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Digital Subscriptions > Argyllshire Advertiser > 27 July 2018 > Agricultural Accountants

Agricultural Accountants

Many a simple farm operation has now diversified into new and exciting sources of revenue. However, as with all things that were once simple, the accounting and taxation rules within the sector have become equally diverse with different income and capital treatments for activities such as holiday lets, long let crofts, woodlands, wind and water power generation and game shooting to mention a few. Each diversified activity has their own little tax complexities attached along with the revised rules on farm averaging! Further change is afoot from 1 April 2019 when VAT registered farms whose VATable turnover is above £85,000 will fall squarely within the new Making Tax Digital rules. However, with modern accounting systems able to produce real time information, farmers now have the tools to take control of their business like never before.

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