Being 100% clear about who you are and what you’ve got to offer is crucial if you’re to move successfully into new areas and watch your business grow. How can you expect other people to buy into what you’re offering otherwise?
Responding to workplace incidents
A practical guide to dealing with health and safety incidents
With the introduction of more punitive sentencing guidelines for health and safety offences in 2016, organisational safety was put into sharp focus. Fines for businesses in violation of health and safety law across all sectors have since sky-rocketed. As a result, safety processes are quickly moving higher up the board agenda.
Cheese shops, camping barns, golf driving ranges, clay pigeon shooting, brewing, renewable power and riding centres – farm diversification comes in many different guises.
Diversification plays a crucial role in the modern agriculture and rural business sector and has become an increasingly likely consideration to future-proof business from the market and economic changes.
New enterprises often complement the existing business model, drawing upon the existing skills, experience, buildings, machinery, and land capabilities.
In fact, more than almost a fifth of farmers plan to diversify to make their farms sustainable post-Brexit, according to the NFU Mutual Diversification Report 2018. Read on to find out reasons to diversify and the tax implications it may have.
Diversifying your farm can be a quick win for your pocket but what about for the environment? If your new business pursuits create a harmful environmental impact, then not only are you jeopardising your local ecosystem, but you are risking future profits.
While you may be gaining quick wins. For example, hiring out your farm as a wedding venue, the next day when erosion and litter have caused a negative environmental impact, your crops may yield less produce at the next harvest or your local river may be polluted affecting tourism.
Consequently, it is important to keep a check on your environmental impacts while diversifying and expanding your business. Read on to discover our tops tips to stay ahead of the game.
Davies & Co can help.
They have a national reputation for assisting with diversification and have extensive experience in overcoming planning permission restrictions. These include building on agricultural land,
(including Green Belt ) and specialising in rural planning & development, rural property investment, business rates & appeals.
Change of use from farm to Leisure is challenging but Davies & Co can help with planning permission, ways to avoid the pitfalls, provide advice on planning policies, grant aid, and offer guidance on compliance regulations.
Anne Elliott, CEO of Latimer Hinks Solicitors, discusses Agricultural Property Relief (APR) and Business Property Relief (BPR) in regards to estate planning. …
As a solicitor who works with a significant number of agricultural families and business owners in the North East, I regularly discuss and advise on the use of APR and BPR when estate planning. At present, they are very generous to the taxpayer. However for a number of years there has been a threat of reviewing and limiting reliefs.
The summer is an excellent time to review whether or not you are making the best use of APR and BPR, as significant financial legislation is often reviewed in the Autumn Budget.
Taking on new staff is likely to be one of the most challenging and potentially costly things you will have to do on your farm. The last thing you want is to hire the wrong person. With that in mind here are the key things to think about when hiring staff along with some interview tips to ensure you learn the most you from your candidate during the interview process.
Have you decided that farm diversification is the next step for your business, or maybe you are weighing up your options? Here you will find some great information to help you and your diversification journey.
Technology is part of our everyday lives, but new changes to the tax system mean that the agriculture sector must change how they submit their VAT returns.
Making Tax Digital (MTD) is the latest move from the UK government to modernise the tax system for businesses and individuals, and is the first step towards a more digital Britain. Despite MTD for VAT officially coming into play on 1 April 2019, many are still unaware of what this change in tax means for them and their business.
The new legislation from HMRC means businesses over the £85k VAT threshold are now required to submit their tax returns online via MTD-compatible software. Designed to transform the UK tax system, MTD will introduce digital record-keeping and, according to HMRC, make the tax system more effective, efficient and easier for taxpayers.
The benefits for businesses are huge, but change can be tough. Here are four things for those in the agriculture sector to remember about the new digital tax legislation:
Ensure you carefully consider the long-term tax consequences of farm diversification projects before embarking on a new project
There are many ways in which farmers can look to diversify and for those that choose the right options, the benefits can be substantial.
A study by DEFRA Farm Business in 2017 revealed more than 60 per cent of UK farms had made the decision to diversify, highlighting how many businesses operating in the agricultural sector are looking for new ways to boost income streams. When undertaking any new business venture, it is always important to look at the possible implications and to do thorough research before making a decision.