No matter what type of business you run, you will have assets. Farm businesses may have stock, land, crops, machinery, a farmhouse. It is prudent to insure these assets to be confident that you that you are fully covered in the event of an unfortunate incident. Given the amount of assets anyone may insure and … Continue reading Accounting For Insurance Payouts
Tag: Capital Assets
Usually, when dealing with farm animals, they are treated as trading stock for accounting purposes. However, some farm animals are more like capital assets of the farmer's business than current assets to be bought and sold. One example of this is animals which are kept for the sake of their products, for instance cows or … Continue reading Herd Basis Elections
Where Entrepreneurs Relief is available any profit on the sale of capital assets (like land) is taxed at 10% as opposed to 28% and so this is an extremely valuable relief. The question of whether or not Entrepreneurs Relief is available is very complex as was demonstrated in recent case of 'W S G Russell … Continue reading Entrepreneurs relief for farmers
