With six directors and over 30 years of experience in the rural sectors, Douglas Home & Co is one of the leading accountants in the agricultural industry. As farming is so dependent on the perfect combination of environmental factors, we will be by your side to ensure that even during a bad year, your business is insulated against risk and able to thrive during the good times.

Led by company director, Victoria Ivinson, who was born, raised and is still very active on her own farm, the team has a true understanding of how farm businesses work. Victoria is supported by managing director, Darren Thomson, who has extensive succession planning experience.

Our firm has served over 1,000 rural businesses with our chartered accountancy and specialist services.

There are a few crucial opportunities for maximising tax and business efficiency in this sector, most of which are easily overlooked. These include research and development tax relief, succession planning, making use of capital allowances, agricultural and business property relief.

As the Basic Payment Scheme is being phased out between 2021 and 2028, our agricultural specialists are encouraging farmers to get ahead and prepare for a decade of change. The cut of subsidies is potentially the start of a long-term transition for the industry due to challenges surrounding Brexit, climate change, and labour shortages. Our team can provide proactive business advice, tailored to help farmers gain a deeper understanding of their individual business position and learn how to adapt before government support is changed or removed.

Agriculture Services

Capital Allowances

There are many opportunities for capital allowances tax relief in the agricultural sector. Our expert team act proactively to identify any capital allowance claim opportunities.

Capital Allowances

Research & Development

The agricultural industry is awash with opportunities for Research & Development tax credits. Our tax specialists can identify any opportunities for relief.

R&D Tax Relief

Succession Planning

By creating a succession plan, you can safeguard your business for the future, while also mitigating any inheritance tax liability for the next generation.

Succession Planning

Agricultural Accountancy FAQs

Farming is changing a lot. How can I protect my business?

In the face of the Basic Payment Scheme being phased out, the ongoing impacts of Brexit, climate change and labour shortages, the agricultural sector is at the start of a decade of major change. Many farms will be feeling the squeeze right now, but there are a few key steps that can be taken to build resilience into the future:

  1. Understand your current financial position. Our agricultural team can help you to gain an in-depth understanding of key figures such as your break-even point and profit from each income stream. That way, you can gain a comprehensive view of the most profitable areas of the business.
  2. Bridge the gap. Carefully assess how to bridge the income gap when subsidies are removed, taking advantage of available advice lines and incoming environmental schemes.
  3. Adapt your current farming practices. Our team can advise on how to proactively adapt your current farming practices to increase profits, from diversification to taking advantage of available schemes.

For more information on how to prepare for a decade of change, you can read this blog or get in touch with one of our agricultural experts.

How do R&D tax credits work for farms?

Research & Development (R&D) tax credits are available to support companies that are innovating within their sector. Depending on the case, you could be able to claim up to 33p for every £1 spent on qualifying R&D work. For expenditure on or after 1 April 2023, there will be a cut in the R&D tax relief to 86% from 130%. You’ll need to prove that the work you’re undertaking is industry leading, but you can make a claim on both successful and unsuccessful projects.

There are a number of opportunities for R&D tax relief in the agricultural sector, and many businesses miss out even though they are already conducting projects that could be eligible. From activities aimed at increasing yield to improving automated processes, the agricultural sector is awash with opportunities for R&D relief. Our team of specialists have helped a variety of agricultural businesses to make successful claims, and can identify any work you are undertaking which might be eligible for R&D tax credits.

How do I start planning to pass on the farm?

Succession Planning can be a daunting process, but it’s important not to bury your head in the sand. Our experienced succession planning specialists will get to know your business, helping you to start the conversation and safeguard the farm and your family’s future.

Many farming families find it difficult to know how to divide things up when the next generation are seeking different levels of involvement in the business. However, in these cases it is important to realise that often the ideal solution is one that is unequal but fair, taking into account each family member’s individual position and considering all tax implications in the round. You can read more about how our team has guided other businesses through the process here.

What are capital allowances, and how do they work in agriculture?

Capital allowances (CA) provide relief from income tax and corporation tax in respect of capital expenditure. They can be claimed on qualifying expenditure on plant and machinery, an extensive catch-all that includes items from tractors and lorries to foundry equipment and refrigeration units. The rules covering capital allowances are complex, and our tax experts are constantly reviewing the existing case law to identify new opportunities for our clients.

There is currently a generous “super-deduction” rate on capital allowances in operation until March 2023, meaning that farms could be looking at up to 130% tax deductions on plant and machinery spending. For more information on how rural businesses can take advantage of this tax saving opportunity, head to our blog.

Find a Rural Accountant

Farming Tax Advisors

Victoria Ivinson

We have a team of agricultural specialists led by company Director, Victoria Ivinson. Victoria was born and raised on a farm in North England and is now a farmers wife.

She has first hand experience with specialist tax planning opportunities for the industry.

Having worked with a great variety of farms and agricultural businesses, she has a vast understanding of how to make the make the most of rural businesses.

“Succession planning can feel like a daunting process to begin with, however having Victoria by our side made it significantly easier. She had a balanced view of our circumstances, looking at my husband’s parents’ individual situations as well. Victoria removed herself from the personal element and took a truly professional stance. She was very pragmatic and proposed a variety of solutions for us to choose the route that suited us best.”

– Anna Traquair

Wellington Farm

Agriculture R&D Tip

Research & Development tax credits of up to 33p for every £1 spent on qualifying work are available for a wide range of activities, from attempts to implement new cultivation techniques to developing new feeding methods for livestock. For expenditure on or after 1 April 2023, there will be a cut in the R&D tax relief to 86% from 130%. Many rural businesses don’t realise that work they’re already doing could be eligible.

Agriculture Insights

Agriculture Insights

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Meeting All Your Accountancy Needs

As well as support for the Agricultural industry, we have expertise in a range of other sectors:

Local support

With offices located across Scotland and North England, we can meet where it is most convenient for you

Industry expertise

Our specialists have knowledge spanning many different sectors including agriculture, property, hospitality and medical businesses

Director led

Our highly experienced directors are involved at all levels of the business, making sure you are getting the best service possible

Forward thinking

We take a modern and fresh approach, helping businesses think outside the box and secure exciting opportunities

Making it personal

We work as an extension to your business, getting to know your unique needs

Helping you grow

We are business development specialists, helping your business to go further

Agricultural Accountants Throughout Scotland and North England

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