Farm Accounts

jennifer

Hi there, I wondered if anybody could enlighten me as to what is entailed in farming accounts? I have scoured the web - but that was scaring me. Are they as per usual accounts with the subsidies accounted for in a certain way? If so could somebody please help me?

Thanks.:confused1:

claudialowe

Hi Jennifer

Farming accounts are very, very specialised. There are lots of different types of income including subsidies. Also they (can if they want) be taxed differently from the rest of us mere mortals under the averaging scheme. There are also special rules for valuing livestock - I could go on and on and on.

Unless you have got experience in this field, I wouldn't touch it with a barge pole.

Claudia

jennifer

Thanks for that Claudia - I now know why somebody wants to contract the work out.

I will take your advice and stick to what I know.:thumbup1:

Guest

Why not do a farming clients course and buy a reference book and maybe you'll be able to find a few farming clients. I know in this area there aren't many firms who will take them on. Adds a string to your bow