Agriculture is a unique industry. It involves the same hard work and commitment as running any other business but is also subject to unique pressures, including weather conditions, disease, pests, the influence of supermarkets on profit margins and changing consumer demands.
To survive and thrive today, farmers and other rural businesses need efficient financial controls and cost and tax-effective operations, as well as being willing to diversify, find new income streams and keep their competitive edge sharp. Putting in place a clear strategy for passing on the farm to a new generation is also crucial.
We offer a comprehensive range of services for agricultural businesses, including:
- advice on tax-efficient business structures
- business tax compliance and planning
- raising finance
- preparing profit and cash flow forecasts
- European grants, subsidies and set aside
- bookkeeping services
- payroll services
- VAT administration and returns
- personal tax compliance and planning
- inheritance tax planning
- succession and retirement planning.
Fawcetts are experts in all aspects of tax planning including property, estate planning, VAT and PAYE, and can help you make the most of your capital and pension for a more secure, profitable future. We will keep you informed of any relevant changes in legislation and a partner is always on hand to answer your queries.
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Self-employed workers in the UK have reported their struggles to acquire a mortgage, after HM Revenue & Customs (HMRC) changed the way it issues details of tax calculations and tax year overviews for submission with mortgage applications.
Until recently accountants and workers themselves have been able to obtain a paper copy of form SA302 that lenders require in order to complete the mortgage application process.
However, from 4 September 2017 HMRC has confirmed that it will no longer issue paper copies and will instead provide digital versions.
This will make the process of securing a mortgage more difficult for self-employed workers and may even further restrict the number of lenders that will offer a mortgage, with reports already coming in of lenders insisting on original paper copies rather than electronic printouts.
Self-employed individuals and their advisers will be required to supply the relevant year’s tax computation, printed from the adviser’s software, along with the tax year overview that advisers can print from HMRC’s online services website, in order to act as a self-serve SA302 that will satisfy lenders.
HMRC has already undertaken discussions with UK Finance, formerly the Council of Mortgage Lenders, about lenders’ requirements. However, the list of lenders who will accept self-serve SA302 forms omits some big high street names.
Many accountants are therefore reminding self-employed individuals to check their lender’s requirements early on in the mortgage application process.
LINK: SA302 Tax Calculation