- Location
- Limousin/Charentes toad land
Are you planning to jump ship?
- Thread starter beardface
- Start date
- Location
- Limousin/Charentes toad land
Helpful, and with care, can try and stop the tax man having too much of it.
I did say to my one daughter that Plan F was to go full on "Ski", and save the tax man getting involved by spending the lot!
- Location
- leics/warks border
To me that sounds extreme.
To leave behind friends and family.
I'd rather find something else to do than go to another part of the world and loose a life times worth of friends and acquaintances and all the invitations to 18ths, 21st, weddings, christenings, anniversaries, and any other excuse for a party. loose the opportunity to call in on family whenever it suits you, but may be not them
.All that foreign travel might sound good, but I'd rather keep friends here than have to find new ones, who might be rather short term.
But that's just me, Mr boring ?
- Location
- Lincolnshire
I dont have any friends. Well, thats not true. I have three. Two live overseas.To me that sounds extreme.
To leave behind friends and family.
I'd rather find something else to do than go to another part of the world and loose a life times worth of friends and acquaintances and all the invitations to 18ths, 21st, weddings, christenings, anniversaries, and any other excuse for a party. loose the opportunity to call in on family whenever it suits you, but may be not them
All that foreign travel might sound good, but I'd rather keep friends here than have to find new ones, who might be rather short term.
But that's just me, Mr boring ?
-edit- Mrs Teslacoils has reminded me I actually have four friends, and also her.
Which begs the question, is it the muck fork or bucket that is buggered?
Great opportunity, I envy and admire your ideas and hopefully, plans.
- Location
- Near Beeston Castle
As a farming family partnership we decided to do just this about 8 years ago, my place was the first to sell and that was 5 years to the day just about. So it took 3 years just to get to the first sale.
We had 6 farms and a couple of houses, not big farms by any means but we made the most of class Q planning and got development on anything we could. A lot don't agree with this but it makes a very big difference to what return you get. You can still sell as a single unit/farm but the price is going to be higher as a result of the planning. For example a farm building with planning may easily be £100k but only £10k without, sold as part of the farm and nobody forces the buyer to actually do the conversion.
The farm houses were in our individual names so no tax as they were principal private residences. You need to plan in advance to make sure this is the case if you want to make benefit of it and it needs to be done legally and above board.
We also took advantage of Entrepreneur Relief which means you pay 10% tax instead of 20%, very valuable but it does mean you have to sell everything within a 3 year period. Can be challenging when there are 6 to sell and each hold several generations of accumulated crap. You can't claim it on cottages though which needs thinking about.
We are now 5 years down the line and it isn't finished yet, we still own some bits of land and the last property has not gone through yet. Anything after the 3 year deadline and you are back up to 20% tax but that 20% has been much worse in previous years and may well be again one day.
In hindsight I would say we should have planned it sooner and fully committed to getting it done sooner. With it being a big partnership there were reluctant partners that held things up more than was of any benefit. We did manage to sell at the height of the latest building boom so we were lucky there, it was also pre covid too which would have made a mess of things. Some things you can predict like a housing price crash but some you can't such as covid.
A noticeable thing is that of the 7 partners we all came away with pretty much the same amount each, I am the only one that put any money back into farming by buying one of the farmhouses and some of the land. Reason being I enjoyed doing what I was doing and it is even nicer with a chunk of money in my pocket. It worked out well for me as I reckon the money I paid and the money since invested means my assets have probably doubled in value, that part was for the most part more luck than judgement but I will take it anyway. The others mostly retired as that is what age we all were at tbh, but the difference is that some were happy about it all and some were not yet we all ended up with the same. Appreciating what you have and making the most of it is the key in my opinion and that goes for most things in life, be positive and forward thinking not looking back on some imaginary glory days that are long gone.
I still farm and still enjoy what I do but I am more and more convinced that trying to be primary producers of foodstuff in this country is a complete mugs game. Very best of luck to anyone that can prove me wrong, it is purely my opinion and I am happy for anyone that proves me wrong as they have the best of both worlds.
Of course I am speaking as an owner occupier which is a much different scenario than a tenant and the tax thing as pointed out to me recently is much different if you have a lot of livestock to dispose of. But it can be done if that is what you choose.
Top tips, get a good accountant, solicitor and land agent. Do your own homework so you can challenge what they tell you as you will definitely need to. Be aware that an awful lot of so called professional people are not always very professional. I can't emphasise the do your own homework bit enough and don't forget a lot on here already know the answers to that homework so don't be too afraid to ask. This place can be a goldmine of info even if it is just telling you what questions you need to ask, it is all very well being told to get a good accountant etc but you need to know what it is you are asking of them.
Sorry, went off on one again.
DeeGee
Member
- Location
- North East Wales
Oooh! Get you!!i was wondering how many loadalls you have… I actually have 4 telliscopics
One more than me, yer snidey little bitch from Hell!
Anyway, yer flashy cow! Bet all yours ain’t as good as mine are!
So there!
- Location
- Owaka, New Zealand
Yep! Pretty speedy sale and settlement too.seriously ?? i thought you were joking when you mentioned that in a post back along
5 weeks ago we were still discussing whether to sell or carry on with it, seems I am not a bad real estate agent .
TelesnaAg
Member
- Location
- Portland, Victoria - Australia
How do young ones get into farming without mummy and daddy help these days?
Ant...
lloyd
Member
- Location
- Herefordshire
Wishing you the very best Pete enjoy your next chapter.
- Location
- Owaka, New Zealand
Have to say though there's nothing that helps get people enrolled like pointing out all the bad bits, what you'd spend money on, or what you'd look at doing.
Hence I had to say I agree with @neilo about the lack of window-dressing and glossing-over
- Location
- Owaka, New Zealand
Thanks mate! It's great up here, love the place.
Plenty of scope, the old farm was ½ a mile across and this is 5 miles across. 9 to 15 month rotation.
No expectation or obligation, and I get to get to Groundswell this year
farmerm
Member
- Location
- Shropshire
as staff
bit surprised , but good luck to you with the next 'phase' in life's great adventure
- Location
- north Wales
I don't really want to up farming , but the thought of jumping ship from Wales and away from Welsh labour crosses my mind more often....
Is it you in the farmer article this week ?
- Location
- Limousin/Charentes toad land
To me that sounds extreme.
To leave behind friends and family.
I'd rather find something else to do than go to another part of the world and loose a life times worth of friends and acquaintances and all the invitations to 18ths, 21st, weddings, christenings, anniversaries, and any other excuse for a party. loose the opportunity to call in on family whenever it suits you, but may be not them
All that foreign travel might sound good, but I'd rather keep friends here than have to find new ones, who might be rather short term.
But that's just me, Mr boring ?
how does the saying go?
a friend in need, is a…….
pain In the asse
DeeGee
Member
- Location
- North East Wales
Aah! The Taffia!
The very epitome of Orwellian dystopia. ‘Cardiff good. Westminster bad!’
‘Imagine the boot heel of oppression forever stamping down on a face!’
This is the monster that has been created in Wales. Forever holding the reins of power Big Brother is always watching you, this is the future for Wales.
The Taffia will always be elected because everyone in Wales hates the Tories: and rightly so due to their oppression of our nation over the centuries.
But will nobody think of electing a third party that could be elected if based on integrity, insight, knowledge and professional expertise in fields such as science, economics, social welfare, medical advancement and a raft of other skills far in advanced of the age old and hackneyed entrenched politics of division, vitriol and tired old sound bites that will forever consign both Wales and the UK to financial ruin and social division ad infinitum?