Rural Insight, 2020

Rural. 2020

The five key dates for farmers and cash flow over the next 12 months 30 - 31

Financial experts, fuelling ambition

Do you know the questions to ask when it comes to succession?

Estate planning & tax relief

The Farming Financial Planning Guide 2020

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Welcome

Specialist farming accountancy, tax and financial planning services 2

Rural Insight 2020

Welcome

Welcome to the latest edition of Old Mill’s Rural Insight publication.

The farming community, perhaps more than any other industry, knows how volatile the future can be. Preparing for unexpected events such as abnormal weather, trade negotiations, supply chain and environmental issues, is second nature. In recent months, the COVID-19 pandemic has served as a reminder to the wider economy of the importance of farming, food and the rural environment. We must all hope that those positive sentiments are not short-lived.

We’re seeking to extend that positive take on this year’s extraordinary events by exploring the theme of business resilience. With so much change, it can be easy to feel overwhelmed and underprepared, but the good news is that there are many great opportunities for farmers who know how – and where – to look for them.

In our ‘Ways to future proof your farm business’ article, we ask; Are you in the best position to run your business profitably?

Do you have a firm handle on costs? And could your business thrive without support payments?

Many successful businesses appear complicated, but the secret of their success often boils down to good, timely decision making. Our ‘Decision making is the key to successful farming’ article explores the decision-making process and makes practical suggestions on how to utilise professional advisers to help make ‘hard’ decisions ‘easier’.

All of the above will help to provide short and mid-term resilience, but how do we ensure that your farm business is in great shape for future generations too? Pre-COVID we held a successful interactive Succession workshop, which enabled us to gain a real insight into the attitudes and situations facing our farming clients. Of those farmers who attended the workshop, only 55% had a formalised succession plan in place; the remaining 45% had no clear strategy to distribute wealth, assets or responsibilities. In our ‘Estate planning and tax relief’ article, we explore some of the practical issues around Succession, including advice around how to afford to pass your farm onto the next generation, coping with Inheritance Tax (IHT), and ensuring fairness to your farming and nonfarming children.

Alongside this, we consider a number of more topical matters, including a recap on COVID-19 support, our Farming Financial Planning Guide for 2020 and how R&D tax relief may be more achievable than you might initially think.

With the costs of the COVID-19 crisis weighing heavily there is a good deal of speculation at present in the general press on what tax changes the Chancellor may include in his Spring 2021 Budget and we consider the potential impacts on Capital Gains and Inheritance Taxes in particular.

That perhaps leaves the ongoing Brexit negotiations, somewhat out of the spotlight during recent months, as the ‘elephant in the room’ for our industry. Given the fast-evolving position on the topic this is not covered within this publication, but we expect this to become the dominant topic of conversation again within our industry in the coming months.

On behalf of our Rural team, I would like to reiterate that, during these uncertain times we remain here to support you and your business - so if you have any questions or need advice around any of these areas, please don’t hesitate to get in touch with us.

Andrew Vickery Head of Rural

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Contents

Your Old Mill Contributors Andrew Vickery, Head of Rural 01935 709321 andrew.vickery@om.uk Willem Puddy, Adviser 01749 335076 willem.puddy@om.uk Stuart Coombe, Rural Financial Planner 01392 351301 stuart.coombe@om.uk

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Neil Cox, Director 01749 335019 neil.cox@om.uk Dan Heal, Adviser 01935 709449 daniel.heal@om.uk Paul Neate, Director 01225 701224 paul.neate@om.uk Catherine Vickery, Associate Director, Rural Tax Adviser 01749 335035 catherine.vickery@om.uk Richard Haines, Director 01225 701225 richard.haines@om.uk

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Zoe Chandler, Rural Tax Adviser 01225 701246 zoe.chandler@om.uk Julia Banwell, Director, Rural Financial Planner 01749 335048 julia.banwell@om.uk Phil Kirkpatrick, Adviser 01392 351306 philip.kirkpatrick@om.uk Oliver Bond, Adviser 01392 351337 oliver.bond@om.uk

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Rural Insight 2020

Contents 06 COVID-19 grants and

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support for farming and rural businesses

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08 Government

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Working Smarter – Figured (Guest Spot) Estate planning and tax relief

announce Capital Gains Tax review What does this mean for taxpayers?

24 Decision making is

Ways to future proof your farm business

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Do you know the questions to ask when it comes to succession?

30 The five key dates

the key to successful farming The Farming Financial Planning Guide 2020

for farmers and cash flow over the next 12 months

Have you had an overdraft letter from your bank?

Looking through the new 30-day window on residential property sales Have you taken advantage of R&D?

20 Farmers use Xero to create opportunities from Making Tax Digital

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COVID-19 grants and support for farming and rural businesses

COVID-19 grants and support for farming and rural businesses Although the agricultural industry may be more insulated from the issues caused by COVID-19 compared with other sectors, it’s by no means immune.

Below is a list of relevant government COVID-19 business support schemes for rural businesses. If you think your business qualifies for a scheme, please feel free to get in contact with us and we can talk you through the processes, deadlines and options.

