Farmers plan to diversify after Brexit
Research published recently by NFU Mutual reveals that that one in five farmers plan to diversify into other enterprises to support their farm business after Brexit, says a new report published by the The National Farmers Union (NFU). View the full Business Cornwall Magazine article here
The NFU Diversification Report looks at the latest trends, insights and analysis to help UK farmers explore opportunities and challenges after Brexit had some interesting findings. They surveyed farmers who had already diversified but also those who had not done so yet, in order to better understand their plans for the future. The report also includes a number of case studies showing the range of diversification opportunities available as well as highlighting a number of potential tax, planning and financial issues which farmers would need to consider if planning to diversify.
The report showed that of the farmers surveyed, 62% had already diversified and with over 90% of these reporting that their diversification had been financially successful. The most popular diversification scheme for these farmers was in the renewable sector (29%), followed by property letting (15%), holiday lets (12%). Other enterprises included livery stables (6%), outdoor leisure/recreation (5%) and farm shops (3%).
The main reason given for diversification was unsurprisingly to provide extra income for the farm (62%) but other reasons included to provide business opportunities for family members or partners (26%), to future proof the farm for following generations (24%), to utilise redundant buildings/unproductive land (20%), to provide income for short term (9%) and as part of activities to wind down the farming activity (7%). Overwhelmingly, the feeling towards diversification was positive with 89% expressing this support for schemes for the future of their farm.
For the farms which had not diversified yet, 19% said that they would definitely or probably diversify in the future with 66% of these farmers planning to do it in the next three years – the vast majority are considering holiday accommodation, followed by renewables. Encouragingly for the rural economy, 80% of farmers planning to diversify expect their schemes to create between one and two permanent jobs.
There are obviously a number of issues to consider when diversifying a farm and the report shows that 2% of farmers have used a pension fund to purchase land or buildings as part of the scheme. It also highlights the need for farmers to consider the impact on inheritance tax of any diversification enterprises. Copy credit to Business Cornwall Magazine.
Not so safe at work - compensation for an accident at work
New organ donation law: giving you control
Running a business from home
Have nude photos of you or your teenager been posted online?
Landowners’ rights and the Electronic Communications Code
Building in your back garden
Christmas is a time for giving (and inheritance planning)
Buying the freehold of your leasehold house
Redeveloping an empty pub for commercial use
Why it takes time to obtain the Grant of Probate
Social Media: The unconscious privacy threat
Is your reputation being threatened?
Making a will after your spouse or partner has died
Interns celebrate completion of internship at solicitors
Selling your home in a flat market, some top tips
Claiming compensation for a serious road traffic accident
New Media and Communications Court list reflects surge in internet defamation claims by Laura Baglow
Has your personal information been shared without your permission?
Planning your escape to the country, what you need to consider – part 2
Government consultation on new national model for shared ownership
Choosing a partnership structure
Planning for what happens when you die by Deborah Adams
Changes to legislation could offer protection for tenants in the private rental sector
Move to the country - Part One
The risks of DIY probate
Will your septic tank still be legal in January?
The death knell for ‘kiss and tell’?
Making a will when you retire
Selling your property at auction
Not looking so good - your guide to compensation for botched non-surgical cosmetic procedures
New threshold of seriousness in defamation proceedings
Legal considerations when building a granny annex
Choosing the right person for your power of attorney
Formal Interviews - Do you need legal representation?
Privacy rights and aerial images
Trustees’ duty to give information to beneficiaries
Five problems with a leasehold property
Taking your first commercial lease
Is your organisation protected from employee social media legal risk?
Have you been targeted by negative social media posts?
Farmers be alert when being inspected
Help for House Sellers?
Don’t let your digital assets end up in a digital grave
Valuing an estate for probate
Development proposals and your local authority search
What can you do if your child is injured in a serious accident
NetRights welcomes new protection for social media users
SHOULD I GET A LAWYER FOR A SPEEDING OFFENCE?
Supreme Court recognises that social media is a “casual medium” in libel battle
Choosing the best conveyancer who is right for you
Making a will after a second or subsequent marriage
Option or promotion agreement – which is best for landowners?
Anonymous pub and restaurant online reviews leave a bad taste
Have you had an accident involving a horse?
Help to Buy – beware of some cracks in the structure
Understanding Lasting Powers of Attorney
Changes to Energy Performance Certificate for Landlords
Had a cycling accident? Your route to obtaining compensation
New year, new home: tips to sell your home in the New Year
Tax Planning for your inheritance
Hearing loss: when your employer may be liable
Buying a home for your retirement, five things you need to consider
Farmers plan to diversify after Brexit
Ministers press ahead with probate fee shake-up - reports BBC News
Botched dental treatment? You may be entitled to compensation
Why a Health and Welfare Power of Attorney is a good idea
Will the new charge on building developments in Cornwall affect you?
Energy Performance Certificates – Do They Matter?
HMRC Challenging Stamp Duty Land Tax Payments
Ben Mitchell qualifies as a solicitor
The potential implications of Brexit on employment law
Appointing a guardian for your children
Houses in multiple occupation – new rules from October 2018
New Agriculture Bill published
Will Brexit affect my pension?
Dreaming of a holiday home? Sort out the legals before putting your feet up
Lasting Power of Attorney by Deborah Adams
Settled status after Brexit by Alexis Hager
How to choose an executor to administer your estate when you die
How overage agreements can boost profits from your land
Top tips for first-time buyers
How Could Brexit Affect My Farm?
Wills & Succession in Spain by Deborah Adams
Brexit – an international and local view by Alexis Hager, Litigation
Capital gains tax - important facts for non-residents of the UK
Buying a home: the importance of making sure the seller is entitled to sell
Changing a will after someone has died: it is possible and it could save you money
Your responsibilities when you have people working in your home
Sad passing of Battle of Britain pilot who served with Parnall family member
Considerations when buying a heritage property
Disciplinary proceedings at work: guide for employers
Employers should have a disciplinary process in place, but just following this may not be enough to avoid falling foul of the law and exposing yourself to the risk of an employment tribunal claim.