Agriculture

Agricultural accountants

In the ever-evolving landscape of the agricultural sector, Thomson Cooper stands out as an expert choice for farmers seeking specialised agriculture accounting and tax planning services.

As a leading firm of chartered accountants, we have the experience to help farming businesses across Scotland navigate the complex terrain of agricultural finance, tax implications and more.

Why choose Thomson Cooper for your agricultural accounting and tax planning?

Our commitment to the agricultural sector is unwavering, and our dedication to helping farming businesses succeed is reflected in our proven track record. We understand the unique challenges and opportunities that farmers face and our team, led by partner Mark Gibson, is well-versed in the intricacies of agriculture accounting and tax planning.

Expertise in agricultural finance and tax planning

Farming is a way of life that is constantly influenced by various factors, including:

• commodity price uncertainty and volatility
• increasing costs of inputs
• changes to subsidies
• impact of currency fluctuations
• changes to tax rules

These dynamics can significantly impact the financial wellbeing of farming businesses. In response to these challenges, it is crucial that farmers seek professional advice to optimise their incomes, protect capital, save on tax and plan for the future. Thomson Cooper is here to provide the expertise and guidance you need.

Our comprehensive services

At Thomson Cooper, we offer a range of services tailored to the specific needs of farming businesses. These services include:

Agricultural accounting and tax planning

Our experienced team specialises in agricultural accounting and tax planning. We work closely with you to report your financial information accurately, and to ensure that tax planning strategies are in place to minimise your tax exposure.

Succession planning

For family farms, succession planning is a critical consideration. We can assist in creating effective succession plans that ensure the smooth transition of the family farm to the next generation while addressing inheritance tax issues.

Business accounts and taxation

We will prepare your business accounts, provide an in-depth analysis of the figures and results, and provide 5 year summaries and graphs to aid your understanding of the accounts. Our tax planning services also help you to make informed decisions to minimise tax liabilities.

Financial planning and tax optimisation

Our services include detailed financial planning to help you achieve your long-term goals and objectives. We also focus on tax optimisation strategies to reduce your overall tax burden.

Benchmarking

We will discuss the latest agricultural trends and provide insights from our ongoing benchmarking study. Benchmarking helps you compare your farm’s performance to local farming trends and statistics, providing valuable decision-making information.

Cloud accounting and IT support

We offer comprehensive support and training to ensure you have the tools to manage your farm’s finances effectively. Our team can help you make the most of cloud accounting software to save you time, money and stress.

In-house financial services

Our highly experienced in-house financial services team is here to help with investment strategies or wealth management as required.

The crucial role of accountants in the agricultural sector

One of the foremost reasons why accountants are essential in agriculture is their expertise in financial regulations and tax laws. Many agricultural businesses qualify for sector-specific tax incentives, allowances and subsidies, and navigating these regulations requires in-depth knowledge and experience.

We can advise on :

• capital allowances
• VAT schemes
• agricultural relief for inheritance tax
• agricultural property relief

In an industry where profit margins can be unpredictable due to weather conditions, market fluctuations and global trade dynamics, careful financial management is paramount. Whether it’s preparing for the acquisition of new machinery, expanding farming operations, or diversifying into additional revenue streams like agri-tourism, sound financial planning is crucial. We assist farmers in creating realistic budgets and forecasts, enabling them to make informed decisions and investments that align with their long-term objectives.

Your trusted partner

In these challenging times for farming businesses, having a trusted partner who understands the intricacies of agricultural accounting and tax planning is essential.

Thomson Cooper is here to help you navigate the tax implications and financial aspects of your farming business, providing expert guidance and support throughout the journey.

Who to talk to