Recent content by MCook

Agree with @neilo and your accountant should be providing this advice, based on your longer term plans for the flock. Just make sure you are certain on the advantages and disadvantages before electing, as it is irrevocable if elected - I would always err on the side of caution if the...

Has your accountant provided any advice on which route they think you should take? Herd basis elections can be a tricky area, and the election to use the herd basis is irrevocable once HMRC have been advised. You tend to see it used more in the dairy industry, though it is available for sheep...

It does seem illogical to keep using good farming land for the use of solar panels, particularly with the ongoing issues with food production and security. I saw an interesting article the other day, whereby the French are looking at solar panels on all large car parks - essentially providing...

Yes, I believe it was a grain silo if we are talking about the same case - there was an article in the FW a few years back. The usual argument is that a building is a structure, and as such does not qualify for capital allowances (outside of the SBAs in recent years). The argument with the silo...

Specialist buildings (such as grain silos) can have special treatment for capital allowances, though most buildings tend to only have SBA available. You can claim AIA on fixtures and fittings, so it is often useful to get those detailed separately in any purchase documentation. VAT treatment...

Unfortunately, software support are not always users and if it isn't in the training manual, they don't know the answer. Contras can be uncommon outside of the farming sector.

If you create a new sales invoice and in the first line, enter the livestock sale to the relevant code (£3,000), then add a second line with the auction costs to the relevant expense code. With the £100 cost, include a minus sign in front, to tell Xero it is an expense - ensure the VAT column is...

HMRC are unfortunately becoming more and more difficult to deal with. A lot of the big accountancy bodies wrote to them earlier in the year, which they have historically avoided, to voice their concerns over the level of service. HMRC's response was essentially 'we are doing fine'.

As @midlandslad has advised, you are unlikely to find comparative figures to benchmark your business against. Even if you do, every business is so different, that I rarely find it a worthwhile exercise. I would focus on your business and identify some key performance indicators (KPIs) that are...

If you are a sole trade/partnership, take your profit or loss for the period, and add back your interest charges,depreciation and amortisation (most businesses won't have any amortisation). If you are a company, take your profit before tax figure and do the above. Whoever has requested it, is...

I think the value element is key. A lot of business owners focus on cost, which is understandable, but an accountant charging peanuts is only going to be doing so because they are either unqualified to be giving advice, doing the bare minimum, or low-balling to generate work and then hiking...

They will both to the job, it largely depends on experience and what you perceive as 'easier to use'. As mentioned by others, having people with experience of the software is vital. Whether this is your accountant, bookkeeper, friend, family member etc. All software is only as good as the...

It's difficult for anyone to advise on fee levels etc without understanding exactly what work is being undertaken, but I would agree with others that if you are not happy with the fee level, the best thing to do is discuss it with your accountant. Following that, you can always speak to some...

Sorry to hear of your situation, unfortunately it's a not uncommon position you find yourself in. In terms of your mental well-being, I would certainly suggest talking to someone about it. Whether that's a family member, friends, or a charity such as FCN or RABI, who have some great helplines...

Have you tried the free invoice template from Xero? https://www.xero.com/uk/templates/invoice-template/ I haven't personally used it, but I have had clients suggest it was suitable for use.