Self-Employment Income Support Scheme (SEISS) Direct financial support for selfemployed individuals (and for members of a partnership).

The first grant deadline has passed, the second and final grant can be claimed up until 19 October 2020.

You must have filed a 2019 selfassessment tax return, if you haven’t done so you will be ineligible to access this scheme.

• This isn’t a loan and therefore you don’t have to repay • Only open to those with total selfemployed earnings below £50,000; • and where those earnings account for more than half of their total income

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• For individuals trading in partnership it’s their share of partnership trading profits that must be below the £50,000 limit • This is worth 70% of average monthly trading profits for three months capped at £6,570 total over three months • The second grant is for those who continue to be or are newly adversely affected by COVID-19 from 14 July 2020. You can claim the second grant even if you didn’t claim the first Changes in relation to the extension announced on 24 September 2020.

• First extension, November 2020 to January 2021 • Calculated as 20% of three months trading profits, up to a maximum of £1,875 • Second extension February 2021 to April 2021 HMRC are currently reviewing the level of grant to be provided.

• This grant will count towards EU state aid limit * • This grant will not count towards De minimis aid limit ** • If a business makes an overall profit once the grant income is included, it

will be subject to tax.

Visit the government webpage on the Self-Employment Income Support Scheme for more information. https://www.gov.uk/guidance/ claim-a-grant-through-the-selfemployment-income-support-scheme

Bounce Back Loan Scheme (BBLS) Loans up to £50,000 available. The deadline for the scheme will be open until 30 November 2020.

• For small and medium-sized businesses • Borrow between £2,000 and up to 25% of turnover to a maximum of £50,000 • 100% loan guarantee from the government • No fees or interest to pay for 12 months • Post 12 months, interest rate 2.5% a year • Length of loan, can be up to 10 years instead of the original six years, no repayment due for first 12 months • Businesses must have been adversely impacted by COVID-19

Rural Insight 2020

“Although the agricultural industry may be more insulated from the issues caused by COVID-19 compared with other sectors, it’s by no means immune.”

• Businesses can’t apply if they are already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS) or Corporate Financing Facility The effects that ‘Pay as You Grow’ has on the BBLS announced on 24 September 2020.

• Businesses will have the option to repay their loan over a period of 10 years instead of the six years previously • There is an option to move to interest only payments for a period of six months (this option can be used three times) • An option to pause repayments entirely for up to six months, an option that can only be used after making at least six repayments.

• This loan will count towards EU state aid limits * • This loan will not count towards De minimis aid limit ** Visit the government webpage on the Bounce Back Loan Scheme for more information. https://www.gov.uk/guidance/applyfor-a-coronavirus-bounce-back-loan

• 80% government guarantee to finance the lender • Government pays interest and any fees for up to 12 months • Businesses must have an annual turnover of up to £45 million to qualify; • and have been adversely affected

by COVID-19 • Confirmed not classified as a business in difficulty on 31 December 2019 • Loan is for up to three years for overdrafts and invoice finance facilities • Since the changes on 24 September 2020, the loan can be for up to 10 years instead of the original six years for loans and asset finance facilities • Loan not applicable for banks, insurers, reinsurers, public-sector bodies, state-funded primary and secondary schools • This loan will count towards EU state aid limits * • This loan will not count towards De minimis aid limit ** Visit the government webpage on the Coronavirus Business Interruption Loan Scheme for more information.

Coronavirus Business Interruption Loan Scheme (CBILS)

https://www.gov.uk/guidance/ apply-for-the-coronavirus-businessinterruption-loan-scheme

Helps small and medium sized businesses to access loans and finance up to £5 million. The deadline for the scheme will be open until 30 November 2020.

Coronavirus Large Business Interruption Loan Scheme (CLBILS) Helps medium and large sized businesses to access loans and finance

up to £200 million. The scheme is open for facilities to be taken out until 30 November 2020.

• 80% government guarantee to finance the lender • Business must have been adversely affected by COVID-19 • Business must have an annual turnover of over £45 million to qualify • If businesses borrow over £50 million there must be restrictions on dividend payments, senior pay and share buy-backs during the period of the loan • The loan is available from three months to three years • This loan will count towards EU state aid limits * • This loan will not count towards De minimis aid limit. ** Visit the government webpage on the Coronavirus Large Business Interruption Loan Scheme for more information. https://www.gov.uk/guidance/applyfor-the-coronavirus-large-businessinterruption-loan-scheme *EU state aid limits - €100,000 cap for funding for agricultural/ horticultural businesses (or €800,000 for other businesses such as separate diversification businesses). **De minimis (existing state aid rules) limits – Aid granted must remain under €20,000 over a three fiscal year period for agricultural businesses (€200,000 over a three year fiscal period for most other sectors).

Willem Puddy

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Government announce Capital Gains Tax review - What does this mean for taxpayers?

Government announce Capital Gains Tax review - What does this mean for taxpayers?

