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agricultural2021-09-13T14:29:58+00:00

Complete Agricultural Accounting and Taxation Services for Farmers and Landowners in the Southwest.

We Understand Farming Businesses and Farming Families

ACM Accountants have been supporting clients in the farming sector for over 115 years. Many of the families we act for have been clients of the firm for several generations.

Our office is in Taunton and most of our clients are based in Somerset and Devon. However, we act for farmers and agricultural businesses throughout the UK. We like to visit our clients on the farm as often as possible and we also have the facilities to hold virtual meetings.

Our experience with rural business owners is built on trust. We offer solid and honest advice, which is partner led and tailored to your individual requirements.

Our Agriculture Sector Specialists Offer Expert Advice to Our Clients

David Perry and Rob Selley head our farming team. They both have many years of experience within the farming sector. They are supported by a team of experts who can help your agricultural business with all its accounting and taxation needs.

Services Offered by Our Agriculture Specialists

We offer a full range of services to our rural business clients. Here are some of the ways we can help.

Accountancy and Taxation

We have a wealth of experience in the preparation of farm accounts and tax returns. Farm accounts require specialist knowledge with a number of tax rules which are specific to the sector such as herd and flock basis elections, loss relief claims and farmers averaging. We also have extensive knowledge on all the main accounting software packages and are able to provide initial set up and training together with ongoing support.

Business Structures

We can advise on the most suitable structure for your farming business. Depending on your circumstances, this may be a sole trader, partnership, limited company or LLP. Regular reviews of your business will take place to ensure you trade as the most appropriate and tax efficient entity.

VAT Planning and Advice

We provide general VAT services including advice on registration and deregistration together with the preparation and submission of your VAT returns. We also provide specialist VAT advice for more complex issues such as VAT on land and property transactions.

Business Support Services

Do you have plans for your agricultural business? We can help you plan land and farm purchases, expansion into new sectors and diversification projects. We can assist with cash flow forecasts, management accounts and profit projections. We can also help with business plans and the preparation of budgets which lenders may require to finance a project.

Succession and Inheritance Tax Planning

One of the key challenges for many agricultural businesses is succession planning. Knowing who will carry on in the future is vital for planning ahead. We can provide inheritance tax planning and advice to ensure any future liabilities are minimised. Specialist knowledge of the farming sector is required to advise on the availability of reliefs such agricultural property relief and business property relief.

Capital Gains Tax Planning

We provide advice on all aspects of capital gains tax from the sale of a small field to the disposal of a large estate. Capital gains tax can be a very complex area and we have a great deal of experience in all the reliefs available such as private residence relief, business asset disposal relief, rollover relief and gift relief.

Contacts

News

FAQs

What are typical farming records?2021-08-24T10:22:34+00:00

Keeping your records in good order is a requirement for any business, especially farming. So, look after them. Here are the records many farms need:

  • Farm Diary record
  • Cash book and payment receipt book
  • Annual valuation record
  • Farm inventory
  • Yield and Production records
  • Payroll and Labour records
  • Farm input utilisation records
  • Profit and Loss statements

Most of the above can now be kept digitally through accounts programs such as Farmplan. This can save you time and effort when you wish to concentrate on your business.

What is considered an agricultural business?2021-08-24T10:22:11+00:00

The diversity of agricultural businesses often surprises people. Traditional rural businesses include raising crops, livestock, and husbandry. Ranching, conservation, and agro-forestry are also agricultural businesses.

Do farmers need accountants?2021-08-24T10:21:55+00:00

Yes, we believe every farm benefits from a partner with extensive farm accounting experience who can focus on business and tax details. Your land, livestock, and community is the heart of your business. Let us ensure your heart beats by taking care of your accounts so that you can take care of what you really love.

What do agricultural accountants do?2021-08-24T10:21:34+00:00

We use our knowledge of the specific business issues facing the farming industry to offer business advice and tax planning as well as providing accounting services. We help you to manage your accounts so that they are always in order.

Which Areas Do You Cover?2021-08-24T10:21:16+00:00

We offer a full range of rural accountancy services from our offices in Taunton serving Somerset, Devon and the Southwest and nationally throughout the UK. Businesses also use online services to speak to an accountant from wherever they are located. We can also arrange client meetings on your site or in our offices in Taunton.

Are You Ready for Help from Professional Accountants Who Know the Farming Business?

ACM Accountants offer complete farm accounting services delivered by reliable and honest professionals. If you are ready to get help from an accountant, please contact us today. We will be pleased to chat with you, offer an assessment of your needs, and give you ideas about the best way forward.

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