Agriculture

Financial experts in your field

We act for clients in the agricultural industry and are able to understand their unique financial challenges in today’s economic landscape. External factors including the strength of the sterling, labour shortages, EU funding issues and a changing climate are all contributing to the widespread industry uncertainty. At Wellway, we want you to feel in control of your finances, and your future. So, whether you’re navigating the complex tax regime or looking to diversify, expand or transition your business to the next generation, our team of experienced accountants are here to guide you through each process.

How we can help you

Access to finance

The costs to growing and maintaining an agricultural business can be vast with the purchasing of machinery, equipment and land, and the seasonal fluctuations in revenue. We appreciate how capital-intensive agriculture can be so any approach to securing funding is important. Our team of specialists are able to offer valuable advice about your financing options to help with the needed upfront investments, which can often cause restrictions to your cash flow. We can also assist by supporting grants applications, helping to move your business forward.

Business planning

With our expert advice, we can help your business grow in a competitive landscape by working out the most efficient structure for your business (partnerships, limited companies). We are then able to review, forecast, and assist with restructuring and updating your business and systems to be fit for purpose both today, and as part of your long-term plans. Additionally, we can provide valuable insights into your business’s financial performance to help facilitate proactive decision-making. Also, if you wish to sell up, pass on, or retire, we can guide you through the practicalities, tax planning and beyond, including financing options, cash flow emergencies and your investment/retirement provisions.

Effective tax planning and relief

Agricultural Tax rules are complex so forward planning is essential to optimise your tax position. Our team of experienced tax professionals are here to help you claim any reliefs and allowances you might be entitled to. Furthermore, as experts in succession planning and inheritance tax, we can help minimise tax liabilities and maximise wealth, and most importantly, help keep farms in families for generations to come.

Our expert tax advice covers topics such as:

• Agricultural Property Relief (APR)
• Farmers’ Averaging Relief
• Inheritance Tax
• Capital Gains Tax
• Planning for succession

Core accounting services

We can assist on annual business accounts preparation, tax compliance, implement accounting systems, provide VAT planning/administration, as well as general bookkeeping. Larger agricultural businesses may benefit from our audit and payroll services.