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Rural Insight 2020

The government have announced a review of Capital Gains Tax (CGT). Whilst these reviews are supposedly carried out regularly the timing is arguably curious and the sceptical among us may see this as a first step towards a ‘tax grab’ to pay for the support rightly given out to individuals and businesses during the pandemic.

The Chancellor’s request followed a report by the Office for Budget Responsibility that highlighted how the growing deficit in government spending was likely to exceed £350 billion this year as the costs of protecting businesses and households during the pandemic continue to mount.

So, are there reasons to be fearful?

It doesn’t always follow that a review of taxes will always result in tax increases.

Let us not forget that in July last year, the Office for Tax Simplification (OTS), the independent adviser to the government on simplifying the UK tax system published the results of its’ independent review of Inheritance Tax. This contained proposals for a far reaching and significant shakeup of the various Inheritance Tax allowances and reliefs which could have resulted in a significant increase in the amount of tax raised.

Many of those suggestions would have been relatively easy to implement yet were not acted upon at the time, but times have changed now. It’s widely acknowledged that taxes may need to be raised to help balance the books but what form this takes is pure conjecture at the moment.

Capital Gains Tax - Why will there be a government review?

CGT is paid at a much lower rate than Income Tax and therefore seems an easy target. Higher rate taxpayers pay income tax at 40% whereas CGT is paid at a top rate of 20% (28% for gains arising from residential property disposals).

However, the review will look at not just soundbites and any political goodwill from being seen to target wealthier individuals, but whether an increase in CGT would actually result in increased revenues for the Treasury.

What should taxpayers do?

As ever, when there is the threat of changes to legislation that may affect individuals’ wealth there’s a danger of taking steps now on things that may not come to pass. However, a pragmatic approach would be to take advantage of the situation as it now is as part of a wider financial plan.

For example, utilising your annual Individual Savings Account (ISA) allowance is something that we would typically advocate given that ISAs are free of Income and Capital Gains Tax. By utilising your allowance and therefore leaving more in this tax preferred environment could arguably protect against potential future CGT rate increases.

Additionally, it may be that plans to crystallise gains or losses – and losses can be carried forwards indefinitely – could conceivably be brought forwards to mitigate any adverse future changes to current legislation.

Of course, the best decision for you will very much depend on a review of your current personal and financial circumstances and an understanding of your road map for the future and how any plans fit in within this. Please contact us for more information or to arrange an initial consultation or review.

Stuart Coombe

This discrepancy - plus the relatively generous annual exemption of £12,300 in the current tax year - would seem to indicate there would be some mileage in altering the rates.

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Ways to future proof your farm business

Ways to future proof your farm business Having worked with many farming clients over the years, we know that farmers recognise how volatile the future can be, and that some things – such as the weather and trade negotiations – are out of their control.

We also understand that there are currently plenty of other concerns facing the industry, from the shortage of labour and supply chain issues to environmental concerns, pressure from the public, and finance and data (to name just a few!)

Given this range of challenges and the changing nature of the business, now may be a good time to ask yourself, are you in the best position to run your business profitably? Do you have a strong handle on costs? And could your business thrive without subsidies?

With so much change, it’s easy to feel overwhelmed and underprepared, but there are lots of great opportunities for farmers who know how – and where – to look for them. Preparation is the key to ensuring that you and your business are ready for whatever may come along.

The following checklist can help you to improve the financial performance of your business, now and in the future.

1. Produce a business plan A business plan should cover the next one, five and 10 years. This will help you to understand the level of profit your business needs to generate, to ensure that you stay in the black over the next decade – particularly at the point when subsidies are removed.

Your business plan needs to include: • private drawings • loan repayments

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• tax payments

• Value-Added Tax (VAT)

• capital purchases

• Capital Gains Tax (CGT)

• the loss of any subsidies.

• Agricultural Property Relief (APR)

2. Understand your finance and data

• Business Property Relief (BPR)

The important message here is the strong trend we have seen among our own clients – and in the sector generally – for those who analyse their performance to consistently outperform those who don’t. To help you undertake that analysis there are a number things you need to do, including:

• Inheritance Tax (IHT).

• collect data and benchmark yourself against a matched dataset • monitor and track financial data to predict future shortfalls or opportunities • understand your profit on a ‘pence per litre’ or ‘pence per acre’ basis • understand your cost of production • draw in external knowledge from sources such as feed advisers, vets, your bank manager, accountant, and farm consultant.

3. Review your structure and tax liabilities Make sure your farming business is structured in a way that is most likely to help you meet your objectives. To do that, consider reviewing: • your business structure, whether sole trader, partnership or limited company

4. Review and understand variables costs, net profit, direct overheads and resources • if your net profit is low, where is your money going?

• if your variable costs are high, look at vet/medicine costs, feed and replacement rates • if direct overhead costs are high, look at wages, machinery and property charges, such as water and repairs on property, and administration such as office costs • if resource costs are high, look at rent, depreciation and finance charges.

Future proofing your farming business isn’t an impossible task. As financial experts and rural specialists, we can advise and guide you, giving you the time to focus on running a robust, successful and resilient farming business. Get in touch and see how we can help.

