Bookkeeping and Farm Accounts
Bookkeeping is the process of keeping financial records and is central to any business however most people who keep farm books aren’t formally trained. We’ve put together this series of resources based on the most common questions!
Understanding Accounts - The Terminology
The farm accounts provide lots of useful information about how your business is performing, and where you can look for improvement. Often the accounts include terminology which can be confusing but this guide tells you what you need to know.
Understanding The Accounts: Terminology
Bookkeeping Basics
The double entry system of accounting has been in use since the 15th Century and it defines just about every bookkeeping process you carry out, whether it’s a modern digital system, or a paper book. Here’s what you need to know.
Double Entry Accounting
In double entry accounting we looked at how every transaction has two entries which maintain the accounting equation in balance. In this guide we go a step further and look at journals.
Journals
Most farm businesses will have some form of finance but each different finance type has different implications, including how you record these transactions in your books. Here’s what you need to know
Financing the Business
Value Added Tax or ‘VAT’ is a key feature of bookkeeping for most farm businesses. This guide is for VAT registered businesses and explains VAT and what you need to do.
VAT Basics
Making Tax Digital (MTD) is the latest development from HMRC. It begins with VAT and many farm businesses now need to comply. Here’s what you need to know.
Making Tax Digital
Inheritance Tax & Succession
The Autumn 2024 budget changed the rules around inheritance tax. As a result, farmers and landowners are now taking more time to consider succession planning and how it fits in with long term business goals.
Succession planning is an essential part of business management. A basic understanding of the new tax rules will be invaluable when considering different succession options available to you, and mitigating tax liability.
This page provides you with a number of resources and videos to support your understanding of the main changes to the UK tax rules, as well as links to advice and support to help you plan ahead.
Inheritance Tax & Succession
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