18 June 2018
We were proud to sponsor the CLA’s barbecue lunch event at Cereals on Wednesday 13 June, where the weather proved to be perfect for taking in all that the new format Cereals had to offer; the focus on innovation and technology shows what exciting opportunities lay ahead. The whole UHY team had a really enjoyable day, learning lots, meeting lots of friendly faces, both new acquaintances and old, and having many interesting discussions with fellow rural specialists and farmers.
The Cereals Controversial tent, a new feature of this years’ Cereals, was home to some very stimulating debate, providing much food for thought. Everyone is focussed, quite rightly, on the future – both in terms of speculating on what it may hold, and considering the ways that farms and agricultural businesses can equip themselves to face it in the best possible position.
Whilst many in the rural sector are facing uncertainty over the future (as discussed in our 2018/19 Rural and Agriculture Sector Outlook here), resilience was a clear theme, with discussions held over ways in which farms can diversify, how to benchmark their business and increase their productivity, and talks on investing in technology and training to secure a strong future.
In all, the discussions were very positive and encouraging; now is the time for action – there are opportunities out there, and it is time to look to the future, think about the kind of business you want, and do everything you can to make that happen.
Key issues for clients and contacts
With less than a year to go until the implementation of Making Tax Digital (MTD), we found that a number of people have still not decided on their preferred system or recognised the benefits that this could bring to their business. We would encourage everyone to start thinking about this, and to speak to an adviser as time will soon disappear. You will also find our article ‘Are you prepared for Making Tax Digital?’ on page 12 of our Rural Outlook useful, as this references the key dates and actions you should be taking.
Another topic of discussion with current and potential clients was over the value of moving to specialist agricultural advisers and how this can benefit their business. We believe that having a specialist adviser who is entrenched in the sector and can offer proactive advice based on an understanding of your business and family needs, and future plans, can really add value. At UHY, we can offer specialist tax advice to help to unravel, explain and plan for the often complicated scenarios that can arise in respect of Capital Gains Tax and Inheritance Tax.
If you’d like to speak about any of the topics in this article, or the Cereals event, please feel free to contact me or a local member of the UHY rural team.