Neil Cox

Rural Insight 2020

“Preparation is the key to ensuring that you and your business are ready for whatever may come along.�

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Do you know the questions to ask when it comes to succession?

Do you know the questions to ask when it comes to succession?

Pre-COVID, we were delighted to welcome over 100 farmers to a workshop led by Old Mill rural advisers, dedicated to the topic of family decisions and succession.

The usual professional presentations on this subject, while often very informative, also tend to be one-way communication, and assume a great deal about the audience.

We decided to adopt a live, interactive approach, using innovative smartphone technology to create a two-way, individual and anonymous conversation with the audience.

We were able to remove those assumptions, open up the event to real discussion, offer individual advice, and gain a real insight into the attitudes and situations facing our farming clients.

So, what did we find?

We were surprised to discover that only three in 10 farmers had consulted their whole family when considering plans for their own future and that of the business – and that many had left their successors at home working on the farm, while they attended the workshop.

Of those farmers who were at the workshop, only 55% had a formalised

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succession plan in place; the remaining 45% had no clear strategy to distribute wealth, assets or responsibilities.

It’s no secret that our most successful clients are farmers who embrace the skills and enthusiasm of their family and utilise their views when there are plans and decisions that need to be made for the business.

How to start succession planning Your accountant is often the first port of call when starting to discuss the subject of succession. This may be because: • you are both in regular contact, and your accountant is fully aware of your financial, business and personal circumstances • at a basic level succession is about handing over assets and responsibilities, and noone understands the financial implications as well as those with training and expertise in this area • succession is relevant to every aspect of finance, from IHT to Capital Gains

Tax (CGT), and what may start as a question on IHT or long-term care can easily lead to a wider discussion on succession.

Key points to remember There are a number of things that anyone looking to begin succession planning needs to take into account.

It’s important to understand that, while you can’t force anyone to commit to a succession process, you can create an environment where people are happy to do so. And to achieve that environment, it’s crucial to begin communicating as early as possible, and involve everyone who may be affected by the process from the start.

You need to recognise that the more complex the situation is, the more formal the plans will need to be, and that compromise will have to be part of the process – there’s no such thing as a perfect succession plan.

Here is a sample of the actions and questions we use to get clients thinking about long-term matters such as the succession process. You can use

Rural Insight 2020

“It’s crucial to begin communicating as early as possible, and involve everyone who may be affected by the process from the start.”

this checklist as the starting point for your own succession conversation.

Questions to start the succession conversation • Create a summary of assets and liabilities – on and off-farm including pensions • Do you know who owns what?

Old Mill works with farming groups and individuals to drive, challenge and evolve decisions surrounding succession and financial security. To find out how we can help you to begin the succession planning process, get in touch.

Andrew Vickery

• Is there a business partnership/ shareholder’s agreement in place?

• Do you have copies of the last five years of accounts and tax returns (we are likely to have these!)

• Are there wills and powers of attorney in place?

• Are these up to date, and do they still match your wishes?

• Have any gifts of property or assets been made in the last seven years?

If you can answer these questions positively then you are in a great position to start the process.

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Have you had an overdraft letter from your bank?

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Rural Insight 2020

Have you had an overdraft letter from your bank?

New regulations regarding overdraft costs, which take effect from 6 April 2020, have prompted the banking industry to send out lots of letters to customers, making them aware of efforts to bring overdraft charges in line and improve transparency.

The regulations introduced by the Financial Conduct Authority (FCA) bring in three key changes: • unarranged overdrafts can no longer be more expensive than arranged overdrafts • fixed fees for using an overdraft – including item charges or fixed daily or monthly fees – are now banned • overdrafts are to be subject to one annual interest rate.

Source: FCA online

The aim of these regulations is to reduce what are seen as excessive charges, usually incurred on small, unauthorised overdrafts by people who are just that little bit short of money at the end of the month. For example, under the existing charging structure, an unauthorised, seven-day overdraft of £100 that included one paid item fee would cost a NatWest Select Account holder £56. Under the new rules, that same borrowing would cost 65p.

The vast majority of the 14 million overdraft users in the UK will see the costs of their overdraft facility reduce, with the FCA looking to protect the ‘average person’. However, the seasonal nature of farming means that business overdraft balances are often larger than average, and these are where costs will increase.

The banking sector has responded to the changes by standardising interest rates on overdrafts, to ensure that income from charges is maintained at current levels but is spread across overdraft users in what is seen as a ‘fairer’ way.

the level of risk the bank considers the overdraft to be.

Overdrafts are designed to be used as a short-term solution for a lack of cash, and as such are very flexible and convenient to use. But this does mean that they are often seen as an ‘easy’ method of finance, and have historically been easily arranged, or limits extended, with a simple telephone call to the bank manager. This is sometimes the right thing to do – for example, when that final feed bill comes in before a group of cattle are sold, or even for contingency costs on a capital project.

However, this flexibility works both ways, and overdrafts are repayable on the demand of the bank. While this isn’t normally an issue with secured overdrafts for agricultural businesses, as the banks often see these as low risk, the new regulations put the onus onto banks to ensure that customers are borrowing within their means and that there’s a repayment structure in place.

