Streets can trace its roots back to 1907 and has been involved in agriculture since then. The firm caters for the whole range of farming enterprises and landed estates, as well as for other rural enterprises. We have a specialist team dedicated to renewables, available to assist those involved in or thinking of entering renewables-based projects and businesses.
We have a dedicated agricultural and rural business team, consisting of partners, many with family agricultural connections and experience, directors and managers. We provide accountancy and tax services to farmers and land owners in Lincolnshire, Bedfordshire, Cambridgeshire, Suffolk, Nottinghamshire and East Yorkshire.
We aim to provide clients with:
- A sound knowledge and understanding of agriculture and rural business issues
- An appreciation of the need to balance a way of life with business goals
Agriculture and rural businesses continue to face an ever-changing business environment and operational conditions. Changes in subsidy regimes and increasing focus on the environment make it essential that the impact of these factors are properly considered by all those reliant on agriculture for their income.
To provide collective and considered advice, our team works closely with other professionals such as land agents, agronomists and specialist agricultural bank managers and solicitors where appropriate.
Working together with you and your team of advisers we can provide advice and support on:
- Business restructuring
- Succession planning and wealth retention
- Specialist Trust and estate work
- Optimising farm-based incomes and profitability
- Property matters
- Tax Planning
- Relieving the burden
On a day to day basis we work with farmers and landowners on:
- Timely and meaningful accounts
- Advice and support on the business
- Selecting farm computer systems
- Self Assesement and Corporation Tax compliance work
- VAT Planning, particularly in relation to property transactions and diversification projects
- Specialist Trust and estate work
- Personal financial investment and protection advice, provided by our sister company Streets Financial Consulting plc*
*Streets Financial Consulting plc is authorised and regulated by the Financial Conduct Authority (FCA)
For further information and/or a quotation for your accounts or tax advice please use the contact form below or call 0845 8800320
Streets Agri Focus 2016
Protecting the land and looking after the farming family
There are a number of challenges that our farming and land based clients face, both now and in years to come, many of which seem to focus on protecting and safeguarding the ownership of land, whilst at the same time helping to look after the needs of the farming family. There is a very real need to ensure that the farming enterprise is a profitable and commercially viable one.
The Annual Investment Allowance (AIA) is a valuable relief that affords a 100% tax deduction on qualifying capital expenditure. The level of AIA has fluctuated substantially since it was introduced in 2008. It currently stands at £500,000 per year, but is set for a significant reduction to £25,000 on January 01 2016.
The chancellor, in his 2014 budget, announced increased pension flexibility. From April 2015 those who decide to access their retirement funds will be free to take the entire pension pot, subject to tax based on their marginal rate on any amount, in excess of the 25% tax-free lump sum. This new flexibility can help with income from the farm and asset allocation.
Allan Wilkinson, Head of Agriculture, HSBC:
"Cash and profit generation in the good times are the best forms of resilience when the inevitable price drop occurs again. The-long term prognosis for the farming sector is still strong, and our support to this group is unchanged."
Mark Suthern, Head of Agriculture, Barclays:
"With many believing that volatility is here to stay within the UK agricultural sector, now is the time to really focus on production costs to make your business as streamlined as possible to weather the worldwide markets and the demands they can put on cashflow."