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As a general rule, farm animals are treated as stock, so any related expenditure or receipts will have a direct effect on the trading profits for each period. In addition stock must be revalued...
Herd basis electionIf you keep animals for production purposes, you might be able to take advantage of the "herd basis" to simplify calculating your taxable profits.ProductionFarm animals are...
If you have clients with production herds, e.g. farmers with dairy cattle, they can elect to use special rules that could result in big tax savings. When will this be most efficient, and what...