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Farm Business
Tenant Farming, Subsidies, BPS & Legal Issues
AHA Succession
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<blockquote data-quote="nickf" data-source="post: 530018" data-attributes="member: 1918"><p>Professional advice is essential. I went through it all about 8 years ago and avoided land agents and went straight to Burgess Salmon to make sure everything was done correctly.</p><p></p><p>You can have off farm income or a higher income from a partner but what you need to prove is that you live off your farm income, the other income can be saved or invested. I had to produce 5 years worth of bank statements and credit card statements to show that we were living off my income from the farm. </p><p></p><p>Also I run my business as a limited company and we always showed my salary as coming from the agricultural side of the business. The off farm income of the business was always put at the end of the p&l account. The landlord's agent commented that if we had showed my drawings coming out at the bottom of the p&l then succession would have been more difficult.</p></blockquote><p></p>
[QUOTE="nickf, post: 530018, member: 1918"] Professional advice is essential. I went through it all about 8 years ago and avoided land agents and went straight to Burgess Salmon to make sure everything was done correctly. You can have off farm income or a higher income from a partner but what you need to prove is that you live off your farm income, the other income can be saved or invested. I had to produce 5 years worth of bank statements and credit card statements to show that we were living off my income from the farm. Also I run my business as a limited company and we always showed my salary as coming from the agricultural side of the business. The off farm income of the business was always put at the end of the p&l account. The landlord's agent commented that if we had showed my drawings coming out at the bottom of the p&l then succession would have been more difficult. [/QUOTE]
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AHA Succession
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