Farmer Taxation

We deal with all aspects of farmer taxation from sole trader to farm partnerships and farming companies. Farming has changed significantly over the last number of years and we are at the forefront on advising on all aspects of farmer taxation. We work to make your farm business as tax efficient as possible.

We are in regular contact with our clients updating them on recent changes in legislation. We advise on farm restructuring relief and farm consolidation relief. We advise on standard farm partnerships, registered farm partnerships, succession farm partnerships and other partnership structures such as partnerships involving companies.
We advise on the tax advantages and disadvantages of owning assets personally and leasing them or licencing them to a partnership or a company. We also advise on drawings and profit allocation to each partner, tax relief for investment in partnership capital projects and exit and succession strategies.

We advise on retirement relief for farmers over 55 years of age who dispose of chargeable business assets. Some farmers may not qualify for retirement relief and in these cases we explore entrepreneur relief and other tax reliefs with farmer.

If you inherit or are gifted farm assets you should check to see if Agricultural relief applies to the inheritance/gift. There are a number of conditions required in order to claim this relief. With careful tax planning, a tax bill can be reduced significantly by ensuring your affairs are structured so that you meet the conditions of the relief. Business Assets Relief is another relief that should be explored if you do not qualify for agricultural relief.

We advise on:

  • Registering for income tax as a sole trader or a partnership.
  • Structuring a farm partnership and dealing with the partnership agreement and assets transferred to the partnership.
  • Tax advice on registered farm partnerships and succession farm partnerships.
  • The tax rules for commencement and cessation of a partnership business.
  • Advice on licencing or renting farmland to a partnership or farming company.
  • Tax advice on stock relief and stock valuations.
  • Advice on income averaging.
  • Tax advice on the calculation of farm losses and how these can be offset.
  • Farm buildings allowances and capital allowances for plant and machinery.
  • Increased capital allowances for energy efficient equipment.
  • Increased capital allowances for farm safety equipment.
  • Tax advice on drawings and personal expenditure and how these are dealt with in the financial statements.
  • Tax relief leasing of farmland.
  • VAT reclaim for farmers.
  • Transfer of a business to a limited company.
  • Succession planning for farmers.
  • Consanguinity Relief.
  • Retirement relief and Entrepreneurs relief.
  • Inheritance tax planning.
  • Agricultural relief and business relief.
  • Tax exemption for the operation of woodlands.
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