Hi All - I am meeting with a new client in the next few days. Currently has a farm and is VAT registered on that. Has taken up a farm diversification grant and the new side of the business is about to open to the public in the next few days. He doesn't know if this should be classed as a totally separate business or included in the farm accounts (which his accountant is currently doing and doesn't seem to have a clue what to do with the new business either). Personally I don't think the new business will yield enough turnover (certainly in the first year) to be VAT registered and that he should include it with the farm accounts as he will be able to reclaim the VAT paid ..... The accounts could be kept separately so that he gets a clear idea of what the diversified business is doing.........?? Any ideas anyone??
