finance Rural Finance welcomes positive expansion A noticeable increase in requests for complete re-banking, funding farm & land purchases together with infrastructure investment programmes resulted in the further expansion of Glover Finance team by securing the assistance of former, experienced agricultural bank manager, Anne Anderson. This provides huge benefits to their clients, as during a face-toface meeting, a full understanding of the business operation can be established, exact client needs can be ascertained, with full lender requirements and criteria discussed. Anne can then liaise with various lenders to secure funding, discuss rates and fees, providing full feed-back to their clients. “As a farmer myself, I appreciate how constraints on our time is becoming ever more evident. This service allows an informed consideration to be made on the back of one meeting.” Said Andrew Glover. Jamie Rankin and William Mcguire are also hugely experienced members of the team, specialising in Hire Purchase,
Lease Hire, Operating Lease and Contract Hire transactions. Each of these provides different benefits to any business and their wealth of knowledge ensures that the correct structure is chosen to maximise the benefit to the particular business needs. These options can assist with the purchase of vehicles, machinery and equipment, including renewable energy projects. Loans are also available to spread the cost of livestock, feed and fertilizer. Providing invaluable telephone and administrative support to us all are Lesley-Anne Martin and Claire Pioli, both of whom have been involved in the sector throughout their careers. In association with United Auctions, further expansion has been secured through the opening of new office premises at Stirling Agricultural Centre at the beginning of May 2016. All of the afore-mentioned services will be available & the team looks forward to introducing themselves in the foyer on sale days.
Scottish Young Farmers travel 24 hours to learn how to farm without subsidies Nineteen Young Farmers have been given the opportunity to travel to New Zealand to learn more about the countries farming operations, how they farm without subsidies and continue to record the youngest age of farmer. The trip which will focus on the theme of succession has been organised by the Scottish Association of Young Farmers’ Clubs (SAYFC) Agri and Rural Affairs Committee, and received more than sixty applications. An independent judging panel selected individuals who would benefit from the trip personally and help impact Scottish agriculture as they share and put into practice the knowledge they gain.
Agri & Rural Chairman Sarah Allison commented “Our industry is full of bright, driven and dynamic young people, they are our biggest asset and as such should be utilised. Our study tour will look at how their farming businesses are modelled to allow young people to get a start in the industry. New Zealand has some of the most dynamic succession policies in the world, and the youngest age of farmer - what can we learn from them, and did their subsidy reform play a part?”. Any business or individual who would like to offer support to the group can contact the associations Communications and Rural Affairs Manager Rebecca Dawes via rebecca@ sayfc.org or 0131 333 2445
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THEMONEYMAN Underwhelming political revelations By Andrew Turnbull There is something in us all that makes us curious about other peoples' earnings and tax bills. Most party leaders have bared their financial chests publicly and despite attempts by the Press to make something out of virtually nothing, there was very little to be gleaned from the exercise. Perhaps it would have been more interesting if they had published their wives' returns, too. Mr Corbyn filed his return late and didn't keep a copy. The cynics may ask what chance is there he could run the country when he can't complete his simple tax form on time? Mr Farage declined to publish his. Commentators latched on to Mr Cameron's gift from his mother of £200,000. The suggestion was that he "avoided" inheritance tax of £80,000. Likely, Mrs
Cameron took advantage of sensible tax planning to reduce the fiscal burden. "Avoidance" should not be confused with "evasion" - the first is legitimate, the second, illegal. Farmers should take advantage of tax planning opportunities by discussing with their accountants how best to use the allowances and reliefs available to them. Indeed, this should be done before the yearend to see if anything can be done, legitimately, in this area. In a poor year it may be advantageous to delay that big repair to the steading until the start of the new financial year when profits are expected to be higher. Or, it may pay to accelerate the purchase of a new tractor just before the end of a good year in order to claim the annual investment allowance to shelter some profits.
Andrew Turnbull CA is an Area Director, based in Perth, with First Independent Finance where he specialises in agricultural and industrial loans and finance. His contact details are: Mobile: 07720 886272, Phone 01738 624671 email aturnbull@fIf.co.uk