‘Partnership approach delivers best results’

EXPERT VIEW

Working together is a sensible strategy in challenging times, says Brian Richardson

Farming has faced more than its fair share of challenges in recent times.

Changes to inheritance tax and to support arrangements are just two major issues to mention. But individual farms will have seen many others as they look to future-proof their businesses.

Given the challenges and the increasing complexity around how farming businesses plan effectively for the future, it is essential farmers plug into their professional support to help them understand their options.

Good investment

Time spent with trusted land agents, accountants, solicitors and bank managers is a good investment as it helps farmers better understand the challenges and the best solutions.

Recent inheritance tax changes will affect a significant number of farm businesses, with little time to plan for families getting to grips with the changes.

In many cases, I have seen farmers use their professional advisors to seek the views of the wider family and then use this feedback to refine plans, based on a clearer understanding and consideration of the family members’ ambitions going forward.

The quality of professional support in the agricultural sector and the close, long standing relationships advisors have with their farming clients is well known.

With all the changes happening in the sector, farmers need to make time to plan for the future and involve professionals and advisors at an early stage to help with the process.

Sometimes to generate new ideas and inspiration, it also helps invite a new face such as a specialist consultant to the table, to have a fresh look at what’s happening.

We often find ourselves working together with other professionals to make sure the best outcome is achieved for the client.

This sharing of knowledge is important, as is the continuity it can bring, given the long term nature of the industry. Teamwork ensures the business’s strategy is undertaken efficiently and cost-effectively

Brian Richardson, is UK head of agriculture at Virgin Money.