Farming

Established over 70 years ago, we have proactively assisted generations of farming clients in and around West Wales.

Drawing on in depth knowledge, our expert team has a clear understanding of the unique challenges and tax obligations faced by farmers and agricultural business owners alike.

We are ideally placed to help you focus on running a profitable farming business, adapting when necessary to market uncertainties and demands thus ensuring the going concern of your family business for years to come.

More often than not our clients regularly make contact during the year to briefly discuss various business options and ideas. It is true that “a problem shared is a problem halved” and we take pride in the knowledge that our clients feel at ease with our “open” approach.

We fervently believe by engaging with us at an early stage allows you to make quality decisions with more confidence. Albeit tax is the consequence of a good decision, we emphasise - the tax “tail” should not wag the proverbial dog and that to save 20p or 40p in tax you still have to find the cash to forgo £1!

Just some of issues we like to discuss include but are not limited to:

  • Subsidies, the Basic Payment and Greening awards.
  • Your status as an Active Farmer.
  • Woodland schemes & in particular the tax treatment thereof.
  • Your machinery replacement cycles.
  • Tax efficient purchasing, HP, leasing etc.
  • Plant and Machinery expenditure & in particular the tax treatment thereof.
  • Tax advantages of spending on the slurry or silage store.
  • Diversification strategies, dairy/beef/sheep/crops/B&B’s etc. and the tax consequences thereof.
  • Solar and Wind Farm projects and the taxation impact those will have on the farm now and in the future.
  • Farmers Averaging Claims as a means of smoothing out the profits of up to 5 years to claim tax refunds or reduce future tax liabilities.
  • The advantages of a Herd Basis election for a production herd, dairy cows, suckler cows, sheep flock or laying hens.
  • The treatment of compensation such as TB and how tax can be deferred.
  • Preparing negligible value claims for money spent on quotas and entitlements.
  • Preparing negligible value claims for spoilt investments such as DFOB.
  • Reclaiming VAT on Farm House expenses.
  • Running a B&B and the impact this will have on capital taxes and the wealth passed to the next generation.
  • Decaying farmer syndrome and the consequent loss of “super” Inheritance Tax relief.
  • Tax consequences of obtaining planning permission for development land.
  • Barn conversions & in particular the tax treatment thereof.
  • Cash flow constraints and liaising with your bankers to discuss your overdraft and other borrowings.
  • Advantages and disadvantages of operating as a company.
  • Tenancy and grazing arrangements.
  • Making pension contributions to reduce your exposure to higher rates of tax.
  • Operating PAYE for local and overseas workers.
  • Assisting with income tax, VAT and PAYE enquiries.
  • Liaising with solicitors to set up partnership agreements and draft Wills etc.
  • Retirement strategies.

For further information please contact one of team. Tim has extensive knowledge of the tax legislation affecting farmers. Sian is the daughter of a sheep farmer, her brother is a beef farmer and she is married to a sheep & beef farmer. Dorothy is the daughter of a dairy farmer. Glenys is the daughter of a dairy farmer. Mared is the daughter of a sheep farmer. So you see we have the expertise!

Ffermio

Wedi ein sefydlu dros 70 mlynedd yn ôl, rydym wedi cynorthwyo cenedlaethau o gleientiaid sy’n ffermio yng Ngorllewin Cymru.

Gan dynnu ar wybodaeth fanwl, mae gan ein tîm ddealltwriaeth glir o’r heriau unigryw a’r rhwymedigaethau treth mae ffermwyr a pherchnogion busnesau amaethyddol yn wynebu.

Yn bennaf rydym yn ffocysu ar helpu chi i redeg busnes fferm broffidiol, yn addasu pan mae prisiau’r farchnad yn ansefydlog ac felly yn sicrhau parhad eich busnes teuluol am flynyddoedd i ddod.

Yn fwy aml na dim mae ein cleientiaid yn cysylltu gyda ni’n rheolaidd yn ystod y flwyddyn i drafod yn fanwl opsiynau a syniadau busnes gwahanol. Mae’n wir taw “pan mae problem yn cael ei rhannu mae’n cael i’w haneru” ac rydym yn falch bod ein cleientiaid yn gweld hi’n rhwydd i gysylltu gyda ni.

Rydym yn credu’n gryf ei bod yn bwysig i chi ymgysylltu â ni yn gynnar i alluogi chi i wneud penderfyniadau o ansawdd gyda mwy o hyder. Mae talu treth yn dod fel canlyniad o benderfyniad busnes da, ond rydym yn pwysleisio, trwy ymgysylltu â ni yn gynnar gallwn helpu sicrhau fod na ddim gorbwyslais ar bethau dibwys sydd yn aml yn arwain at ddirywiad ym mhroffidioldeb y busnes.

