We had a great day at the Kenilworth Show on 6 June, catching up with farmers, landowners and rural businesses from across the region. The great British weather did its usual thing, but the showers certainly didn’t put people off.
What stood out from the conversations was just how much farming families are having to deal with issues that are mostly beyond their control. There’s a real sense that things are shifting, and decisions feel more important than ever.
Succession planning and the recent changes to Inheritance tax came up time and time again. Most people know they need to review their current arrangements, but it’s often put off for another time. The risk is that leaving it too late can create unnecessary tax issues or complications within the family. Starting earlier gives you far more control over how things play out.
Diversification is clearly on the rise, which is great to see. From holiday lets to renewables and farm shops, there’s lots of innovation happening. But it does bring added complexity, especially around tax and VAT, so it’s something that needs a bit of planning to get right.
Costs and margins are still a challenge for most businesses. With so many moving parts – weather, markets, input costs – having a clearer view of future cash flow is becoming increasingly important. The more understanding you have in your figures, the easier it is to make confident decisions.
And finally, there’s the ongoing weight of compliance. As well as environmental scheme regulations, and increased reporting requirements, most farmers and property owners have also been impacted by Making Tax Digital (MTD) for tax and VAT. Many of our clients have streamlined their bookkeeping, VAT returns and MTD compliance by outsourcing this work to us, thereby freeing up valuable time in a cost-effective way.
If there’s one clear takeaway, it’s that the farms in the strongest position are the ones planning, not just reacting to change as it comes.
If any of this sounds familiar, it’s probably worth having a conversation sooner rather than later.
We’ll be at the Hanbury Countryside Show on Saturday 4 July, so do come and say hello if you’re there.
For further advice, please speak to a member of our specialist farming experts www.burgisbullock.com/services/farming-agriculture/
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