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Archive for 'Business planning'

Which structure is best for your farm?

When structuring your business, do you choose sole trade? Partnership? Or limited company? There are a variety of factors that need to be considered. In this blog, I take a look at the different options. Historically, most farms were relatively small family run businesses which on the whole were best served by operating as partnerships. […]

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Posted in: Business planning

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Contract farming or in-house?

Contract farming is a relatively new concept and has grown significantly in popularity in the last decade or so. Contract farming provides opportunities for farmers to develop their businesses in fresh and innovative ways as well as giving access to specialist skills, which can make it a highly attractive option. That said, it doesn’t always […]

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Posted in: Business planning, Contract farming, Farmers

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Family farming businesses – happily ever Archer?

Accountants and solicitors have for a long time trumpeted the importance of business agreements which govern how the owners interact with each other. Ensuring that they have been professionally drafted was brought into focus on the Archers this week. Any one who has been following the Radio 4 soap opera of farming folk will have […]

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Posted in: Business planning, Family Business, Farmers, Rural business

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Tax spotlight: farming partnerships

The last 30 years or so have seen a huge move towards small businesses being carried on through limited companies, but farming continues to be largely undertaken through the medium of a partnership. Partnerships continue to be governed by the 1890 Partnership Act which, whilst it may seem somewhat antiquated, has actually stood the test […]

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Posted in: Business planning, LLP, Partnership

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Entrepreneurs relief – it is all in the timing

A husband and wife farming in partnership had been considering retiring for a number of years. The increase in farm land values in the years up to 2012 made retiring a reality. With proceeds of sale being close to £4.0m, the tax position was fundamental to the decision making process. Exploring the options Through previous […]

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Posted in: Business planning, Entrepeneurs Relief, Farmers

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5 things to watch from the 2013 Budget

The agricultural sector gets its fair share of tough news all year round, but there’s no getting away from the fact that the Budget brings with it additional stresses and pressures. Will there be rabbits pulled from the chancellors hat that weren’t anticipated?  Will there be last minute planning opportunities that your advisors have failed […]

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Posted in: Budget, Business planning

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Achieving Entrepreneurs Relief

Achieving Entrepreneurs Relief requires more than just the disposal of businesses assets (and farmers are no exception!). General Principles Introduced by the Finance Act 2008, Entrepreneurs’ Relief remains comparatively new legislation and there have so far been only a few cases heard by the tribunal or court system. The wording of the legislation was largely […]

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Posted in: Business planning, Entrepeneurs Relief, Farmers

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Making allowances for weather when hiring temps

The agricultural industry in the UK relies heavily on temporary labour for its efficiency and effectiveness. The very nature of farming and agriculture is such that even the best organised farm business needs to draw on additional labour on an ad-hoc basis. Periods such as lambing or harvesting are times when farmers rely on additional […]

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Posted in: Budgets, Business planning, Farmers, Rural, Rural business

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