Rural Intelligence - Spring 2023

Introduction

Welcome to our spring 2023 edition of our AG Rural Intelligence. In this newsletter, we aim to bring you up to date with tax and financial matters which may impact your business. In a continuously challenging economy and an increasingly complicated tax and financial climate, we hope the topics in this newsletter are helpful.

The articles include an update on the economy, some useful reminders such as to top up your national insurance contributions and an update on basis period reform which will impact many partnerships and sole traders. There are also some helpful articles on storage, equine businesses, and barn conversions.

If you have any queries on the articles, feel free to make contact with any of our Farms and Estates Team.

Sam Kirkham PARTNER AND HEAD OF FARMS & ESTATES TEAM

SPACE – A VALUABLE COMMODITY

Space is a commodity that perhaps we, as farmers, take for granted. However, with many new build houses not having the same built-in storage areas available, space has become a valuable commodity within the wider community.

The provision of self-storage is a popular diversification that can generate a secure income with a reasonable return on capital. Self-storage is desirable to the public to store anything from furniture to out of season sports equipment, and with many new housing estates having restrictions that do not permit caravans to be stored on driveways, caravan storage is now a very desirable option as well.

If this is something that sounds appealing, then there are a few things to consider:

1) SUITABILITY

Consider if you have reasonable access to the farm that will not create risks to the rest of the business. Do you, or could you, have the available space? Self-storage can be created by converting old barns, building purpose built new ones or by having space that could be used for shipping containers on hard standing or with hard standing access.

2) PLANNING REQUIREMENT

It is important to speak to your local agent to consider whether full planning is required or whether you can proceed under permitted development rights. It is also key to understand what health and safety requirements should be considered.

3) IMPACT ON THE CORE BUSINESS

A risk with any diversification is that it can distract you from the main business. You need it to add to the profitability of your business not to shift the profitability to a different area. Diversification can absorb resources such as time, space, capital and even head space.

4) INVESTMENT REQUIRED

No diversification comes without its costs. During the planning stage you should gain quotes for the investment required and, as with any project, you should leave a contingency.

5) VAT

A minefield as usual and will depend on your business structure. If the turnover will be <£85k then becoming VAT registered could be optional, however this would mean not reclaiming input VAT on the set-up costs. Assuming you are VAT registered, then rental income is exempt from VAT and therefore input VAT becomes subject to partial exemption rules. Self-storage is standard rated and caravan storage can be exempt or standard rated.

6) IMPACT ON OTHER TAXES

A topic within itself but you could be changing the use of agricultural land/buildings; potentially resulting in them becoming investment assets as opposed to trading. This has implications for income tax, capital gains tax and inheritance tax (IHT) and should be considered at the outset. For example, IHT may be 40% of the value of the land/building should it no longer qualify for relief, which could outweigh the benefits of the additional income generated by the project.

7) ADVERTISING

Remember, your customers are non-farmers and the easiest way to grow business is by word of mouth. The site will need to be clean and tidy and becoming a member of the Self Storage association could also help. All that said, advertising for free on Facebook can also be extremely effective.

8) INSURANCE

As with any changes you make on the farm, your insurers should be notified at an early stage.

Overall, storage can generate a very good return on capital utilising otherwise unproductive space. However, the above points do need to be considered as no matter how great the idea, if it is executed badly, it will not generate the steady diverse income stream desired and could potentially cause an additional unnecessary headache.

KATE BELL Farms & Estates Team

PERMITTED DEVELOPMENT, BARN CONVERSIONS AND THE TAX IMPLICATIONS

Driving around the countryside, the effects of the permitted development rules are now clear to see. The rules have supported landowners to diversify, have provided much needed additional accommodation in rural areas for farm workers and the rural community, and in some cases have provided a capital lump sum from a sale to reinvest in the business elsewhere.

Whether selling a barn for conversion or developing it for use in the business, the tax implications are important, alongside the personal and commercial considerations. Often the costs to convert a barn are substantial so considering all the costs are crucial to making the right decision for the long term benefit of the business.

The tax implications will depend on whether the barn is to be sold with planning permission or developed by the business. If the latter, the intended use of the barn once converted will make a difference to the tax implications.

SALE WITH PLANNING PERMISSION

Assuming the barn is to be sold with planning permission there will be a tax charge on the difference between the sale value and acquisition value. The difference will be chargeable to capital gains tax (CGT) at 10% or 20%, depending on whether the owner has utilised their basic rate band for income tax purposes. Every individual has a CGT annual exemption, currently £12.3K but reducing to £6K from 6 April 2023 and £3K from 6 April 2024. Farm losses in the year of sale or historic milk quota losses may still be available to reduce the taxable gain.

