Farm diversification – the opportunities and pitfalls - were explored in a rural seminar held at Worcester Rugby Club on the 5 June 2008, hosted by Fisher German’s Worcester office in conjunction with Harrison Clark solicitors and Hazlewoods accountants.
Fisher German’s Yan Gittins set the scene drawing on the experiences of a fictional farming family, the Landlubbers, and the impact of the 2007 flooding on their Worcestershire business.
Analysing the strengths of the family’s business skills and the natural and building resources of the farm were the keystone of his presentation.
Cindy Bexfield of Worcester solicitors Harrison Clark and Peter Griffiths of Hazlewoods, the Gloucester based accountants, examined the options for structuring the family business, and the tax implications now and for future generations.
Anthony Mayell, a Partner in Fisher German’s Worcester office, followed through the complexities of the planning process and renewable energy systems on a farm scale which are now a fundamental part of successful planning applications. In outlining how to break down the valuation of the property at the various planning and development stages, Anthony emphasised the importance of reviewing strategy as the scheme progressed, as well as considering the funding routes available.
Whether it be a farm shop or mixed retail premises, hotel and holiday cottages or golf course, shooting and fishing school, or marina in canal or riverside location, the message coming through loud and clear was to involve professionals as part of a team approach, before taking any decisions. As Peter Griffiths emphasised, his worst fear is a client ringing up to say they have just completed a project and need advice as to what the tax implications might be. He urged clients to ring him before taking any action so that decisions can be planned and properly managed.
For further information, please contact Anthony Mayell at the Worcester office on 01905 459426.
