We understand that managing a farm or landed estate requires time, commitment and expertise. Running a farm or estate is more than just a business to our clients – it’s a way of life.
Accounting for farms and landed estates requires an understanding of different ownership structures and each individual enterprise’s own unique set up. At Smith Cooper we have many years of experience in preparing accounts for farms and estates, dealing with their specific tax requirements, and providing strategic advice.
Our unique set up means that we are able to offer the high level of expert advice across the taxes that one would expect from a national firm, at a far more cost-effective price.
We also ensure that we make time for our clients and are very happy to meet you at your premises without passing on the cost of travel.
How can we help you?
Our team have many years of experience of dealing with farms, landed estates, private trusts and their related entities. We build relationships with our clients that will last a long time, and have the skills to look after more than one generation within our clients’ families.
Our expertise gained looking after clients and their various challenges and projects, can be used to help find solutions that are tailored to your own particular circumstances.
From the outset, we are committed to putting in the time needed to truly get to know and understand your estate, and to continue that regular communication, ensuring a proactive and personal service.
Having access to a whole breadth of services internally means that we look at your affairs holistically and always use a team-based approach both within Smith Cooper, and with other advisers, land agents and lawyers particularly.
Accounts and tax compliance
We offer significant experience in the following areas:
- Farm accounts
- Property accounts and tax
- Trust accounts and tax
- VAT reporting
- Payroll issues
Specialist tax services
There are specific tax rules that need to be understood in order to advise many farms and estates.
Our expertise includes:
- Income tax issues such as herd basis elections, farmers averaging, loss reliefs and restrictions, let property reliefs and restrictions
- Employment tax issues, rewarding and retaining key employees
- Capital gains tax reliefs such as holdover and rollover reliefs and structuring for business asset disposal relief, dealing with part disposals of property
- Inheritance tax – business and agricultural property relief, planning using different family ownership structures
- VAT advisory services relating to land and property transactions, holiday lets, partial exemption, building and construction
- Trust taxation and advice
- Heritage tax issues for example Heritage Maintenance Funds and Conditional Exemption
- Mineral extraction and royalty payments
- Dealing with Inland Revenue enquiries and applying for clearance for important transactions or planning