Introduction
When setting up a new business in Farmplan Business Cloud, you'll need to input some basic details to create the correct structure. Don't worry if you're unsure about some answers - most can be edited later via the Settings icon at the top of the screen.
However, the business type and country cannot be changed once set.
Business Info
Enter the business name (this will appear on documents like invoices).
Select the business type from the dropdown list:
Sole Trader
Partnership
Limited Company
Limited Liability Partnership (LLP)
Trust/Estate
Charity
Important: Consult your accountant if unsure about the business type, as it cannot be changed later and will affect MTD ITSA compliance.
Add a Trading Name if applicable.
Set your financial year start date (this can be adjusted when preparing reports).
Set a 'Lock transactions up to' date if needed (leave blank initially).
Business Address
Enter your contact details for use on documentation such as Sales Invoices.
Financial Info
Answer the following questions to set up your financial structure:
Do suppliers invoice the business?
If yes: Enables claiming VAT on purchase invoices before payment and/or tracking who you owe money to.
Does the business invoice customers?
If yes: Enables declaring VAT on sales invoices and/or tracking who owes you money.
Note: If yes, go to Settings > Document Settings after saving to determine invoice layout.
Does the business have employees?
If yes: Enables the Wages Adjustment option and adds relevant employee-related categories.
Does the business use multiple currencies?
If yes: Allows dealing with other countries and using alternative currencies, including adding foreign currency bank accounts.
Is the business VAT registered?
If yes: Enables Farmplan Business Cloud to create and submit your VAT figures to HMRC.
Does the business own motor vehicles?
If yes: Adds additional categories relating to vehicles, including depreciation.
Does the business use a merchant account for processing payments?
If yes: Adds a merchant account to your list of bank accounts for managing credit card payments.
If VAT registered:
Enter VAT registration number (without spaces).
Enter VAT Registration Date:
This determines when Farmplan Business Cloud starts adding transactions to your VAT returns.
Select VAT reporting frequency:
Choose monthly, quarterly, or annually based on your HMRC reporting schedule.
Choose main tax code:
Usually set to ST (standard rate). This is the default VAT status if not specified against a category.
Tick 'EU Trading' if applicable:
For businesses buying or selling goods/services from other countries prior to January 2021.
Tick 'Does your business use Reverse Charge' if applicable:
Enables the RC tax code option in transactions for domestic reverse charge scheme users.
Additional VAT Settings:
Use the 'VAT Schemes' button at the bottom of the screen to set the date of any new VAT scheme for correct VAT return calculations.
Note: Most businesses will use the standard Invoice Scheme, even if only recording bank entries. Consult HMRC or your accountant before changing this option.
By carefully setting these options, you ensure that Farmplan Business Cloud is tailored to your specific business needs and VAT requirements.
Farming Activities
Use this tab to design your coding structure (categories) for your business:
Select relevant farming activities from the list provided.
Officers
For Partnerships, Limited Companies or Charities, list the partners or directors here.
Users
Manage who can access the business and their permission levels:
Add new users (they'll receive an email with an access link).
Remove users no longer involved in the business.
User Permissions
Control access to specific areas of the business for individual users:
Set permission levels (Company Admin has full access).
Create customised permissions if needed (e.g., data entry only, read-only access).
Remember, you can always refer back to these settings and make changes as your business evolves.
Level 2 Features
Find out more here.