Where the capital gain is substantial, further tax planning such as gifting shares to other parties before planning

permission and whilst the barn is used for agricultural purposes, could be beneficial. In addition, rollover relief can be used if the proceeds from the sale are re-invested in other qualifying assets in the business such as new farmland or improvements to buildings.

Where a large proportion of the gain is likely to be taxed at 20%, consideration should be given to whether business asset disposal relief (BADR) can apply. BADR can halve the tax bill but needs careful planning in advance of the sale.

Finally the inheritance tax (IHT) position should be considered. A farm building currently occupied for the purposes of agriculture qualifies for up to 100% relief from IHT. However, a converted building may not and the cash proceeds, unless invested into new relievable IHT assets, will be chargeable to IHT. If the proceeds are not needed in the hands of the current owners, gifting the barn whilst it is still occupied for the purposes of agriculture may be tax efficient.

CONVERT FOR USE IN THE FARM BUSINESS

If the barn is to be developed by the business the main tax cost of the development will be VAT. The rate of VAT and the amount of VAT that can be reclaimed will depend on the intended use of the barn once developed.

For example, at first sight the VAT rate that should be applied by a contractor for converting a non-residential barn into a single house or a number of houses should be the reduced rate of 5%. However, where there is a restriction to the planning permission such that the barn cannot be sold separately to the rest of the farm, the standard rate of VAT of 20% will apply. In addition the DIY

Housebuilders Scheme cannot be used to recover the VAT charged. Therefore it is important to take advice to protect the benefit of the reduced rate of VAT.

Where VAT is charged it can be reclaimed if the barn is to be occupied by a farmworker. A partial reclaim can be made if it is to be occupied as a farmhouse by the business owner. In addition if the converted barn is to be used as holiday accommodation then VAT is recoverable although VAT will need to be charged and paid over to H M Revenue and Customs on the holiday letting income.

Finally the DIY Housebuilder and Converters’ Scheme allows VAT recovery where the house is to be occupied by the owner or a member of the owner’s family, assuming there are no planning restrictions as mentioned above.

If the barn is to be rented out then the recovery of VAT will be more complicated. Unless the costs fall within partial exemption limits the VAT is unlikely to be recoverable.

Another important area when converting a property for use in the business is capital allowances. If the barn is to be occupied by a farmworker, or used for holiday accommodation, then relief will be available for the cost of plant and machinery and integral features in the building. This will include kitchen and bathroom fittings as well as internal electrics, heating and plumbing amongst other costs. In a recent case a new farmworker’s cottage which cost £160K to build, included items qualifying for capital allowances of £60K. With the current annual investment allowance set at £1M a year this expenditure was written off against the farming profits to reduce the income tax bill.

CONVERT AND SELL

Where the business converts a barn with a view to selling it on, the gain will be chargeable to income tax rather than capital gains tax. As a result the tax payable will be a lot more. The treatment of the sale and the associated conversion costs for VAT purposes will depend on the planning permission. In either case advice should be taken to ensure the correct business structure is put in place to undertake this activity.

As always, taking advice early on can help the business make the right decision for the long term future benefit of the farm.

SAM KIRKHAM Farms & Estates Team sam.kirkham@albertgoodman.co.uk

Economy round up

The last year, and the events leading up to it, have had major impact on the UK economy. They have both tested its resilience and shown its weakness.

There are murmurs of a recession, but in real terms it is unlikely that we will feel much impact in comparison to 2008/09. We have seen very mild growth in January (0.3%).

Interest rates

The Bank of England (BOE) base rate currently sits at 4% (February 2023). Interest rate increases have been the main tool in attempting to control inflation. Further rate increases are likely. Six months ago, economists were predicting the BOE base rate to exceed 5%, now they are predicting a marginally lower rate of 4.5%.

For those taking out new debt the main decision has been around whether a fixed rate is worth it or not. The cost of a fixed rate is now only marginally different to a variable rate loan.

Inflation

Inflation is currently 8.8% (January 2023). It is highly likely that we have now seen the peak in the UK and the challenge is now getting inflation back under control. The BOE target is 2%.

Inflation across the world is coming back down at a much faster rate. Inflation in France is 6.2% (February 2023) and Canada is 5.9% (January 2023). The main reason for the slower reduction in inflation in the UK is labour availability.

