Farming comes with a unique set of tax considerations. Widely varying profits require smoothing schemes such as farmers averaging to be applied in the best possible way. The need to protect assets for the family mean that tax planning is of the utmost importance.
Diversification needs to be considered carefully in the light of it's possible effect on inheritance tax relieves, will trusts or VAT schemes. Talk to us before starting any new ventures to avoid unwelcome surprises.
As a member of the ICAEW special interest group on farming and rural businesses we receive regular industry and tax news relating to farmers.