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A Good Farmer Does Not Know It All
“I expect my business advisor to contact me at least once a quarter to ask me whether I have thought of doing this or looked at doing that.”
When John Rymer of JSR Farms told me this over 30 years ago I was an impressionable young man and it has stayed with me, not only because it came from a well respected and able businessman who had built up a vast farming business in his own lifetime, but also because it is applicable at all levels, explains Rod Cordingley.
Times have moved on and email communication is more prevalent than letter or phone calls, and the aim of our newsletter is to be thought provoking and stimulate new ideas and action.
As Clarkson’s farm has shown, a successful farmer and landowner needs to be skilled in many different ways; good at figures but understand animal and plant science, good at cultivating the land to suit the soil type as well as being the health and safety representative, and compliance officer. The list is endless.
Every good farm needs a team behind it when matters get complicated.
- An agronomist when the plants are growing
- A vet when the animals are ill
- An accountant when the tax return is to file
- A valuer when ownership is changing or may change.
A valuer who knows their job will be in touch with all the latest market trends, regulations, threats and opportunities and will be able to give an opinion backed up by their local knowledge.
The current favourable tax treatment of both Capital Gains Tax and Inheritance Tax when passing agricultural property to the next generation may not be available in the future when more tax revenue is required to pay back our current spending which is accumulating into a record national debt.
To really provoke your thoughts, do you have a plan, ready to implement at short notice, of how your land and property could be transferred to the next generation if the possibility of tax changes stopped being only a possibility and became a near certainty? The starting point for any plan is taking current stock of your ownership and understanding the current values. A good farmer does not know it all, and if you do not know that, then we can help you.
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