Agflation has been as high as 25% / 30% in the past year. Farming businesses have been able to cope with this increase in input costs as output prices have followed suit. In recent months, output prices have reduced significantly but Agflation has remained at just below 20%.

Labour

The labour market has been incredibly pressured in the UK. This has been caused by two main factors:

1. BREXIT - The UK’s departure from the EU has led to changes in immigration policies that have made it more difficult for EU citizens to work in the UK. Covid also highlighted to many EU workers that it was not quite as easy to get home.

2. EARLY RETIREMENT - The UK has an aging population which has led to a decline in the number of working-age individuals. This situation has worsened post Covid as a proportion of workers nearing retirement age did not return to work following the pandemic.

This has had an impact on the overall UK economy and has hampered the ability of the BOE to tackle inflation.

A labour shortage can result in:

1. HIGHER WAGES - businesses compete for a smaller pool of workers and therefore may need to offer higher wages to attract and retain employees. This can lead to higher prices for consumers and potentially fuel inflation.

2. LOW ECONOMIC GROWTH - a labour shortage can impact the overall economic growth of the country as businesses are unable to expand or innovate due to a lack of workers.

Energy

The government has supported UK households with energy bills over the winter and spring of 2022/23.

The impact for farming businesses has been varied, but for those business with intensive units such as poultry or robotic dairies, the impact has been significant.

The price of gas is now starting to return to pre-war levels. The future of energy prices is linked to the longevity of this war and the speed at which the UK can become more self-reliant from renewable and nuclear energy.

TRUSTS MAY BE USEFUL VEHICLES FOR GRANDPARENTS WANTING TO PAY SCHOOL FEES

With the cost of private schooling for many families being their most expensive outlay, many grandparents are considering how they can assist their families with this expense and will want to consider tax efficient ways to pay for the school fees.

One way is to use a trust which can be a very useful tool in overall inheritance tax planning. This article explains how this might work.

What is a trust? A trust is an arrangement whereby a person (settlor) gives assets to another person (a trustee) who holds property for the benefit of others (beneficiaries).

Trusts allow settlors to gift assets out of their estate without making an outright gift to an individual. This can be useful to safeguard family assets by allowing a beneficiary to benefit from the assets without the asset being owned by them. This is particularly beneficial where the beneficiary may be considered too young to own the asset outright.

Trusts used for the payment of school fees would usually be discretionary in form. What this means is that trustees would be given the discretion to decide who, when and how a beneficiary benefits from a trust. The class of beneficiaries could include children and grandchildren. For example, the settlors could settle a rental property on trust. The trustees could continue to let the property. The rental income could be distributed to beneficiaries or direct to a school to settle school fees.

Trustees would normally have the discretion to distribute either income or capital to beneficiaries. Trust income would be amounts received for rents, dividends or interest etc and capital would be the original investment plus any capital growth.

There are tax consequences for settlors, trustees and beneficiaries but if structured the right way, they can be very tax efficient.

Settlors tax position: on creation of the trust there is a potential charge to inheritance tax on the amount gifted. However, there is a nil rate band which is the amount which an individual can gift to a trust without incurring an inheritance tax liability. This assumes that other similar gifts have not been made in the preceding 7 years. If the Settlor survives at least 7 years from the date of the gift, then those assets are removed entirely from the settlors estate. For a couple, this saves Inheritance tax of £260,000 in their estate (£650,000 * 40%).

When a settlor gifts an asset to a trust, the settlor is treated as disposing of that asset at market value and potentially capital gains tax is due. There is no capital gains tax on the gifting of cash and there is a potential postponement of capital gains tax by way of holdover whereby the trustees take on the asset at the settlors base cost, therefore postponing any capital gains tax charge.

Trustees tax position – the trustees are charged to income tax and capital gains tax on income and gains arising in the trust and may need to complete an annual income tax return. Any income tax paid by the trustees is used as a tax credit when income payments are made to beneficiaries. Depending on the tax position of that beneficiary, they may be able to claim some or all of that tax credit tax back from HMRC. Trusts can be very income tax efficient when there are beneficiaries with tax free allowances available e.g. grandchildren.

Most trusts will also have a periodic charge to Inheritance tax and when any capital is distributed to a beneficiary (known as a proportionate charge). The maximum rate is 6% on the value of the trust at the time and is only levied on the value of the trust which is in excess of the nil rate bands which were available on the creation of the trust. There are tax reliefs for certain assets and if the trust is structured in the right way, utilising reliefs and nil rate bands, then the charge can minimised.

