Husband and I are coming to the conclusion that we need to get some expert advice regarding future financial plans and developments for the farm. We need to know more about tax implications if we sell any land to put towards a BTL property, retirement planning, options for the farms future (we have no-one in the family who is going to want to farm), diversifications- basically a bigger picture of the choices ahead. How best to get this sort of advice and who from? Our accountant isn't that knowledgeable about farming and we're pretty small-fry for her compared to most of her clients. Neither my husband or I are very savvy about business decisions and we're going round in circles talking about it. I feel that we can't see the woods for the trees at the moment and need someone who can look at it more objectively. Any recommendations? We're in the SW of England. Thanks-you
Agricultural/Financial advice - where to get it?
- Thread starter Becs
- Start date
- Location
- Ceredigion, wales
We are going through a similar phase here. Trouble is we have children who are farming with us so it's difficult to save for retirement without robbing the next generation. There's also the need to fair to our other children who aren't farming.
There are financial advisers, accountants and solicitors out there who are very much on the ball re agri matters and IMHO their advice is worth every penny. I know who I would recommend around here, I'm sure someone on here can point you in the right direction for similar in your area.
There are financial advisers, accountants and solicitors out there who are very much on the ball re agri matters and IMHO their advice is worth every penny. I know who I would recommend around here, I'm sure someone on here can point you in the right direction for similar in your area.
Goweresque
Member
- Location
- North Wilts
I can recommend Woodward Hale in Cirencester. My family have been with them since they started over 20 years ago (my parents were clients of Mr Woodward who worked for another firm of accountants, and when he set up his own partnership they moved their account). They have good experience of farming, and they have good expertise in IHT and CGT planning - we have saved a fortune in both taxes due to their advice over the years, but they are not some big swanky firm that look down their noses at you either, very approachable and happy to explain complex stuff to you in layman's terms.
http://www.woodwardhale.co.uk/index.php
http://www.woodwardhale.co.uk/index.php
- Location
- South Molton
Just because you are "small fry" do you not pay the same if not more per hour advice?
The SW is a big area. I'm in Norrth Devon and use a local firm called Davisons. They have some very savy accountants that work for them with a good overall set of directors. Give them a try maybe?
The SW is a big area. I'm in Norrth Devon and use a local firm called Davisons. They have some very savy accountants that work for them with a good overall set of directors. Give them a try maybe?
We joined them a few years ago and much better than previous accountants. However that in itself is not a great endorsement. They seem switched on but unless you take advice from, and pay, a couple it's hard to compare. I think a good starting point is to get on with the professional you've appointed so you're comfortable discussing private matters with them
Lazy Sod
Member
- Location
- Warminster Wiltshire
+1 for Old Mill.
- Location
- Wiltshire
Moved to old mill about 10 years ago. Best business decision I have ever made. They have a number of people who specialise in different fields which would be very useful for you. I have used them for all sorts of advice over the years
Pm me if you want some names and numbers.
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Pm me if you want some names and numbers.
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Steevo
Member
- Location
- Gloucestershire
Hazlewoods would certainly be a very good bet!
Over the hill
New Member
- Location
- Far away.
Boys ground has taken the words from my mouth. Old Mill are my 3rd lot of accountants and instead of having "an accountant" I now feel I have a team with specialities across the field covering all the concerns you have.
- Location
- Llangernyw
- Location
- Llangernyw
Might be worth asking some of the banks who have Business Managers. Round here Barclays have managers who are also experienced in Agriculture and the advice is free. With any business you need to look at many things, stock value, bad debt, profitability, expansion, competition, market forces etc. Usually a 3/5 year business plan is done if you are established , you look at all your assets, costs, liabilities, profit/loss etcetc. You then re forecast every quarter so you are on track or change the business plan accordingly. It's actually not as complicated as you think. Its like a shopping list. You write down what you have currently, what you would like to have and how you are going to achieve this. Your accountant should know tax implications.
Goweresque
Member
- Location
- North Wilts
I'm afraid I wouldn't trust the advice of a bank further than I could throw an elephant. There's only one thing they'll be advising - the best way for them to make money out of you. They'd probably suggest the OP take out a huge mortgage and go into dairying......................
Steevo
Member
- Location
- Gloucestershire
Steevo
Member
- Location
- Gloucestershire
Of course after they'd told you where your farm is located, what it looks like, told you everything about it you already know (mostly because you told them!) and put in a few photos too....!
- Location
- Llangernyw
I used to work in plc companies, responsible for 500 plus staff, budget control, profit/loss etc etc. Turning business's that were in deficit to a healthy profit. You take all the advice you can that is free from whichever source you can. What you choose to do with that advice is your choice, but never turn down free advice