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Hentons expands team to help farmers go digital

Coverage received in: Insider, The Business Desk

Hentons-farming-specialistFarmers are not prepared for the move to a digital tax system in April 2019, according to accountancy and advisory firm Hentons.

The firm is expanding its team across North Yorkshire to help farmers meet the challenges of filing VAT tax returns online every quarter. Hentons also argue that the changes will give farm owners more data to help them operate more efficiently.

Hentons has recruited Penny Sanderson, a specialist manager in dealing with farming and landed estate clients, to head up the Thirsk office. Ms Sanderson grew up on a farm, and her husband is a farm manager, giving her a full understanding of the challenges that farmers face. Ms Sanderson brings over 20 years of experience in the agriculture sector and previously worked with an independent firm in Ripon.

Commenting on her new role, Penny Sanderson said: “Farms are complex businesses and need support from teams who understand how they work and the types of data they require. While the move to digital taxation comes with challenges, it also presents a huge opportunity to take a real-time approach to business reporting, which will help farms operate more efficiently.

“To be viable the farm business needs to be profitable enough to fund the demands on the business over day to day running such as tax, borrowings, reinvestment and personal drawings. Better management accounts will allow for comparison and benchmarking that will help lift the sector. Having management account data to hand will greatly assist in the inevitable negotiations that will be required from time to time, whether it be for bank loans, rent reviews or grant application schemes.”

Hentons advise that farmers and the landed estate need to prepare and ensure their advisors and accounting software providers have completed the necessary preparation.

In addition to the appointment of Penny, Hentons have seen its farming sector expertise grow substantially following the merger with a company who have over 100 years’ experience of dealing with farmers. The growth has also resulted in new offices in Thirsk and York. The team will help clients access a wide range of skills from accounting to tax advice and wealth management.

Ian Wallace,  Hentons in York, said: “Farming is facing unprecedented uncertainty at the moment with the approach of Brexit and the volatility of market prices which is affecting almost every sector of agricultural business. In the modern farming environment understanding the business is just as important as understanding the farm. Our agricultural specialists understand these pressures and are well placed to help owners navigate the challenges.”

Hentons has made significant investments in new technology and talent to expand the range of services it provides for companies. A recent investment of £150,000 in digital infrastructure will provide clients with a world-class digital accounting service.

Hentons operates offices in Leeds, York, Thirsk, Sheffield and London and employs over 100 staff

ENDS

Coverage received in: Insider, The Business Desk

Notes to editors:

The firm is expanding the range of services it can offer and is currently recruiting to grow strategically is the team in Yorkshire. In addition to the comprehensive Hentons client app, it is building its digital offering by investing in new dedicated digital accounts to support its cloud-based accounting and tax solutions for clients using Xero, Sage, QuickBooks or FreeAgent.

Hentons works with a diverse range of clients from SMEs to mid-sized corporates and high net entrepreneurs across all sectors in areas of audit, accountancy, advisory, and tax. With entrepreneurial spirit and client focus at its core, Hentons focusses on building sustainable business success for its clients. It operates a number of specialist sector divisions including farming, healthcare and entertainment as well as a dedicated team of financial advisers offering services in wealth management.

For more information contact Nathan Lane on 07447 921654.

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