As a result, overdraft facilities are being withdrawn for some customers, while other overdrafts that aren’t cleared regularly are being converted to structured loans.

While this may sound like bad news, it’s an opportunity to take stock and look at how your business has borrowed from the bank and consider whether this is the best way for you. A ‘core debt’ that is sitting in an overdraft is an expensive and insecure way of borrowing money, with annual arrangement fees far outweighing any marginal rate differences between different types of borrowing.

Finance is something your accountant should always be considering, and it may be time to review the funding requirements of your business – there could be big savings to be made. Contact us to see how we can help you.

Dan Heal

What does this mean for you?

If you have an overdraft facility, it’s likely that you’ll have received a letter from your bank with their new overdraft cost structure. This will be a simple annual interest rate and is likely to be in the range of 10.9% to 39.9% APR, depending on

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Looking through the new 30-day window on residential property sales

Looking through the new 30day window on residential property sales

From 6 April 2020, HMRC introduced radical changes to the disposals of UK residential properties. Individuals (including trustees and personal representatives), now have 30 days to report and make a payment on account of Capital Gains Tax (CGT) to HMRC. A residential property return will be required to be submitted to HMRC within 30 days of completion. This is a big change considering the disposal would have previously been declared solely on the tax return which could have been up to 22 months after the date of completion.

This change only applies to UK residential property, and not other chargeable disposals such as land or commercial property. Examples of types of properties impacted would be farm cottages, rental properties or private residences where you have not occupied the property for the full period of ownership.

Any disposal not giving rise to a CGT liability gain, i.e. the sale of a property covered by Principal Private Residence relief in full, or within the annual exemption, will not need to be reported under this new system.

The disposal of mixed-use assets will need to be split out to determine the different chargeable elements and how each of these will be reported by

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Rural Insight 2020

“A residential property return will be required to be submitted to HMRC within 30 days of completion.”

the appropriate deadline.

By way of a simplified example, the sale of a farm could be split out and affected as follows: • Farmhouse – covered 100% by Principle Private Residence (PPR) relief (assumed owner occupied) so no tax liability arising and therefore reported only on the tax return • Land – the asset is not subject to the new rules so the capital gain will be calculated and reported, with any tax payable, through the tax return • Farm Cottage – this wouldn’t be covered by any PPR relief and would be subject to the new rules meaning this element of the disposal would have to be reported, and any tax paid, within 30 days.

The above example helps to illustrate the potential timing and cash flow issues as one element of the disposal will be declared and paid within 30 days, and the remaining chargeable assets then declared and balanced out at a potentially much later date via the tax return.

There are a number of additional factors that need to be considered when dealing with these new rules, including the interaction of capital losses and the need for valuations.

As the new online service is now up and running, we have been able to experience what this means for taxpayers. It’s clear to see that future updates will be required for HMRC’s platform, as for example, it’s currently not possible to file an amended return.

One area that has been an issue to date is the initial process to obtain a CGT reference number. A return cannot be filed, and an agent cannot be authorised to assist with this matter until the reference is issued. The reference must be obtained by the taxpayer online and there are several steps in the process. Although Old Mill is not able to do this directly as your agent, we have been able to help individuals by guiding them through.

change the amount of capital gains tax due on a transaction and the removal of Lettings Relief can cost an individual up to £11,200 before the loss of nine months Private Residence Relief.

Due to the significant impact of these new rules, it’s important to seek advice to establish the tax position as early as possible, to ensure you are in the best financial position and that any deadlines set by HMRC are met.

If you are considering selling, or are currently in the process of selling UK residential property (including as part of a larger sale) and have any queries as to your position, Old Mill has a dedicated team that are happy to help.

Changes to Principle Private Residence relief From 6 April 2020, HMRC revised the availability of Principle Private Residence relief:

Paul Neate

• The final period has been reduced from 18 months down to nine months, and; • Lettings Relief has been restricted so it will only apply if the letting was undertaken whilst the owner(s) were living in the property. This is unlikely to be many cases.

These two changes can substantially

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Have you taken advantage of R&D?

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Rural Insight 2020

Have you taken advantage of R&D? Many farmers and those working in the wider agricultural industry don’t believe they can benefit from R&D tax relief, because ‘there can’t be much R&D happening in the rural industry’.

But this simply isn’t true. R&D tax relief applies to many sectors, and the agricultural sector is certainly one of them.

R&D tax credits are actually a government incentive. They are a way of rewarding and encouraging innovation, and statistics show they’re being drastically underclaimed.

If eligible, you could receive total tax relief of 44p for each £1 spent, ultimately giving you more money to invest in your business.

There are a number of ways you can qualify for R&D relief; for example, you may have spent time developing a new product, process or service, or even enhancing an existing one. The project doesn’t even need to have succeeded in order for you to make a claim.

Claims in the agricultural sector Activities in the agricultural sector that could potentially qualify for claims include:

LED lighting • developing disease resistant crops • pest control • energy and water efficiency • new soil treatments or processes • odour control or irrigation.

