Take part in our new Family Business Survey and have your say! Click here
This was the question asked to those attending a series of seminars organized recently by Armstrong Watson, Strutt & Parker and Frontier held at Romanby Golf Course, Northallerton on 25 April and Tickton Grange, Beverley on 26 April.
The well attended breakfast seminars chaired by Peter Molyneux, Partner, Armstrong Watson, saw three industry experts talk fluently on their chosen subject:
Simon Britton – Partner, Strutt & Parker, Northallerton office, highlighted the current changes to the Common Agricultural Policy, in particular the need for farmers to ensure they will be eligible to claim for the Basic Payment Scheme. Also Simon spoke about the additional greening measures and capping, but in particular the definition of the Active Farmer and the potential jeopardizing of the right to claim, by business restructures between 2011 and 2015.
Keith Johnston – Agricultural Tax Director, Armstrong Watson, Northallerton office, spoke of the recent reduction in tax relief available to farming businesses investing in equipment. Many farming businesses as a result could be facing higher tax bills, and the need to proactively review alternative structures was highlighted. In particular Keith spoke of the flexibility of introducing a company into a farming partnership, thus avoiding the need for full incorporation, but with the farming business able to benefit from lower tax.
Andrew Flux – Grain Procurement Manager, Frontier presented expert analysis of grain markets with a particular focus on managing risk amid current volatility. Frontier helps individual arable farming businesses to optimize their grain price in a changing market. The impact of biofuel production on grain prices in the North East was also discussed and debated.
If you like this article and would like our FREE updates sent straight to your inbox then subscribe to our monthly newsletterSubscribe
All content © 2015 Armstrong Watson. All Rights Reserved. Website by Simon Pighills.
Armstrong Watson LLP is a limited liability partnership registered in England and Wales, number OC415608. The registered office is 15 Victoria Place, Carlisle, CA1 1EW where a list of members is kept. Armstrong Watson Accountants, Business & Financial Advisers is a trading style of Armstrong Watson LLP. Armstrong Watson LLP is regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities.
Armstrong Watson Audit Limited is registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Registered as a limited company in England and Wales No. 8800970. Registered office: 15 Victoria Place, Carlisle, CA1 1EW
Armstrong Watson Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 542122. Registered as a limited company in England and Wales No. 7208672. Armstrong Watson Financial Planning & Wealth Management is a trading name of Armstrong Watson Financial Planning Limited. Registered Office: 15 Victoria Place, Carlisle, CA1 1EW