Help for Lincolnshire farmers after one of worst cereal harvests in memory
TAX and business advice for the agricultural sector will be given at two Farm Business Updates taking place next month.
After one of the worst cereal harvests in living memory the arable farming sector is at a crossroads.
To help farmers plan for the future, chartered accountants Duncan & Toplis and property consultants Brown & Co have organised two events which will bring together some of the most knowledgeable people in the industry – including NFU President Peter Kendall – who will provide an insight into the challenges 2013 will bring and how farmers can prepare for them.
The Farm Business Updates will be staged in Oakham and Woodhall Spa on Thursday, February 7.
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With New Horizons as their theme, the events will advise farmers to consider restructuring their business as the future profitability of arable farming in the region may be hard to predict.
Head of tax at Duncan & Toplis, Andy Severn, said: "Arable farms have enjoyed two years of good profits but the appalling weather since August means that the next two years may not be so profitable.
"Now could be a good time for farmers to think about restructuring the family business, as an increase in profits puts them in a better position to be able to do this.
"Some older clients have recently told me that they feel the time is right to pass on the main business responsibilities to a younger generation, and there's a whole host of different arrangements that can be put in place without the need to actually sell the land.
"Renting, contract farming and joint venture agreements are becoming very popular in the agricultural industry, and retaining ownership of the farm actually helps from an Inheritance Tax planning perspective."
Among the other speakers will be: Benjamin Bodart, a market analyst and consultant at Offre & Demande Agricole UK; Martin Herbert, Paul White and Paul Waberski from property and business consultants Brown & Co and Sam Gibson, Wealth Manager at Castlegate Financial Management.
The first event takes place from 9am until 12.15pm at Greetham Valley Hotel, Golf and Conference Centre near Oakham and the second event will be held from 3.30pm until 6.45pm at the Petwood Hotel in Woodhall Spa.
The Oakham event includes a buffet lunch while an evening buffet will be provided at the Woodhall Spa event.