In our latest blog post, Duncan Winspear, Management Board member of Future Farmers of Yorkshire, reflects on his involvement in the Yorkshire Agricultural Society‘s Navigating the Budget roadshow and highlights our latest opportunities and events.
It’s a busy time of the year for everyone connected with agriculture, but when isn’t it?
At Savills, where I am Associate Director for Food & Farming, we are working with a lot of our clients on a range of matters, not least as businesses look for ways to best manage their affairs following the Autumn Budget announcements around the proposed changes to inheritance tax (IHT).
It was this subject which saw me join a panel brought together by the Yorkshire Agricultural Society to offer practical guidance to hundreds of farmers during the Society’s ‘Navigating the Budget’ events which were recently held in Pontefract, Driffield, Holmfirth and Northallerton.
It was clear that farm businesses from all sectors and parts of Yorkshire are facing the same challenges.
Key advice to take away
The importance of clear communication within farming families was a key takeaway, highlighted by succession facilitator Heather Wildman, who suggested that the impact of the Budget on encouraging farmers to plan for succession with the next generation could benefit their businesses in the long term.
BHP accountants and Wrigleys Solicitors looked in detail at the IHT issues that farms are facing and also made it clear that having the correct business structures in place for the family, whether that is a partnership, limited company or using a trust would ensure that the tax liability is managed as effectively as possible.
In the Savills section of the talks, we discussed that many farms are experiencing shorter term issues due to the cap to the Basic Payment and stop to new Sustainable Farming Incentive applications, and that the focus needs to be on those enterprises that generate positive cash flow over the next few years.
The overall feeling at the events was not to rush into making significant changes to businesses, without it being fully thought through and the correct advice taken from professionals.
Although the industry is facing a lot of challenges, it was great to see from the questions from the audience, that farmers are committed to their businesses, and keen to push their farms forward for the next generation.
Future Farmers – what’s coming up
I am a member of the Management Board of Future Farmers of Yorkshire – a forward-thinking network for farmers, vets and other industry professionals supported by the Yorkshire Agricultural Society – where our goal is to support professional development and help our members to see opportunities that do exist in agriculture, and so it was refreshing to feel the energy in the room during these events.
Future Farmers is free to join – please click here – and we are now inviting our members to apply for bursary places to attend the Groundswell festival on 2-3 July in Hertfordshire.
We’ve had great feedback from those who have attended this increasingly popular event which takes a real deep dive into regenerative agriculture.
To apply for a Future Farmers bursary place, please email futurefarmers@yas.co.uk no later than Friday 30th May.
Have you got your ticket to the Great Yorkshire Show yet? Our flagship event of the year returns at the Show on the morning of Wednesday 9th July and this year our GYS Breakfast Meeting will explore staying profitable amid this period of change.
If you would like to join us, you will need to be a YAS member or have a valid GYS ticket to gain admission to the Showground.
We hope to see lots of our members there for a catch up over a free breakfast bap as we set our horizons positively for the future.
