Herd AccountingThere,

Discussion in 'Accounts & Finance' started by kirstie27488, Jul 13, 2016.

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  1. kirstie27488

    kirstie27488 UKBF Newcomer Free Member

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    Hi There,

    Can someone please tell me what bovines etc make up a herd? any other advice on herd accounting would be much appreciated.
     
    Posted: Jul 13, 2016 By: kirstie27488 Member since: Apr 6, 2010
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  2. john1989

    john1989 Guest

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    There's books dedicated to the subject.

    This area of accounting is specialist. I'm not aware of any forum members that specialise in this area.

    You're probably best letting an accountant handle this that is experienced rather than trying to do things yourself.
     
    Posted: Jul 13, 2016 By: john1989 Member since: Jan 1, 1970
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  3. john1989

    john1989 Guest

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    Afterthought...

    @bovine how many in a herd?
     
    Posted: Jul 13, 2016 By: john1989 Member since: Jan 1, 1970
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  4. MyAccountantOnline

    MyAccountantOnline UKBF Legend Full Member

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    Agricultural taxation really is quite specialist. I used to work in a agricultural practice about 15 years ago, the founder of the practice was one of the accountants who worked with HMRC setting up the herd basis so back then I knew a lot about agricultural taxation including the herd basis.

    Generally you'll see dairy cows put onto the herd basis.

    My advice - speak with an accountant who specialises in looking after agricultural clients
     
    Posted: Jul 13, 2016 By: MyAccountantOnline Member since: Sep 24, 2008
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  5. Darren@dynamoaccounts

    [email protected] UKBF Contributor Free Member

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    One of our guys within the general practice specialises in this field (sorry for the pun), drop me a PM and will forward you his contact details.
     
    Posted: Jul 13, 2016 By: [email protected] Member since: Apr 7, 2016
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  6. billmccallum1957

    billmccallum1957 UKBF Ace Free Member

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  7. john1989

    john1989 Guest

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    Just noticed that the OP might be an accountant.

    They might be therefore reluctant to pass on the work!
     
    Posted: Jul 13, 2016 By: john1989 Member since: Jan 1, 1970
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  8. MyAccountantOnline

    MyAccountantOnline UKBF Legend Full Member

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    To add I still have some contacts with some extremely well respected specialist agricultural accountants and will happily pass details on if needed.
     
    Posted: Jul 13, 2016 By: MyAccountantOnline Member since: Sep 24, 2008
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  9. MyAccountantOnline

    MyAccountantOnline UKBF Legend Full Member

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    @kirstie if you are an accountant and have been approached by a farmer to deal with their accounts I really do strongly suggest you refer them to a specialist. Agricultural accounting and tax has so many unique features that you need full knowledge and experience to look after them properly.
     
    Posted: Jul 13, 2016 By: MyAccountantOnline Member since: Sep 24, 2008
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  10. MyAccountantOnline

    MyAccountantOnline UKBF Legend Full Member

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    Darren mine is worse than that my former employer was a Mr Bull!
     
    Posted: Jul 13, 2016 By: MyAccountantOnline Member since: Sep 24, 2008
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  11. john1989

    john1989 Guest

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    From memory, you need to know when a cow is a cow and sheep is a sheep because that will effect whether it will be classified as stock or herd.
    This is difficult when the invoice will call it one thing, the stock taker another, and the farmer something else.

    I wouldn't touch farming with a bargepole!
     
    Posted: Jul 13, 2016 By: john1989 Member since: Jan 1, 1970
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  12. MyAccountantOnline

    MyAccountantOnline UKBF Legend Full Member

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    It certainly helps to have a very good knowledge of how animals are described (now remembering back to seeing yearlings, stirks etc) and the various breeds.

    I'm sure it's no coincidence that many agricultural accountants and tax advisors have a farming connection. I was a farmers daughter which helped, a lot.
     
    Posted: Jul 13, 2016 By: MyAccountantOnline Member since: Sep 24, 2008
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  13. UK Contractor Accountant

    UK Contractor Accountant UKBF Legend Full Member - Verified Business

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    All the farmers we deal with got rid of the cattle (livestock) side of things - no money left in it!

    All seem to be converting the barns formerly used for cattle and then renting out.
     
    Posted: Jul 13, 2016 By: UK Contractor Accountant Member since: Sep 18, 2013
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  14. MyAccountantOnline

    MyAccountantOnline UKBF Legend Full Member

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    It's certainly a tough industry to be in if you are farming on a small scale.
     
    Posted: Jul 13, 2016 By: MyAccountantOnline Member since: Sep 24, 2008
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  15. Darren@dynamoaccounts

    [email protected] UKBF Contributor Free Member

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    Ouch!! Nice one Nicola

    Definitely a difficult industry to be in at the moment, not too much continuity with a shortage of younger sons/daughters of farmers preferring to seek out other career options. We had this discussion just last week following a spate of sales with the smaller farms selling to larger in order to gain some mass.
     
    Posted: Jul 13, 2016 By: [email protected] Member since: Apr 7, 2016
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  16. bovine

    bovine UKBF Ace Free Member

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    Thanks for the thought, not my area of expertise :)
     
    Posted: Jul 13, 2016 By: bovine Member since: Aug 23, 2007
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  17. john1989

    john1989 Guest

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    Worth a try :)
     
    Posted: Jul 13, 2016 By: john1989 Member since: Jan 1, 1970
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