Bookkeeping and Farm Accounts

Inheritance Tax & Tax Reliefs

The key headline for agriculture in the Autumn Budget is the change announced to Agricultural Property Relief (APR) and Business Property Relief (BPR). This article explains this in more detail and what it could mean for your business.

National Minimum Wage & Employment Taxes

This article explains in more detail about the National Minimum Wage and Employment Taxes outlined in the Autumn Budget 2024.

Capital Gains Tax & Reliefs

Following the Autumn Budget 2024 the rate of Capital Gains Tax (CGT) was increased with immediate effect – CGT is a Tax on the profit generated when you sell or dispose of an asset where the value has increased, this applies to sales of Agricultural land and farms.- This article explains more.

Double Entry Accounting

The double entry system of accounting has been in use since the 15th Century and it defines just about every bookkeeping process you carry out, whether it’s a modern digital system, or a paper book. Here’s what you need to know.

Journals

In double entry accounting we looked at how every transaction has two entries which maintain the accounting equation in balance. In this guide we go a step further and look at journals.

Financing the Business

Most farm businesses will have some form of finance but each different finance type has different implications, including how you record these transactions in your books. Here’s what you need to know

VAT Basics

Value Added Tax or ‘VAT’ is a key feature of bookkeeping for most farm businesses. This guide is for VAT registered businesses and explains VAT and what you need to do.

Making Tax Digital

Making Tax Digital (MTD) is the latest development from HMRC. It begins with VAT and many farm businesses now need to comply. Here’s what you need to know.

Understanding The Accounts: Terminology

The farm accounts provide lots of useful information about how your business is performing, and where you can look for improvement. Often the accounts include terminology which can be confusing but this guide tells you what you need to know.