If you would like more information or advice on setting up a trust to pay school fees or as part of your tax planning, then please do get in touch.

RUTH POWELL Tax Director ruth.powell@albertgoodman.co.uk

HOW

All things equine

Are you selling privately or as a business?

This is the first big question. If you are selling a horse, or other item, privately then the sale should not be treated as business income and there should be no income tax consequences. If you are selling as part of a business then the income will form part of your taxable profit.

Where do you draw the line between a private sale and a business sale for tax purposes? The answer can be found by analysing HMRC’s Badges of Trade. This is a list of characteristics used to indicate whether someone is regarded as trading for tax purposes. Essentially the more characteristics on the list that point towards trading activity, the more chance that the taxman will regard the activity as a taxable trade.

Badges of trade

1. Profit-seeking motive – did you buy the horse with a view to selling it at a profit?

2. Number of transactions – is this a one–off or do you regularly buy and sell horses?

3. Nature of the asset – was the horse a rescue or did you buy it to sell on again?

4. Existence of similar trading transactions or interests – are you in the horse industry? If you regularly give riding lessons and have a reputation for being able to improve horses then it is more likely that the taxman

will think that a horse you sold was part of a trade.

5. Changes to the asset – did you buy the horse to train and sell? Did you compete the horse for a season to add value prior to selling?

6. The way the sale was carried out – did you advertise the horse for sale? Or was it that someone saw you at a show and offered to buy it?

7. The source of finance – did you have to take out debt to buy a horse which you then sold?

8. Interval of time between purchase and sale – was this a horse that you had for a long time and outgrew? Or did you buy and sell for a quick turnaround / profit?

9. Method of acquisition – Was this a much-loved family horse? Or did you go out and buy a horse to sell on?

An honest analysis of the above questions will normally point you in the right direction as to whether you are really trading for tax purposes.

After

considering whether you have a business, did you make a profit anyway?

If the conclusion is that you are trading for tax purposes, then the next question is whether or not you made a profit. It is actually quite difficult to train and sell horses at a great profit. Whilst some horses may sell for a good price, you need to consider how much that horse has cost you in terms of keep, entry fees and vets fees. Likewise,

The equine market remains very strong, with horses still in demand and prices the highest we have seen for many years. Whether you are buying and selling as part of a trade, or perhaps just selling the odd horse purchased to bring on and sell, it is important to consider the potential income tax consequences.

if you are breeding horses, then how much has the foal cost you to breed? Once you have considered the costs of keeping the broodmare, the vets fees to get the mare in foal and additional costs of foaling then it may be that there is not much, if any, profit. As a result, it is sometimes in the taxman’s interest to argue that a horse ‘business’ is not a business at all, so as to prevent losses from being deductible against profits from other non-related activities.

Income under £1,000 - exemption

If you provide a service and get paid for it, then in general this is treated as income. This could be in the form of working at a livery yard or providing a few lessons. Similarly, buying and selling horses and/or tack and equipment may mean that you have some additional income to declare.

In recognition of the fact that some people do have earnings in addition to their day job, the trading allowance was brought in whereby trading income under £1,000 does not need to be declared on your tax return. The £1,000 limit applies to the gross income (i.e. before taking expenses into account). Whilst this is not much use when it comes to selling horses, it is worth bearing in mind if you are selling tack and equipment or providing a few lessons.

The £1,000 trading income allowance is in addition to your personal allowance of £12,570, under which you do not need to pay any tax or national insurance.

AMY GOULD Farms & Estates Team amy.gould@albertgoodman.co.uk

Plugging the pension gap – ACT NOW, BEFORE 31 JULY 2023

You may not realise that you have gaps in your National Insurance (NI) record until it is too late and you find you are not entitled to a full state pension.

Under the new state pension, a tax payer needs 35 complete years of NI Contributions to receive the maximum state retirement pension and at least 10 years to receive any at all.

There are many reasons why you might have gaps in your NI record. For instance:

„ You may have been self-employed but did not pay contributions because your profits were under the small earnings threshold of, currently £6,725.

„ You were employed but your earnings were under the lower earnings limit.

„ Your main source of income was from let property which does not count as earnings for NI purposes; or

„ You were looking after either your own children, disabled children or were a full-time carer.

Check your position

You can easily check for any gaps in your NI record through your Personal Tax Account (PTA) with HMRC online. Alternatively, you can request the details by completing a State Pension Forecast (BR19).

