Many farms have a 31 March or 5 April year end and so it is important to think about year end planning now.

 

Capital expenditure

  • Are you making full use of the £100,000 Annual Investment Allowance to obtain 100% tax relief on equipment purchases?  From 6 April 2012 the maximum relief is just £25,000.

Revenue expenditure

  • Can you bring forward any revenue expenditure in the business to reduce your profit for this year?
  • Are there any large repairs that could be done before your year end to reduce your profit?

 Stock valuation

  • Have you taken account of homebred animals?
  • Have you valued your growing crops based on cost or selling price less profit margin?
  • Have you considered using a professional valuer?

 Please review your circumstances with your professional adviser or for further information about our services contact

Jonathan Crowther FCA

Pershore 01386 552644 or Ledbury 01531 631500

Email: farming@crowther.co.uk