Guidance on building a strong farming business

Building a resilient farm business and successfully navigating the industry’s complex regulatory, economic and political landscape is the subject of a free event in Inverurie next week.

The roadshow, organised by full-service law firm Ledingham Chalmers, together with property consultancy Galbraith and chartered accountants Johnston Carmichael, is the last of four sessions to take place across the country in November and December.

Topics for discussion include succession planning and capital taxes, as well as a national farm, land, estate and forestry update.

Linda Tinson, head of rural, land and business from the law firm, which has offices in Aberdeen, Edinburgh, Stirling and Inverness, spoke at all four events along with representatives from Galbraith and Johnston Carmichael.

She said: ‘With huge challenges facing the agricultural industry and wider rural community in Scotland it is vital to take stock, create, develop and grow business resilience. At these events we will address how to work together with business advisors to maximise outcomes and be ready for change.’

Tom Stewart, a partner with Galbraith in Aberdeen said: ‘The continuing strong demand for farmland and working farms this summer will boost confidence in the agricultural sector at a time of great uncertainty. There are still many questions to be answered with regard to the agricultural payments framework for the future, post-2021.

‘Having said that, we know that many of the issues relating to succession planning, agricultural finance and farm diversification in Scotland will remain the same. Farmers are used to coping with political upheaval. There are many issues to be considered but there are also good opportunities for farmers in Aberdeenshire.’

Jill Walker, tax senior manager from Johnston Carmichael’s Fraserburgh office, said: ‘The landscape for farmers is constantly changing and it is so important to make sure your farm business is resilient to cope with these changes. We hope to touch on some of the key points at this seminar.”’

Event details and registration – Thainstone Mart, Inverurie, 3 December, 7–8.30pm. Book your place online HERE.