Mitchells
Chartered Accountants
VAT Returns
Efficient VAT returns and bookkeeping are essential for maintaining financial health and compliance in agricultural businesses. We specialise in providing tailored VAT and bookkeeping services to farming enterprises, ensuring accurate financial records, seamless VAT compliance, and strategic advice for businesses
Digital Record Keeping
Embracing digital record keeping is crucial for modern agricultural businesses. We advise on the best digital tools and platforms to streamline your record-keeping processes, ensuring compliance with Making Tax Digital (MTD) requirements. Our solutions facilitate efficient data management, real-time financial insights, and ease of access for auditing and reporting purposes.
Bookkeeping
Accurate bookkeeping is the foundation of sound financial management. We offer comprehensive bookkeeping services designed to take the hassle away from you. Our team can visit your farm to handle the recording of financial transactions and reconciliation of accounts, ensuring that your books are always up-to-date. This hands-on approach allows you to focus on your farming operations without the burden of day-to-day bookkeeping tasks.
VAT Advice
Our VAT advice services are tailored to the specific needs of farming clients. Whether you are building farm cottages, diversifying your operations, or exploring property lets, we provide strategic guidance to optimize your VAT position. Our expertise helps you navigate complex VAT regulations, ensuring compliance while maximising financial efficiency.
VAT Submissions
We handle the preparation and submission of VAT returns, ensuring compliance with HMRC regulations. Our detailed approach includes accurate record-keeping and timely submissions, minimising the risk of errors and penalties. Given that farming often involves VAT reclaims, prompt submission of returns is crucial to assist your cashflow by securing refunds as soon as possible. We ensure your returns reflect all eligible inputs and outputs accurately.
Partial Exemption
Managing partial exemption is critical for farms with mixed taxable and exempt activities, such as property rentals or diversified business operations. We provide detailed calculations to ensure compliance with partial exemption rules and maximize VAT recovery. This includes regular reviews and planning to take advantage of de minimis limits, thereby minimizing potential VAT restrictions and penalties