Credits

There are many situations where you do not have to pay to plug the gap as you would have qualified for credit. For example, if you are a parent or guardian registered for Child Benefits for a child under 12, you would qualify for automatic credit. However, not all credits are automatic so it is worth checking in case you need to apply.

Once you have checked your NI record, if you already have enough qualifying years, then there is no need to make any voluntary contributions as you cannot improve your state pension position any further. However, if this is not the case, you need to consider:

1. What the gaps are.

2. How they can be filled; and

3. The best course of action for you, considering your age and personal circumstances.

Timing is key

If you are close to retirement age then there may be a strong reason to plug the gap. If you are younger, you may have enough qualifying years ahead to meet the required qualifying years without having to go back and fill any gaps.

Voluntary contributions

Depending on your circumstances, voluntary contributions will either be made by way of Class 3 NI Contributions (NIC), currently at £824.20 for a full year or, if you are self-employed, by Class 2 NIC, which is currently £163.80 for a full year.

Common pitfall

If you elected to make voluntary Class 2 NIC on your 2022 self-assessment tax return as your self-employment earnings were below the small earnings threshold, these need to have been collected by HMRC via self-assessment and paid via 31 January 2023.

If full payment was made after 31 January 2023 then HMRC will remove the Class 2 NIC from your tax return. All is not lost however as credit can still be obtained for that year by contacting HMRC and making a separate payment.

Why is it important to act now?

Normally it is only possible to make voluntary contributions for the past six years. However, when the new state pension was introduced in 2016, HMRC introduced transitional rules which provided an extension for people to plug any gaps in their NI record, going back to 6 April 2006. This extension was due to end on 5 April 2023. However, due to the surge in demand for this top-up service, the government has extended this deadline to 31 July 2023, to ensure taxpayers do not miss out.

After 31 July 2023, the system will go back to normal and people will only be able to go back to the previous six years. It is therefore important that you take the following action before this date:

1. Check your current position by obtaining a pension forecast.

2. Check to see if there are any errors or gaps that can be plugged with any credits; and then

3. Consider if you should make any voluntary contributions to top up your pension.

If you identify any gaps or are concerned that this could affect you and you would like to discuss then please do get in touch as soon as possible.

Change to how you calculate your tax liability

Since the introduction of self assessment in 1996, income tax has been based on the accounting period of a business. Each business can choose the date to which they draw up their accounts, and while many choose 31 March or 5 April, this is not the case for everyone.

Some farmers choose to have a year end date that fits with their specific farming activity; for example a September year end following harvest, or a December year end to tie in with bulk calving in the spring.

While this has the added benefit of giving more time to assess income tax liabilities, it has also given rise to complex calculations of tax liabilities in the first and last years of trade. HMRC now deem this to be unfair and feel that too many people are missing out on relief on the cessation of their business.

Therefore from 6 April 2024, HMRC are proposing to change the way in which tax is calculated for partnerships and sole traders. Tax will be calculated on a tax year basis and not on an accounting year basis. This means that 2023/24 becomes a transition year where more than 12 months profit may be taxed. For those businesses with a 31 March of 5 April year end, there will be no change. For businesses with a different year end however, this could lead to a substantial tax increase this year. Essentially you will be taxed from your last accounting date to 31 March or 5 April 2023/24.

For example, if you have a 30 April year end then your tax return for 2022/23 will be based on the profits to 30 April 2022. In 2023/24 however, you will be taxed on the profits from 1 May 2022 to 31 March 2024. This is 23 months of profit. There are therefore likely to be some high tax liabilities due by 31 January 2025.

You are however, able to relieve any overlap profits that you have brought forward. If we revisit the above example of a business with a 30 April year end, and assume it is a sole trader that made profits of £24k in the first year and £48k thereafter, the business would have overlap profits brought forward of approximately £22k. In the transitional year of change it would be taxed on approximately £70,000 of profits, after the relief of £22,000.

As you can see from this example, if the basis periods did not change then the individual would remain a basic rate taxpayer. However, the changes mean that the individual will now have tax due at the higher rate. Going forward the accounts would be drawn up to 31 March.

There are some ways to mitigate this tax liability. You can spread the excess profit (profit from the extra period, less the overlap) over the next five years. In the above example, £22,000 would be available for spreading so, instead of additional profit

of £22k taxed in the year of change (£70k-£48k), £4,400 would be added to the total profits for each of the next five years. Assuming profits remain the same, this generates a tax saving of approximately £1.6k. It is also possible to adjust the spread to tax more in a specific year if profits decrease.

