Share this content

How is Herd Basis treated in LLP accounts

Can a dairy herd be recognised in herd basis in statutory accounts

Didn't find your answer?

I'm having difficulty finding any clear guidance on how to treat a dairy herd under herd basis in statutory LLP accounts under the micro entities regime. HMRC seems clear that herd basis can still be applied, but does this entail a separate tax adjustment and disclosure in notes to the partnership return, or can the herd be treated in a similar way to a fixed asset in the micro entity accounts?

Replies (6)

Please login or register to join the discussion.

Replying to DJKL:
Small Dog's RAT Return
By Oldmanwetmix
03rd Aug 2021 18:27

I must be dull or something, can you point me to the paragraph that deals with the Micro Entities reporting regime for LLPs

Thanks (0)
A Putey FACA
By Arthur Putey
03rd Aug 2021 18:24

Amused at the concept of herd immunity from disclosure!

Thanks (1)
Replying to Arthur Putey:
Small Dog's RAT Return
By Oldmanwetmix
03rd Aug 2021 18:28

Yes, I'm on the horns of a dilemma

Thanks (1)
avatar
By More unearned luck
03rd Aug 2021 19:11

I don't know the answer to your question, but I don't think that just because some livestock are treated as a fixed asset for tax purposes that they are necessarily a fixed asset for other purposes (eg GAAP).

Thanks (0)
avatar
By paul.benny
04th Aug 2021 07:43

FRS102, paras 34.2-34.10A deal with biological assets, which are defined as living animals or plants.

Thanks (0)
Share this content