Farmers need to stop waiting for a rainy day
1 March 2018
Old Mill’s Rural Accountant and Partner, Mike Butler, was among the high profile presenters when Dairy farmers of Somerset came together last week to listen and take advice from experts in the industry.
Mike was joined by Tom Keen, NFU European Policy Adviser, Michael Masters, Milk Supply Manager at Barber’s Cheese and Michael Head of Shepton Vets at a meeting in Farrington Guerney.
According to Mr Butler, while the future of the industry cannot be predicted, there are many areas that a farming business can review and be in the best possible position should the unexpected occur. Farmers need to look at ways to remain profitable in these uncertain times and farmers should become adaptable, even if that means making difficult decisions. For farmers, getting accounts in order, reviews of business succession, long term adaptability and Inheritance Tax planning are normally the prerequisite of a rainy day but taking stock and planning now can keep the sun shining through the volatility of Brexit.
If you would like to speak to a rural dedicated accountant or financial planner please feel free to contact Mike and the Old Mill team. Initial meeting free of charge.