Farming and estates services

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.

Our clients appreciate the fact that we provide a full range of services, which they can pick and choose from, depending on their needs, at any point in time.

When your land is your livelihood

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, and can help you maximise the value of your farm or estate, and the assets you have on it.

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 with years of experience. They help with your business accounts, and advise you on financial planning, personal wealth management and tax.

Land and property

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 help you buy and sell land, planning your finances and tax, and supporting you with pre and post-transaction structuring. We can also advise on diversification, construction and development projects, and renting land as either landlord or tenant.

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 and other capital and income tax reliefs.

Incorporation and business structures

Given the high rates of income tax and relatively low rates of corporation tax, incorporating your farm may seem an obvious step. But it might also be worth considering a syndicate or tenancy. Or maybe a co-operative or contracting. 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.

Succession planning

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:

• partnership agreements
• business structures
• shareholder agreements
• agricultural finance
• joint ownership
• family trusts and family investment companies.

Agricultural property and business property relief

Relief from inheritance tax 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.

Bloodstock and equestrian related businesses

With offices situated close to Newmarket, the home of British Racing, we act for a large number of bloodstock / equestrian businesses including:

• Racehorse Owners (individuals, partnership or syndicates)
• Breeders
• Boarding Studs
• DIY liveries
• Stallion Syndicates
• Bloodstock Agents and Management
• EIS Structures

If you have equestrian interests, we can advise you on everything from structure to estate planning.

HM Revenue and Customs consistently look at bloodstock related businesses, as many are claiming sideways loss reliefs. It is therefore important that your business plan is robust enough to stand up to scrutiny.

We have an experienced team who understand the industry and we have worked with a number of high profile individuals. In addition we have assisted other firms of accountants who lack this specialist knowledge.