Lincolnshire’s farming community was told to ‘make hay while the sun shines’ at two recent farming updates staged by Brown & Co and Duncan & Toplis.

Audiences in Greetham and Woodhall Spa heard from a host of speakers who gave advice on what farmers could do in preparation for Britain exiting the European Union under the banner ‘Planning Ahead’.

Keynote speaker Sir Peter Kendall, former NFU Chairman and current Chair of the Agriculture and Horticulture Development Board, said that while 2016’s upheaval in politics has been unprecedented, not much has actually changed and won’t start being discussed properly until 2020. While he highlighted international trade, agricultural policy, migrant labour and regulations as causes for concern, he suggested farming remained integral in politicians’ minds.

Sir Peter said: “Agriculture is always the last thing to be decided upon as it is so important. In the meantime, there is what we could term as a honeymoon period and there are plenty of opportunities to be had before some guaranteed payments from the EU end in 2020. There’s time to take advantage and grow while the market remains open and free.

“However, it is still important to look ahead, into automation and robotics and other ways to improve business. The rise in population and a growing middle class are great opportunities for the sector – the middle class in particular have more disposable income and have specialist and more demanding tastes.”

Benjamin Bodart, co-founder of CRM AgriCommodities, gave the audience his analysis of the wheat market in the UK compared to the rest of the world. The weak currency has meant a hike in prices since summer 2016. Benjamin suggested there needs to be a major event such as drought or environmental shifts, for prices to remain high.

Delegate and farmer Jon Caswell from Heckington said: “Today’s been really refreshing as the speakers seemed positive even though the opinions in the room were mixed. I liked what Peter had to say and I agree that we need to perhaps have a change of mindset when it comes to our own businesses.”

David Robinson, another delegate, said: “The outlook seems good for food production, but what we as producers need, it seems, is to work on that but also have the confidence we are going to be prioritised.”

Matt Herd, a tax specialist from Duncan & Toplis, spoke on inheritance tax planning, highlighting new rules that come into effect concerning farmhouses and the nil rate band that applies to inheritance tax. From April 2017, the main residence of a farm is considered on top of this band, which could have implications for those thinking about succession.

Matt added: “Now is the time for those considering putting succession plans in place to make that change. With so many aspects to consider, we would urge clients existing and new to come and talk to us about making plans and what options are available.”

To find out more about what Duncan & Toplis could do for your agricultural or farming business, visit the website at http://www.duntop.co.uk/agriculture.

Ends

Notes to editors:

• Duncan & Toplis was established in 1925 and has since grown into one of the largest independent firms of chartered accountants in the Midlands.
• The company appears in the top 40 UK accountancy practices list published by Accountancy Age.
• Duncan & Toplis was named ICAEW East Midlands Medium Accountancy Firm of the Year in March 2014, 2015 and 2016.
• The company has 11 offices throughout the East Midlands: in Boston, Grantham, Lincoln, Loughborough, Louth, Melton Mowbray, Newark, Skegness, Sleaford, Spalding and Stamford.
• Duncan & Toplis offers a wide range of services to small and large-sized family businesses, from accountancy, audit and tax to payroll, human resources and computer services.
• The business employs around 370 staff, of whom 85 are currently engaged in professional training.
• Duncan & Toplis is a member of Kreston International, the global network of independent accounting firms. Kreston UK, a brand representing firms based in the UK, Ireland, Channel Islands and Isle of Man, provides national coverage, a resource of over 1,950 professional and support staff and generates annual fee revenues of £122m. As a combined organisation, it would rank as the 11th largest UK firm.

For media information please contact:

Mike Shields
Shooting Star                          
01522 528540
mike@weareshootingstar.co.uk
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