What costs can be included?

A relevant proportion of staff costs of those working directly on the project can form part of the claim, including employer’s pension and National Insurance Contributions (NICs), and even reimbursed travel expenditure.

For those staff who support the R&D project as well as working on other duties, the proportion of costs relating to their involvement in or support of the project can also be claimed.

Other costs that may qualify include: • an element of any R&D subcontracted out by your business • other workers (such as agency staff) enlisted to help with your R&D project • materials used in trials and tests etc.

• repairs to machinery used

• the use of robotics and AI

• light, heat and water used

• the use of drones

• software used in the projects.

• adapting existing machinery

In addition to the above, if the whole (or even part) of a building or machinery bought or constructed in the year is used for R&D, a proportion of this can also be claimed.

• creating bespoke software • developing drugs for disease management

How Old Mill can help We regularly help many of our clients put together successful R&D claims, and we’ll work with you from the beginning of your claim through to its completion.

We talk with your technical staff to identify the qualifying projects, work with them to write a project description, help put together your qualifying costs, and critically review both to ensure that a robust claim is being submitted.

We keep you informed every step of the way and aim to submit your claim to HMRC within six weeks of talking to your technical staff – often sooner.

We liaise with HMRC on your behalf, securing you a refund that is usually repaid to you within six weeks.

Sounds good? Then get in touch now for a free, no obligation chat with one of our experts, and let us handle your R&D tax relief claim while you focus on running your business.

Still want to find out more, watch our video about R&D here… https://om.uk/insight/have-youtaken-advantage-of-rd/

Catherine Vickery

• creating farming techniques using less space, such as indoors under

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Rural Insight 2020

Farmers use Xero to create opportunities from Making Tax Digital To ease the burden on businesses during this year HMRC announced that businesses, including those in agriculture, now have until their first VAT return period starting on or after 1 April 2021 to put digital links in place.

Opportunities with Xero digital software • Xero is both user friendly and easy to understand, it can be accessed at any time using any device including mobile phones providing you have internet access • As well as being able to assist with the administration of staying compliant with H M Revenue & Customs and the Pensions Regulator, and providing data useful to finance lenders such as banks, Xero also has tools to save business owners’ time in running their businesses • It provides access to live management information. As you will be regularly reconciling the bank accounts along with sales and purchase ledgers, the data can be accessed throughout the year to aid with financial decision making rather than waiting for the usual annual summary • By keeping in control of both your debtors and creditors by using the homepage, you can easily monitor age of debt, also having the availability to run a statement or send customers email reminders should this be necessary • You can regularly monitor both expected income and expenditure allowing you to plan your cash flow

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for the upcoming weeks/months by using the due date function, allowing you to prepare in advance for any significant purchases • Bank feeds can be set up directly with most high street banks to feed Xero with the daily bank transactions, speeding up the time taken to reconcile the bank and maintain the bookkeeping records.

Other useful benefits include: • the feeds under open banking are free, so don’t add any cost to your subscription • they increase efficiency and convenience for business users • you will have enhanced accuracy of your banking data.

You can also accurately track small, sundry expenditure items by using pre-loaded expenses cards that link directly to Xero. These can be used by staff for day-to-day business purchases, without the risk of funds going missing.

• To enable the bank reconciliation process to be as quick and easy as possible there are bank rules which can be set up. Xero will process the majority of the work involved therefore benefiting you again in saving your time • Trackers – reporting on the profitability of key areas within your business such as enterprises, sales managers, rental properties and geographical locations • Quotes, sales invoicing, statements, and automatic reminders can be set

up for customers • Submitting both VAT returns and PAYE submissions can be done through Xero at the click of a button, to streamline all necessary submissions as far as possible • Invoice automation (Receipt Bank add-on) Invoice automation digitally captures and extracts the information from your supplier bills, enabling you to concentrate on the more important aspects of running your farming business.

You will benefit from: • hours of manual data entry time saved • invoices captured electronically and attached to the transaction in Xero, reducing the amount of paperwork stored • an increase in the amount of VAT and business cost deductions you can claim, thanks to a reduction in ‘lost’ paperwork • a safer, more COVID-19 secure way of capturing and handling invoices.

Old Mill digital team If you would like to know more about Xero or specific tools such as Receipt Bank, how invoice automation can help your business, or the advantages of cloud accounting generally, then please get in touch. Whether you’re already signed up to Xero, are thinking about making the switch, or are still in the dark, we’re here to help.

Rural Insight 2020

Working Smarter – Figured (Guest Spot) It’s hard to remember a time when the UK agri sector faced such unprecedented challenges from so many different directions.

From flooding, the wet weather and the future of subsidies, to rapid advancements in agri-tech, and the as-yet unknown fallout from Brexit, we have a situation where uncertainty seems to be the only certainty. In light of this, there’s no better time to address the need to farm smarter.

Many farmers recognise that simply working harder isn’t the answer – it’s only by working smarter that we’ll overcome these challenges. Which is where technology comes in.

