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Farm Business
Agricultural Matters
Do you all just pay the Tax?
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<blockquote data-quote="farmerdan7618" data-source="post: 7900343" data-attributes="member: 49428"><p>There are two ways to ensure you never pay any tax in farming. One is to not make any profit, and the other is to spend any profit you make on things like machinery. Neither is a great place to be.</p><p></p><p>I spend my time talking about tax, amongst other things, with my clients and there is a broad spectrum of attitudes to tax, those who are the least concerned about tax are generally the most profitable.</p><p></p><p>My job is to make sure clients pay the right amount of tax for the profits they make, ensuring all reliefs they are eligible for are claimed. And to give advice on how to achieve their goals in the most tax efficient way, but the goal needs to come first.</p><p></p><p>Plenty of options to keep tax down, timing of repairs and investment in kit, pensions and what they can be used to buy, research and development tax credits, farmers averaging, business structure. Communication is key, and as an accountant, I can give better advice if I know what is going to happen, rather than what has happened.</p></blockquote><p></p>
[QUOTE="farmerdan7618, post: 7900343, member: 49428"] There are two ways to ensure you never pay any tax in farming. One is to not make any profit, and the other is to spend any profit you make on things like machinery. Neither is a great place to be. I spend my time talking about tax, amongst other things, with my clients and there is a broad spectrum of attitudes to tax, those who are the least concerned about tax are generally the most profitable. My job is to make sure clients pay the right amount of tax for the profits they make, ensuring all reliefs they are eligible for are claimed. And to give advice on how to achieve their goals in the most tax efficient way, but the goal needs to come first. Plenty of options to keep tax down, timing of repairs and investment in kit, pensions and what they can be used to buy, research and development tax credits, farmers averaging, business structure. Communication is key, and as an accountant, I can give better advice if I know what is going to happen, rather than what has happened. [/QUOTE]
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Farm Business
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Do you all just pay the Tax?
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