Farm diversification throws up many legal and financial issues for farmers and landowners. Although we are not experts in these issues we work alongside a number of financial and legal advisors who can assist our clients with their farm diversification plans. Here is an example of just four possible issues farmers might face when considering farm diversification.
Farmers Guide caught up with Sean McCann, chartered financial planner at NFU Mutual, to hear expert financial advice for farmers looking to diversify. Chartered financial planner at NFU Mutual, Sean McCann, said: “Not only can diversification open up new sources of revenue, it can also offer business opportunities to younger members of the family. However, before making any changes, it’s important to consider the tax implications to ensure your family don’t end up with a large and unexpected tax bill in the future.”
Article taken from Farmers Guide