AGRICULTURE

Agriculture

Support and advice to reduce the uncertainty by helping farmers to protect their assets and take care of their finances.

Farming and agriculture is a particularly challenging sector due to its exposure to so many unique  factors. Success can be driven by government regulation and  commodity prices – which fluctuate due to market forces and the weather.

It means as a farmer, your trade can at times depend on many issues that are outside of your control. The long and irregular working hours, particularly during busy seasons, means the need for regular financial information is crucial to keep you up to date as to where your business is at and its interactions with these external forces. 

You therefore need a robust financial system that maps any changes to the accounts, so that you can understand your costs and what needs to be achieved on a regular and timely basis.  At Wellers, our staff are trained on a variety of agricultural accounts packages and can also help you install the most suitable software for your needs, providing you with clarity and control of your financial affairs. 

We can draw upon many years experience and sector knowledge to help you with the following:

Funding and expansion

  • Preparing profit and cash flow forecasts for accessing finance and to model the impact of commodity price changes on the business
  • Preparation for, and introduction to sources of finance to fund business expansion, diversification, machinery or land purchase
  • Assistance with subsidies and grants

Taxation

  • Interpretation and advice on the many specific farming rules in relation to income and inheritance tax
  • Advice on capital gains tax - roll over and taper relief, milk quota and development land
  • Income tax - capital allowances, averaging, herd basis
  • Preparing VAT returns

Structuring the business

  • Advice and assistance with setting up the right company structure – limited companies, partnerships and trusts
  • Asset management - buying and selling land/property 
  • Advising on tenancies

Succession

  • Retirement planning including pension provisions to protect your wealth
  • Advice on reducing your exposure to capital gains tax through your will and trusts
  • Planning to assist you in passing on the farm to the next generation
  • Mentoring the next generation in the finance side of the business
  • Issuing/transferring equity for new ownership