The agri-tech sector is driven by the need to farm smarter, through efficiencies and sustainability. At Figured, we know that farming smarter relies on clear, accurate information – and the best place to start gathering that information about your farming business is from your farm’s financial data. Having an honest, up-to-date view of your farm’s financial performance is the key to proactive decision making.

Figured is the agri-specific Xero app, a flexible and collaborative Cloud financial management tool that focuses on livestock, dairy and crop budgeting, production tracking, and forecasting. Boasting a powerful twoway integration with Xero, Figured is where your live financial data meets

your on-farm production data, giving you insights into your business and allowing you to swap working harder for working smarter.

Being able to assess profitability on multiple levels provides you with unique information, and the key to getting the most value out of Figured is turning that information into insights that can drive your on-farm decisions.

Figured’s Cloud-based nature allows you to utilise the combined knowledge of your farming team (including your advisers at Old Mill) to quickly and accurately construct a plan for the future of your farming business. And if variables change, as they always do in farming, you can easily adapt your plan.

Farmers are required to play multiple roles these days – mechanic, vet, labourer, and increasingly, doing the ‘books’. Figured and Xero’s goal is not for every farmer to become an expert financial manager, but for every farm as a whole to become stronger financially. And that means working with your trusted advisers where and when you need to.

has clarity across your current performance; you gain insights that drive your on-farm decisions; and as a team, you can map a path for where you want to be further down the track.

Figured is changing the way those in agriculture make on-farm decisions and plan for the future. To farm smarter and more efficiently, you need to base your decisions on the information that matters, and work with the trusted advisers who have the knowledge to help.

www.figured.com

With Figured, you have a state-ofthe art tool to give you powerful and approachable reporting that can help you best understand your farm’s financial position. Your team

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Estate planning and tax relief

Estate planning and tax relief Can we afford to pass our farm onto the next generation? Do we have a problem with Inheritance Tax (IHT)? And how can we be fair to our farming and non-farming children?

These were just some of the questions raised during our 2020 Rural Client Focus Groups, which concentrated on the complex subject of estate planning and taxes. It was clear from clients’ responses that it’s an area of considerable concern for many farming families.

As well as these relatively straightforward queries, there were other, more complicated issues raised, including whether parents who are happy to pass land to the next generation can also protect those assets against any future issues such

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as separations or divorce.

Old Mill have plenty of experience and expertise in helping clients to deal with these difficult and potentially delicate situations, and if you need support or guidance on estate planning issues, you can talk to your Old Mill adviser. Below are some of the key issues regarding estate planning and tax reliefs that are particularly relevant for farming families.

Rural Insight 2020

“Communication and understanding between family members is a crucial element of tax planning.”

Should you plan for IHT? Planning for IHT should be a prerequisite for any successful (or even unsuccessful) business. If you don’t plan, you risk losing money unnecessarily to the taxman instead of setting up your offspring and successors with the best chance of continuing the business.

So, if the answer to whether or not you should plan for IHT is a resounding yes, the bigger question then becomes when should you start planning? Our advice would be to start as soon as you have dependants or others who will rely on the money decisions you make now. Too often we get involved in last-minute tax planning and witness the after-effects of families who have not been given clear communication about business set up or wealth distribution.

Ultimately though, it’s your decision when to start. Tax planning comes with professional fees, and there’s no guarantee that legislation won’t change to completely undo any planning you might put in place. Without planning though, it’s much more likely that someone will have to pay significantly and unnecessarily.

Are there any reliefs from IHT? Yes, certain assets can qualify for relief from IHT which means that, although there’s been a transfer of something of value, IHT is not due on the full value. You usually need to claim these reliefs – some of the most common of which are listed below – and a number of conditions must be met.

Business Property Relief (BPR) Depending on how you own the business and what type of business it is, you can get either 50% or 100% relief from IHT on business assets. These could have been passed on while the owner was alive or under their will, but must have been owned for at least two years before the transfer or date of death.

Agricultural Property Relief (APR) You can usually pass on farmland free from IHT, as long as it meets certain conditions. While assets such as farm machinery will usually qualify for BPR, a farmhouse is more

likely to qualify for APR – depending on who occupies it – but only on its agricultural value, which may be less than its market value.

Woodland property You can get relief for growing timber, although this applies to the value of the timber, not the value of the land itself. The relief is available only on death, and IHT can be deferred until the trees are cut and sold, provided the woodland has been owned by the deceased for five years (if purchased), or was inherited by the deceased. However, agricultural woodlands such as shelter belts would qualify for 100% APR, and woodlands used for commercial purposes could get up to 100% BPR, both of which are preferable to deferment.

Heritage assets If you own a building, land, or object of national, scientific, historic or artistic importance, you could claim relief from IHT. This usually only applies to stately homes, land of outstanding natural beauty, or famous works of art, and there are certain conditions that must be met to qualify for the relief.

Gifts Certain gifts can be made free of IHT, including gifts made at least seven years before death, and gifts to spouses and charities.

Trusts Placing money, assets or property into a trust removes from your estate any increase in value of the assets after the point of the gift. These assets then fall away from your estate completely after seven years. However, depending on the type of trust, IHT may still be due on the assets within the trust.

