Stock take and valuation

[YELROM]

Does anyone do there own STV or do you pay an auctioneer etc to do it?
We have always got the local auctioneers to do it but, this year we have had a letter saying that they want a legally drawn contract saying how the valuation is to be conducted.
Have always thought it is dear enough for what is a quick walk around the farm and a cup of tea discussing
what we have,so thought i might do it ourselves but our accountant recommends that we get someone professional to do it.

 

[icanshootwell]

Do it myself, those auctioneers have enough out of me selling stock.

 

[Happy]

Always just done it myself too.
Pretty much the same things on farm from year to year with me so just a case of varying up or down.

Accountant will occasionally query anything he thinks might out of line from figures he is seeing/using in others valuations but aside from livestock can't see many auctioneers being any more clued up than yourself or the accountant for most of the things that require valuing.

 

[colhonk]

What is an STV? oops,what is it for?

 

[puppet]

Does anyone do there own STV or do you pay an auctioneer etc to do it?
We have always got the local auctioneers to do it but, this year we have had a letter saying that they want a legally drawn contract saying how the valuation is to be conducted.
Have always thought it is dear enough for what is a quick walk around the farm and a cup of tea discussing
what we have,so thought i might do it ourselves but our accountant recommends that we get someone professional to do it.

Get another accountant- they should be able to put a value on paper with your list of items and advice.

 

[Flat 10]

Do it yourself. Piece of pee. Be consistent how you do it. Thread on here about it fairly recently.

 

[yellow belly]

I value on the basis of cost of production

When we had a valuer 20 years ago I used to give them the crop Walker records of all inputs and cultivations they then worked out the cost of the cultivations
Now I just cost it myself including rent and storage costs as per Hmrc Ben 19

 

[neilo]

Always used a local professional at home, with the thinking being it would be less likely to be questioned. However, all arable valuations were based on COP figures we worked out for him, and livestock based on last year’s figures, adjusted for numbers and tweaked according to how trade was.

Have been doing it myself since moving, just be consistent and don’t try to be clever. It is you that has to justify the figures if you have a tax inspection, nobody else.

 

[Thick Farmer]

Never even considered asking someone else to do it.
I know what I’ve got and I know what it’s worth. Why waste money and half a day of your life telling someone else, just so they can charge you for the privilege?

 

[David.]

If you have a poorer year, take the opportunity to get valuations up to real values, you must know what stuff is worth within a whisker. Only need bring it up to date once ; accountant will use 75% of this NRV in the accounts for home produced stock/stocks anyway, so I can see no point keeping them on the low side.
Just one less opportunity for HMRC to beat you up if they come looking.

 

[YELROM]

Do it yourself. Piece of pee. Be consistent how you do it. Thread on here about it fairly recently.

Do you have a link to the thread

 

[Renaultman]

I value on the basis of cost of production

When we had a valuer 20 years ago I used to give them the crop Walker records of all inputs and cultivations they then worked out the cost of the cultivations
Now I just cost it myself including rent and storage costs as per Hmrc Ben 19

This for me too. With a little guidance from the accountant I do it myself.

 

[neilo]

Never even considered asking someone else to do it.
I know what I’ve got and I know what it’s worth. Why waste money and half a day of your life telling someone else, just so they can charge you for the privilege?

Years ago, it was only £50 and a pleasurable afternoon with a local auctioneer/agent/friend. After he retired, it just continued, but the price started creeping up. It got to about £300 for writing up the figures that we'd already produced for him, hence I do my own now.

 

[rose pilchett]

Only ltd companies that require for an audit or partnership or sole trader with a specific request from a lender would require a professional valuation
If you don't fall into these categories then it's a waste of time and money
Do it yourself consistently and it will be fine - check its not entirely dismilar from the prior year the first time you do it
Any over or undervaluation s will wash through your tax return in the next year anyway

 

[puppet]

We only have home produced stock which is on a herd basis so as numbers increase this keeps profits down. My accountant keeps me right on what is acceptable values. When stock is sold then that is reflected in the next tax return. Vehicles, fertiliser, silage all valued in his office. A lot is just depreciation from last years figures

 

[alex04w]

I have always done it myself.

What I use is the quarterly figures produced by the Department of Agriculture of the average prices for all categories of animals for the quarter ending at the end of my financial year.

The figures are independent and therefore will not be challenged by HMRC. They could try and quibble over whether an animal was over or under a certain weight. However as I am using the same figures year after year, such allegations fall away as one years over or under estimate will be corrected the following year or when the animal is sold.

I do not know if any government agency in the rest of the UK does the same.

The Departments figures for NI prices are here:- https://www.daera-ni.gov.uk/articles/agricultural-market-reports