Welcome to our Summer 2023 edition of Agriculture and Farming
We’re delighted to launch our Summer 2023 agricultural newsletter. This summer will see us getting back into the swing of shows, seminars, business breakfasts and events, so please keep a look out on our website and social media feed for the latest news on where we’ll be attending.
W hilst this issue focuses on some of the current issues facing the agricultural sector, we always like to look at some of the more unusual cases we have been working on. Graham Doubtfire, Private Client Tax Partner, has a Suffolk farming client who had an unusual situation when they found a hoard of gold coins on their land. On page 4, Graham digs into the legal definition of treasure, what landowners need to do when it is discovered, and whether tax needs to be paid on any rewards that are awarded. Diminishing subsidies and grant payments remains a key issue for the agricultural sector. On page 10, Nick Banks, Business Advisory Partner and Head of Agriculture looks at the current support schemes for farm businesses and examines the transition to new policies which will replace them. We know that the Harvest Year (HY)21 and HY22 results have been strong because of the situation in Ukraine and resultant commodity prices, and this has masked the impact of the reducing subsidy. However, HY23 could see a squeeze on margin with higher input costs and softening commodity prices. The backdrop of this is escalating interest rates and those farm businesses with significant debt could
experience cashflow challenges so need to be on the front foot with their business and financial plans. Tax will always be a major topic for every business, and the fear of not having filed your tax returns correctly can be a significant cause of stress. Whilst we strongly recommend that businesses have their VAT processes reviewed by independent and professional tax advisers on a regular basis, there may still be a day when the dreaded letter arrives from HMRC announcing a tax investigation. On page 16, Chris George, Tax Advisory Partner explains what to do in this situation, and how his team were recently able to help a client go from a demand for many thousands of pounds to a tax rebate. Finally I’m very pleased to announce the opening of our new office in Bury St Edmunds. We have many agricultural clients in the west of our region and it makes perfect sense to set up an office in a location that is easier for them to visit. On page 6, Jack Deal, Business Advisory Partner has been looking at the farming heritage of the Bury St Edmunds area and will be pleased to welcome you to the new office at The Long Barn, Fornham Business Court, Fornham St Martin, Bury St Edmunds IP31 1SL.
We hope you enjoy this edition of Agriculture and Farming. If you want to discuss any of the points raised, please get in touch your usual Scrutton Bland contact.
James Tucker Business Advisory Partner
James Tucker
AGRICULTURE AND FARMING | SCRUTTON BLAND | 3
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