Agriculture and Rural Affairs
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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The cash flow difficulties that late payments cause small businesses are well known. However, the cost of recovering late payments is less well publicised, despite being a major and growing expense – coming in at around £9,000 last year for an average business.
Research by Bacs Payment Schemes found that the cost of recovering late payments has increased considerably in recent months. Collecting money owed to them collectively cost small businesses £6.7 billion in 2018, having risen from £2.6 billion in 2017. The figures comprise costs such as staff time and interest on borrowing taken out to make up for the shortfall caused by late payments.
Small businesses’ efforts to tackle the problem could be beginning to pay off – with the total value of late payments falling from £14 billion in 2017 to £13 billion in 2018.
Paul Horlock, Chief Executive of Pay.UK of which Bacs is a part, said: “When smaller companies do well, so does UK plc; as the backbone of the whole economy, the significance of SMEs cannot be overstated.”
Link: UK small businesses face average £9,000 bill to recover late payments
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