VAT is often regarded by farmers as being quite straightforward. However, this is often not the case due to the amount of diversification that now occurs. Whilst most sales in the past were zero rated it is now common for some of them to be standard rated or exempt. This can have implications for VAT.

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March has finally arrived. The month in which Somerset start playing cricket again (notwithstanding yesterday's snow on the Quantock Hills). And the month in which the Government is seeking to invoke Article 50 to commence the process of withdrawing Britain from the EU.     

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This month we get to know one of our young bright sparks Lauren Thornhill, an Okehampton based Accounting Technician.  

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We’re delighted to welcome our new tax partner, Sheldon Cole (pictured right with Richard Thomas), who joins our growing team in the South West.

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There is a new source of grant funding available across the South West to businesses operating in rural areas. This is European Agricultural Fund for Rural Development (EAFRD) funding and it is now available to support projects that increase rural jobs, growth and productivity in rural areas.

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We’re very proud to be sponsoring a charity fashion show in Exeter to raise funds for charity Life Education Wessex, an organisation that delivers health, wellbeing and drug prevention education to children and young people.

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Shortly before Christmas, and timed to coincide with the release of the new Star Wars based movie, the Charity Commission released their decision on the application of “The Temple of the Jedi Order” (TOTJO) to become a CIO.

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January is a good time to set goals and targets for the next 12 months or longer.

In my experience the most common targets amongst farm businesses are:

  • Make more money
  • Pass the farm on to the next generation
  • Buy next door!

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The financial reporting environment is going through considerable changes caused by changing government legislation and the most significant change to accounting standards in many years. The impact of this needs careful consideration to ensure that organisations take the right actions.

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Despite the looming prospect of Brexit the overwhelming majority of businesses in the South West looking to export are eyeing Europe as part of their 2017 expansion plans.

That’s one of the headline findings of a far-reaching survey into South West businesses’ growth plans we recently carried out.

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