Farms and estates produce a unique set of accountancy issues and the team at LFB, led by Gary Markham, have significant experience in supporting land owners. We work with our clients to develop an understanding of their circumstances and create tax planning structures that take into account family dynamics within modern business structures.
Since 1992, Gary has produced the Rural Business Survey using the annual results from clients’ farming businesses. This report enables our clients to benchmark their performance against similar businesses. We hold annual seminars in the autumn where we discuss the Rural Business Survey results and a wide range of topical subjects.
Working with you to ensure succession, growth and wealth preservation
Alongside the annual accounts meeting we can also chair a Family AGM, which would include the non-farming siblings. This enables families to focus on their goals, values and rules and ultimately can result in a family agreement which gives a balance of capital tax relief and handing over control to the next generation.
Much of what we do involves helping farming families approach, discuss and resolve delicate subjects such as succession, restructuring or mediation in family disputes
Many businesses are adapting to the potential changes to our industry and it is interesting to note that some are downsizing whilst others see expansion as the opportunity. The key message is to be bolder and more strategic in decision making.
If you would like to take a close look at the strategy and future for your business, contact us