As farming enterprises grow (whether as a landowner or tenant) and continue to diversify, the business model may need to be modified and adapted to be both tax efficient and to meet the business’s current and future needs and requirements.
Farming and related businesses are meeting an ever-increasing environmental health and safety cross compliance screening and stewardship obligations, all placing pressures upon the more traditional business structures.
Whilst most owner occupier farmers continue to operate as a partnership, we are seeing far more farmers putting into place a limited company (especially those in the dairy industry with a milk contract). Equally a company structure may be appropriate for those landowners who have diversified into ’higher risk’ business enterprises such as adventure playgrounds.
Equally, if not more importantly, given the continuing development of agricultural land for residential and commercial use, is ensuring that the appropriate business model is in place to maximize taxation benefits in the event of a sale for residential or commercial property use.
Our agricultural team comprises specialists in both Wills and succession planning (including retirement and entrepreneur relief), partnerships, limited companies (members’ agreements) and share and contract farming agreements. The team also works with the Company and Commercial team when necessary.
Our team will work closely with your accountant and farming adviser to ensure that we provide the appropriate solution for you, your family and future generations.
We offer a free initial discussion with you, and your accountant if appropriate.