Accountant

[Hfd Cattle]

We don't use a specialist Agricultural accountant ...in fact I think we are the only farmer on his books . Are there advantages in using a specialist AG acc or does it not matter . What do others think ?
Would an Ag specialist acc look differently at our accounts ?

 

[Hampton]

Just moved this time to specialist from non spec.
Hoping it will make a difference but too early to say yet

 

[Still Farming]

You have an hmrc investigation you got to answer ,not the accountant!
They like you to to pay an indemnity insurance policy to cover is for hundreds more per year but these policies use "get out scot free ",for them usually!
Some of them ,your better off just working for the tax man and get them to do it for you in the start!
Now all mtd ,cloud based, programs , all done for them ,so more money for old rope.
Good and bad out there,and yes they ALL stick together .

 

[icanshootwell]

We don't use a specialist Agricultural accountant ...in fact I think we are the only farmer on his books . Are there advantages in using a specialist AG acc or does it not matter . What do others think ?
Would an Ag specialist acc look differently at our accounts ?

My Mrs does mine, 7 years ago she knew nothing about ag, but the main difference is there bang up to data now and not 2 years behind, imo this is where you need to be to know where the business is at, it can save you a lot on tax if you know your year end, also good advice when buying machinery is vital, averaging etc etc.

 

[Still Farming]

So diverse these days and the way different renewables and diversification businesses are treated.

 

[kill]

I use a specialist Agri accountancy firm and have a fantastic accountant within that business that understands my business. I did change but after 2 years we went back with our tails between our legs of such as the difference really is night and day and the other nearer firm should have been as good as has a fantastic reputation, but we had a very weak/ lazy partner that hardly ever contacted us and didn't understand agriculture at all.

The best thing we have done in years is the swap back without any doubt even if their services are dearer it's simply worth every penny..

They also firmly know what's allowances they can use to off set taxes without crossing any lines and will happily advise how to go about future projects and what financial implications they may involve. With changes we have done within our business in the last two years and their availability over the phone they have simply been brilliant.

 

[Speedstar]

You have an hmrc investigation you got to answer ,not the accountant!
They like you to to pay an indemnity insurance policy to cover is for hundreds more per year but these policies use "get out scot free ",for them usually!
Some of them ,your better off just working for the tax man and get them to do it for you in the start!
Now all mtd ,cloud based, programs , all done for them ,so more money for old rope.
Good and bad out there,and yes they ALL stick together .

You must have a funny accountant, if they do your tax returns and VAT returns they are 100% responsible for both and the insurance pays for there time and tax problems there are, having had one in the last 5 years it is money well spent

 

[ISCO]

My Mrs does mine, 7 years ago she knew nothing about ag, but the main difference is there bang up to data now and not 2 years behind, imo this is where you need to be to know where the business is at, it can save you a lot on tax if you know your year end, also good advice when buying machinery is vital, averaging etc etc.

When you say your wife does your accounts do you mean just the usual records which you then submit to accountant for year end accounts and for accountant to submit tax return? Or does your wife do this ?
The reason I ask is that I often wonder for some farm business especially those making modest profits and therefore no tax planning required if this was a way to save a tidy sum in accountants fees.
Like you say with cloud accounts programmes being mandatory now it should not be too difficult. For many businesses you have a template from the previous year and simply a matter of putting correct figures in right place.

 

[Still Farming]

You must have a funny accountant, if they do your tax returns and VAT returns they are 100% responsible for both and the insurance pays for there time and tax problems there are, having had one in the last 5 years it is money well spent

You got to answer to hmrc wether you give your accountants permission to engage is up to you.

 

[Speedstar]

You got to answer to hmrc wether you give your accountants permission to engage is up to you.

No in our meeting with them HMRC asked questions and the accountant answered them and that was it and our business will be a lot more complicated than most as we do a lot of importing and exporting and trading in goods all around the world

 

[Still Farming]

No in our meeting with them HMRC asked questions and the accountant answered them and that was it and our business will be a lot more complicated than most as we do a lot of importing and exporting and trading in goods all around the world

Must be different ltd company etc etc .but you there too .

 

[Speedstar]

Must be different ltd company etc etc .but you there too .

Yes I was there,but they never asked me any questions direct

 

[Doing it for the kids]

I think you will find the buck stops with you.

Your accountant is given permission to handle all affairs on your behalf, if he gets them wrong then you deal with the consequences, albeit you may sue your accountant etc in the process

 

[Lincsman]

You must have a funny accountant, if they do your tax returns and VAT returns they are 100% responsible for both and the insurance pays for there time and tax problems there are, having had one in the last 5 years it is money well spent

But you sign them off to say they are correct, if they are not its your signature on them.

 

[bobk]

I think you will find the buck stops with you.

Your accountant is given permission to handle all affairs on your behalf, if he gets them wrong then you deal with the consequences, albeit you may sue your accountant etc in the process

Exactly , no liability for the accountant

 

[Speedstar]

I think you will find the buck stops with you.

Your accountant is given permission to handle all affairs on your behalf, if he gets them wrong then you deal with the consequences, albeit you may sue your accountant etc in the process

That is what the insurance covers, if you have under paid on tax or what ever the insurance company has to stand it

 

[David.]

The insurance indemnifies you against your own accountants fees in the event of an investigation, unpaid tax and penalties and prison time, you remain responsible for.
It is a bit of a racket.

 

[Doing it for the kids]

The insurance also covers the cost of the time spent defending you \ your accountant from HMRC!

 

[Hilly]

If porridge is to be done you can bet your last pound it will be you doing it not any accountant.

 

[bobk]

If porridge is to be done you can bet your last pound it will be you doing it not any accountant.

If you do the job right then who's worried ?