8 CUMBRIA FARMER February 2009BusinessAdvice
Helen strengthens farm team
Dodd & Co introduces a new manager in its farming department, and looks
at what businesses should be doing in the last few weeks of the tax year
D
odd & Co is pleased to
announce the appointment
of Helen Workman as a
manager within the farm-
ing department.
Helen joined Dodd & Co in 2002,
after gaining a degree from Durham
University in natural sciences.
She qualified as a chartered
accountant in 2005 and decided to
specialise in agriculture. Having
grown up on the family farm on the
outskirts of Carlisle, this seemed like
the natural choice.
Helen joined the farming depart-
ment shortly after the introduction of
the Single Farm Payment scheme.
At this time, Dodd & Co was at the
forefront of encouraging profitable
farming business to take advantage
of the company tax rules and trade
through a limited company.
In addition to having her own
client base, Helen has been respon-
sible for setting up these farming
companies and
ensuring their
smooth running.
It is now three
years since the
first farming com-
panies were set up.
The company
structure has
worked well for our
clients, many of
whom have saved a
significant amount
of tax as a result of
planning.
Helen said: "I
was lucky to join
the farming team
at Dodd & Co at a
time when there
was the opportuni-
ty to provide our
farming clients
with such valuable
tax advice.
"I have enjoyed
the challenge of
managing our
farming company
clients and it has been very satis-
fying to see the tax savings come
through.
"I look forward to working closely
with clients in the future to help
them make the most from their busi-
nesses."
When Helen is not working, she
likes to be busy. She lives with
friends in the centre of Carlisle, and
enjoys walking, running and ski-ing
among other things.
"Dodd & Co believe if we are to
provide farmers with the best advice,
we must understand your businesses
and the farming industry as a
whole," said partner Robert Whar-
ton.
"Helen's appointment as a manag-
er further strengthens the farming
team and reinforces Dodd & Co's
commitment to the agricultural sec-
tor."
Helen added: "As the financial
year-end approaches, farmers must
take advantage of some of the tax
planning opportunities available. The
following areas may provide advan-
tages for many people in the next few
weeks."
Tax payments
The tax return deadline for anoth-
er year has now passed. Given the
current financial climate, H M Rev-
enue & Customs is anticipating that a
number of people will struggle to pay
their outstanding tax bill.
If you are in this situation, don't
bury your head in the sand; the tax
office is prepared to set up payment
plans for those who are struggling
with their outstanding tax liability.
There is a special telephone line
set up for farmers on 0845 366 1207.
Anyone else who is struggling can
call 0845 302 1435.
Annual
investment
allowance
Alistair Darling
introduced the
annual investment
allowance on
April 5, 2008.
This marked a
significant change
in the tax treat-
ment of capital
expenditure.
The change in
rules now means
that the first
�50,000 spent on
plant and machin-
ery (not motor
cars) will get 100
per cent tax relief.
Any expenditure
above �50,000 will
be added onto
your pool of assets
brought forward
and get tax relief
at 20 per cent of the value.
Every tax year, your business will
get a new �50,000 of annual invest-
ment allowance, so it is important to
make the most of this year's annual
investment allowance. It may be
worth investing in plant and machin-
ery before April 5.
If cashflow is an issue, it is worth
remembering that you do not need to
pay for the asset before the year end,
as long as it is in use in your busi-
ness. When a hire purchase agree-
ment is taken out, you will get all the
tax relief when the asset is brought
into use in your business and not
when the payments are made.
For further information on any of
the above points, contact Helen or any
other member of the farming team at
Dodd & Co on 01228 530913. Helen Workman: 'It has been very satisfying to see the tax savings come through'
Don't bury your
head in the
sand; the tax
office is
prepared to set
up payment
plans for those
who are
struggling'
Know
how
toget
peace
ofm
ind
How would it feel to know that the financial side of your business
was taken care of?
Our specialist farm advisors can work with you, as a key part of your business, to help
you get the most from your money.
For a free, peace of mind consultation
call Robert Wharton on 01768 864466 or
Rob Hitch on 01228 530913, or visit us at:
www.doddaccountants.co.uk

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