and our broader commercial knowledge and experience.

For more information about Smailes Goldie Turner, specialist agricultural accountants in Hull, please contact us.

Back to Services