HMRC are insisting that I include a stock valuation for growing arable stock although the farm is extremely small (T/O 25k). Because of this I have always put the accounts together on a cash basis. I have recently acquired another farm where accounts have been accepted on a cash basis. Any comments please?
Brian Ridyard
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Farming accounts
I spent over 10 years in a specialist agricultural practice and we did always value 'growing' stock ie tillages/crops.
I have never known accounts accepted in any other way and personally feel it is incorrect not to include all such stock.