Young farmers are often confronted by a unique situation, where they are paid a bare minimum level of wages but expected to work every hour they have in the farming business, usually with the promise that “it will all be yours one day”, but times are changing.
At Milsted Langdon we understand how important it is for the younger generation to both secure their position and become involved in running the business, rather than merely being treated as cheap labour. With the depth of hands-on experience within our team of dedicated young accountants we are ideally placed to advise and assist young farmers in taking the essential steps into the sector.
We are with you all of the way in assisting you to establish the optimum structure for the business, sheltering you from the time consuming and burdensome financial compliance, planning both financially and for tax efficiency and easing your succession.
We will work with you, offering friendly, expert advice on a number of different accounting and taxation issues that are often important to young farmers in business:
- Bookkeeping – increasingly we are seeing more and more people turn towards cloud- based accounting software. We are a Silver Certified Partner for Xero accounting software, the leading cloud-based system currently in the UK and we have a number of experienced Xero users on hand to help
- Business projections and forecasts – allowing you to monitor exactly how your business is progressing and take the critical decisions that have such a massive impact in times of change
- Diversification – our in depth knowledge of the widest range of rural businesses enables us to provide you with the exact information that you need, exactly when you need it, so that you can be sure that you take the right decisions, avoid the tax traps that are so easy to fall into, and really do make the most of your assets
- Succession planning – often an avoided or forgotten subject within a farming family. We can help you to plan for the future whilst maintaining the flexibility that you need in dealing with your business and assets, to protect those assets and ensure that your own future is secured
- Tax planning – to structure the business and its ownership to minimise tax exposure on annual profits and to mitigate as far as possible future capital taxes on the disposal of assets or inheritance
All of that and more – as well as dealing with financial compliance and generally easing the burden of administration as you would expect from the ARA Team of a pre-eminent chartered accountancy practice.