Equine

Background: A new client came to us because of our equestrian expertise. The family were changing their business from farming to a professional, national and international equine enterprise.

How we helped: We provided advice around the correct allocation of income and costs between the two businesses, how the disposal and purchase of new equipment should be accounted for, and how to account for income and costs of the new business. Additionally, due to the diversified income streams, and international aspects of the business, we continue to provide ongoing VAT advice including partial exemption, and the VAT treatment on import and export of horses.

Background: A new client wanted guidance on structuring their combined farming and equestrian business activities to allow for succession of the businesses in a tax efficient manner.

How we helped: From a review of the business and asset ownership we identified that both businesses were not always profitable and all the land and buildings were owned by one member of the family. We implemented a structure involving partnerships which allows the flexible use of income profits and losses around the family. The land owning member is an active partner in both partnerships allowing a situation where valuable assets can be gifted to the next generation at the appropriate time without incurring substantial capital gains tax or inheritance tax charges.

Background: A new client came to us as their previous accountant had retired. They had traded around the VAT threshold for a number of years and the business had stagnated, as they were concerned that if they registered for VAT the business would be unviable.

How we helped: After an initial review of the previous accounts and current books and records, we were able to identify significant capital expenditure which would qualify for a full VAT refund on initial registration. Additionally, due to the various different types of supply, some of the income streams would be exempt from VAT. The initial VAT refund was over £20,000 and in nine VAT quarters out of ten the business continues to receive VAT refunds.

Background: A new client came to us after meeting Lucie at a presentation at Hartpury seeking specialist advice to support their new ideas.

How we helped: We worked with the owner to take the business apart and fully restructure, taking into consideration their growth aspirations. Since coming on board, the business has been able to grow from a ‘small’ to medium-sized business very quickly and can now focus on what they do best. They have achieved the finance they were looking for to build an indoor arena.

Background: We were approached by a professional event rider wanting to improve the profitability of their business.

How we helped: We spent time with the owner to get a full understanding of the fixed and variable costs of the business, which lead to a change in the charging structure for both horses kept on livery and syndicate horses. This enabled the owner to make key decisions about the mix of horses to ensure the business grows profitably.

Background: Hazlewoods was recommended by another professional services firm that the client was working with; after arranging a meeting, we met with the client in order to construct a business plan to prove the viability of the business.

How we helped: Hazlewoods acted as an expert witness in court and the client was very impressed with how we represented them. Our knowledge of the industry was a real plus in this instance too. As well as acting as an expert witness and producing a business plan, we also reviewed all operations and were able to advise on business grants and how to claim them.