Mae’r canlynol yn cynnwys rhai o’r materion rydym yn eu trafod:

  • Cymorthdaliadau, y Taliad Sylfaenol a gwobrau Greening.
  • Eich statws fel Ffarmwr Actif.
  • Cynlluniau coetir ac yn enwedig y driniaeth treth sydd ynghlwm.
  • Eich cylchoedd amnewid peiriannau.
  • Sut i brynu mewn ffordd effeithlon o ran treth, HP, prydlesu a.y.b.
  • Gwariant ar offer a pheiriannau a’r driniaeth treth sydd ynghlwm.
  • Manteision treth o wario ar slyri neu gadw silwair.
  • Strategaethau arallgyfeirio, llaeth/cig/defaid/cnydau/Gwely a Brecwast a.y.b. a’r canlyniadau treth sydd ynghlwm.
  • Prosiectau ffermydd solar a ffermydd gwynt a’r effaith o ran treth bydd rhain yn cael ar eich fferm nawr ac yn y dyfodol.
  • Defnyddio Ceisiadau Cyfartaledd Ffermwyr fel modd o lyfnu allan yr elw hyd at 5 mlynedd er mwyn hawlio ad-daliadau neu leihau’r maint o dreth sydd rhaid talu yn y dyfodol.
  • Y manteision o ethol ar sail cenfaint ar gyfer buches gynhyrchu, gwartheg stor, gwartheg llaeth, gwartheg sugno, neu ieir dodwy.
  • Y driniaeth o iawndal megis TB a sut mae treth yn gallu cael i’w ohirio
  • Paratoi ceisiadau gwerthoedd dibwys am arian a wariwyd ar gwotâu ac hawliau.
  • Paratoi ceisiadau gwerthoedd dibwys am fuddsoddiadau sydd wedi’u difetha megis DFOB.
  • Adennill TAW ar dreuliau Tŷ Fferm.
  • Rhedeg G&B a’r effaith bydd hyn yn cael ar drethi cyfalaf a’r cyfoeth sy’n cael ei drosglwyddo i’r genhedlaeth nesaf.
  • Y syndrom Ffermwr Dirywiedig a cholled cymorth treth etifeddiant uwch o ganlyniad i hyn.
  • Canlyniadau treth sy’n ynghlwm â chael caniatâd cynllunio ar gyfer datblygiad tir.
  • Triniaeth treth sy’n ynghlwm â thrawsnewidiadau ysguboriau.
  • Cyfyngiadau llif arian a chydweithio gyda’ch bancwyr i drafod eich gorddraft a benthyciadau eraill.
  • Manteision ac anfanteision o weithredu fel cwmni.
  • Trefniadau tenantiaeth a trefniadau pori.
  • Gwneud cyfraniadau pensiwn i leihau y posibilrwydd o dreth o’r gyfradd uwch.
  • Gweithredu TWE ar gyfer eich gweithwyr.
  • Cynorthwyo gyda threth incwm, ymholiadau TAW a TWE
  • Cydweithio gyda chyfreithwyr er mwyn creu trefniadau partneriaeth, drafftio ewyllysiau a.y.b.
  • Strategaethau ymddeoliad.

Am fwy o wybodaeth cysylltwch â un o’r tîm. Mae gan Tim wybodaeth eang ynglyn â’r deddfwriaethau treth sy’n effeithio ffermwyr. Merch ffarm defaid yw Sian, mae ei brawd yn ffarmwr gwartheg cig ac mae’n briod â ffarmwr defaid a gwartheg cig. Mae Dorothy yn ferch i ffarmwr llaeth. Mae Glenys yn ferch i ffarmwr llaeth. Mae Mared yn ferch i ffarmwr defaid. Felly mae gennym yr arbenigedd!

Home | Accessibility | Disclaimer | Help | Site map | © 2020 H D Pritchard & Co. All rights reserved.
H D Pritchard & Co, Old Oak House, 49-51 Lammas Street, Carmarthen SA31 3AL
H D Pritchard & Co, Old Oak House, South Parade, Tenby SA70 7DL
H D Pritchard & Co, Old Oak House, 12 Priory St, Cardigan,West Wales SA43 1BU

We use cookies on this website, you can find more information about cookies here.

icaew logo