For some farmers five-year averaging may be available, however you can only average the normal profits and not the excess, therefore this will not be as beneficial.

Alternatively, businesses that prepare accounts to a date other than 31 March or 5 April, can choose to retain their current year end date. This would mean that going forwards their tax return would contain figures from two different accounting periods, each time apportioned to the tax year. This may result in estimates being included on tax returns as the accounts for the later periods may not yet have been finalised. For example, if you have a December year end then profits will have to be estimated from 1 January to 31 March each year in order to complete the tax return. Once figures are finalised then amended returns will need to be submitted. This could give some scope to reduce the larger profits in 2023/24. However, it will make the calculations complicated and involve additional tax computations.

If changing the year end is most likely it is important to consider whether an earlier change is beneficial. This would be the case if profits for the accounting year ending in 2022/23, or in the period from your year end to 31 March 2023 are likely to be exceptionally low.

Returning to the example above, let us assume that in the year to 30 April 2023 a tractor was purchased, and the capital allowance claim reduced the taxable profits to £4,000. The extra period of profits would be the same, so by changing year end a year earlier, the taxable profits are £26,000 in 2022/23 and £48,000 in 2023/24. As an aside, with these figures, 2 year averaging in 2023/24 would result in the same tax liability, but with a cash flow advantage of paying the tax at a later date.

As this example shows, these changes give rise to complex tax issues and potential large tax liabilities which should be considered in the cash flow. If you are concerned about how this may affect you then please do contact us.

As this example shows, these changes give rise to complex tax issues and increasing tax liabilities. If you are concerned about how this may affect you then please do contact us.

XERO TOP TIPS - YEAR END PROCESSES

It is that time of year again! Many accounting year ends will have recently passed or will be fast approaching, therefore please find below a checklist regarding the processes to complete before your accounts are prepared. Although tailored to Xero these will hopefully be applicable to most systems.

1. The bank – firstly please ensure that all transactions are reconciled for the year and that the Bank Reconciliation Report agrees to your physical (or online) bank statements. Please also continue to reconcile post year end transactions as we will look at these too when preparing your accounts.

2. VAT Return – please ensure that you have submitted your VAT return for the period that covers your year end.

Points 3 & 4 will only be relevant if you use the bills and invoicing functionality.

3. Debtors (amounts owed to you) – please run and review the Aged Receivables Detail Report. This will list all amounts owed to you at your year end; ie. amounts due from sales invoices dated before the year end but not received until after.

4. Creditors (amounts you owe to suppliers) – please run and review the Aged Payables Detail Report. Please ensure that all bills dated within the relevant accounting year that were not paid until after are included here.

5. Mis-postings and duplicates – by running the Account Transactions Report for the relevant dates you can check all of the postings that have been made in Xero in the accounting year. This will allow you to pick up on any mis-postings and duplicate entries. These can then either be corrected or removed as appropriate.

6. Uploading PDFs / pictures of bills / invoices – uploading PDFs or pictures to accompany transactions on Xero is a great tool that will mean you may not need to drop off a big box of records when we prepare your accounts. It may also save time when trying to find a document several months later. You can use this function with

bills, invoices and receive / spend money transactions. Just click on the “Add Details” button on the reconcile screen and then look out for this little button at the top . An alternative to this is to use Hubdoc – which is free with a Standard subscription of Xero!

My last two points are more general and are not specific to Xero:

7. Stock sheets – we aim to get stock sheets out to you as close to your year end as possible but if you have not received one then it would be a good idea to record it all anyway while it is still fresh in your mind. The closer you are to your year end the more accurate it will be.

8. Notes / summaries – please feel free to provide some notes in a letter or email to notify us of any major changes or to point out anything exceptional that has occurred within the year. This does not need to be anything major, but a little extra narrative may save some confusion at our end.

This is not by any means an exhaustive list but hopefully it helps.

THINK WE COULD HELP, PLEASE DO CONTACT ONE OF US

SAM KIRKHAM

sam.kirkham@albertgoodman.co.uk

01823 250350

IAIN MCVICAR

iain.mcvicar@albertgoodman.co.uk

01823 250283

KATE HARDY

kate.hardy@albertgoodman.co.uk 01305 752064

KATE BELL

kate.bell@albertgoodman.co.uk

01823 250286

TOM STONE

tom.stone@albertgoodman.co.uk 01823 250397

JAMES BRYANT

james.bryant@albertgoodman.co.uk 01823 250372

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