Price Bailey has offices spread across East Anglia, an area known for the quality of its farmland and the people who farm it. Farmland has always been a valuable asset and one which needs safeguarding. Whether you are focusing on retaining wealth or the continuation of the farm business, we are well-positioned to assist you.
Running a farm or estate is hard work. We know that. We also know you need to work with people who understand what that means.
The interaction of variables including, the cost of fertiliser and animal feed, the weather, subsidies, supermarket buying power, and the price received for the final output, lead to large variations in agricultural income from year to year.
The backlog of pressures facing livestock farmers as a result of the carbon dioxide crisis means many are still being impacted throughout their supply chains. Coupled with the soaring cost of fertiliser, an increase in energy prices, and farm subsidies being phased out or replaced, the agricultural industry is perhaps the most volatile it has ever been. This is in addition to the changes announced to Agricultural Property Relief (APR), which will undoubtedly see many farmers look to succession plan earlier, however it is important to be aware of the consequences of this, including “stealth tax“.
Whether you need support in maximising the value of your farm and the assets you have on it, or guidance on regional and national grants that may be available to you, our experts will work with you to ensure you succeed.
To ensure you receive the best advice, we get to know you, your business, your land, and your ambitions – and then assess all your options.
You’ll be allocated one partner and one manager, both from a farming background with years of hands-on experience. We can help with:
Maximising the use and viability of your land and property is a big job. And it’s an important one to get right for your business to be as profitable as possible. We can support you with:
In addition, we can support you in joint ventures, option agreements, land promotion agreements and slice-of-the-action agreements. We can also help explore your VAT options, and advise on Agricultural Property Relief (APR) and other capital and income tax reliefs.
Given the high rates of income tax and relatively low rates of corporation tax, looking at the overall structure of the business might be an obvious step. But it might also be worth considering other structures or arrangements. Our team can help you consider not just incorporation, but the full mix of alternatives, including sole trader, partnerships, LLPs, limited or unlimited companies, trusts and joint ventures.
One thing’s for sure – you can’t take it with you. Naturally, though, you want to safeguard the future of your farm and your family. This is where a sound succession plan comes in. We can help with:
Relief from Inheritance Tax (IHT) can be valuable, so it’s important you meet the conditions for Agricultural Property Relief (APR) and Business Property Relief (BPR). If you don’t, it could be costly for you and your family. Our APR/BPR health check ensures you’re doing everything possible to maximise your reliefs, minimise your tax and protect your wealth.
Contact us today to find out more about how we can help you
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