Farming sector

Farming is a specialist business sector. It demands a specialist accountant and Haworths have specialized in farming for many years with many farming clients spread throughout East Lancashire, North Lancashire, the Ribble Valley, the Lune Valley, the Yorkshire Dales and South Cumbria.

Farming is a commodity price driven business. Selling and purchase prices can be volatile and the farmer is often at the mercy of market forces it is difficult for him to combat. This requires the farmer to have careful control of his business so he is able to react quickly to changes in selling and purchase prices. To do this the farmer must understand the numbers in his accounts and how they inter relate with each other. Haworths specialists help the farmer to do this.

The unusual nature of farming has led to many special tax rules which affect both the annual income tax bill and also Inheritance Tax. Haworths are experts at advising farming clients how to take maximum advantage of these special tax rules.

A frequent issue for farming clients to address is succession. How to pass the farm on to the next generation meeting the desire of that next generation to become more involved, minimize taxes, especially Inheritance Tax and Capital Gains Tax, and equally as important, maintain mother and fathers financial security. Haworths have helped many farming families address this point and are available to help you.