With the show season upon us it has been a wonderful opportunity to meet many individuals involved in rural businesses and to have an opportunity to celebrate the hard work of the rural community. It is encouraging to see diversification and modern techniques being adopted. We must not underestimate the importance of the farming businesses that help to create the beautiful landscape for us all to see and that attracts so many visitors to the South West which is a vital part of our economy. With significant changes afoot such as carbon reduction, phasing out of basic payment scheme and new regulations being introduced it will be a challenge for many businesses to navigate a path through.
Creating a partnership agreement and will are two tasks that should not be put off for a "rainy day". Creating a partnership agreement brings about various advantages in terms of succession planning and tax mitigation and it can help avoid costly disputes in the future. It can also create an opportunity to challenge the existing business to ensure that it is put on a solid foundation and in the best possible shape to be able to withstand any challenges facing the farming industry. Therefore, ensuring that the business can continue to create the diversified landscape that is often taken for granted. Creating a will goes hand in hand with the creation of a partnership agreement. At Ashfords LLP we are committed to supporting the rural community and would be delighted to assist businesses across the South West.