What should you do next?

The first step is to seek advice. Old Mill have specialist advisers who work with farming families to put structures in place.

It’s also important to remember to communicate.

Communication and understanding between family members is a crucial element of tax planning, and explaining who you wish to benefit from your estate now will negate issues and problems further down the line, when you are not around to provide clarification.

Richard Haines & Zoe Chandler

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Decision making is the key to successful farming

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Rural Insight RuralAutumn Insight 2020

Decision making is the key to successful farming Many successful businesses appear complicated, but the secret of their success often boils down to good, timely decision making. In the same vein, faulty decision making can cause more long-term damage to a farm business than faulty equipment As something that we all do every day, it’s easy to undervalue its’ importance, but making the correct business decisions is crucial to a companies success, and farming businesses would be wise to place more emphasis on the value of this skill.

Are you currently making any of these decisions?

• Do I invest and expand the business?

• Do I increase herd numbers?

• Should I buy that new piece of kit?

• Should I take on more labour?

• Should I take on more debt?

• Do I retire? Sell up?

• Do I formalise a will/Partnership/ Tenancy Agreement etc now?

As something that we all do every day, it’s easy to undervalue its’ importance,

but making the correct business decisions is crucial to a companies success, and farming businesses would be wise to place more emphasis on the value of this skill.

Here are our five top tips to help you make the right decision for your farming business 1. Understanding the decision-making process - why agricultural decisions are different from other industries Corporate businesses make their business and cultural decisions based on clearly identified values.

In contrast, farming businesses tend to work with assumed values; family, community, loyalty, independence, working outdoors and growing products that feed and clothe people. If our values and beliefs are challenged or questioned, we often

feel uncomfortable and sometimes threatened. It can make us ‘switch off’ and not listen because we don’t want to hear the alternative viewpoint.

Over time this can create severe problems and lasting resentment, so, when it comes to values and beliefs, it’s essential to provide time to allow people to work through any differences.

It’s also important to appreciate that decision making for farmers is not just a conscious profit and loss evaluation. People farm for more than just money - they do it for social and environmental reasons and as part of their embedded values.

It’s worth noting that everybody will have a different perspective on what they are gaining from being involved in the agricultural industry — many farmers, for example, value timesaving equipment or machinery.

Economists, however, are more likely to

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Decision making is the key to successful farming

view farming through a financial, social and environmental value framework.

2. Key characteristics of a good farm decision maker

• Doing nothing is a decision and sometimes is the right one

Few farmers are in agriculture for financial gain alone. While profitability is an essential element, and many advisers think it’s the primary motivation, other components like job satisfaction, family and environmental aspects will always play an important part in decision making. Farmers will often accept inferior financial returns as a trade-off for some of these other perceived benefits.

In our experience, these are the attributes of the most successful farmers;

• Be prepared. Don’t leave everything until the last minute

I’m sure some of these statements will resonate that reflect the utility of farming.

‘My role as a land manager is to hand my farm onto the next generation in a better condition than I inherited it – if I have to forego some profits to achieve this, then so be it’ ‘I love the family aspect. Everyone is involved at harvest – it’s great working together.’

‘It’s a lot easier to be green when you are not in the red!’

• When faced with a decision, a good decision maker identifies the critical variables (there are usually only two or three) and aren’t distracted by any non-critical ones. Experience, observation and a comprehensive ‘world view’ contribute to identifying the key items quickly • Smart farmers listen to ‘experts’ but don’t follow them blindly because they know that experts only ever see part of the big picture • Act swiftly and decisively. More often than not, good options disappear quickly • It’s usually better to make a nearideal decision than to analyse a situation to death, and as a result, miss an opportunity that depended on getting the timing right. The principle of diminishing marginal response applies to analysis too

“Having the tools to come to the right decision at the right time can set a business up to flourish.”

• Don’t beat yourself up for decisions that turn out to be less than ideal when viewed with the wisdom of hindsight.

3. The benefits of group/family meetings Most businesses outside of agriculture use a regular formal meeting process to guide tactical and strategic decisions, yet less than one per cent of family farms, many of which regularly turn over millions of pounds, do the same.

While many small farm businesses have regular discussions with a cropping adviser or a financial adviser such as an accountant, these meetings are often held separately and often don’t involve all members of the family business.

Farm advisory boards enable all family members and advisers connected with a farm business to be at the table at the same time and allow decision-making and discussion to occur on a more formal and regular basis. Meetings are often held at times of crisis and can address subjects such as succession issues, cash flow problems, or significant investment considerations (such as the purchase of land).

Board meetings provide a structured, disciplined platform from which to consider the many production,

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Rural Insight 2020

financial and personal issues that are instrumental in running a farm business.

They offer a regular opportunity for communication between all business partners and enable the sharing of visions and goals, as well as planning for the future.

Successful boards use independent chairs with the skills to facilitate discussion in a way that includes all parties. If possible, the usual leader of the family farm shouldn’t take on the chairperson role - an independent chair enables family members to step back from running the meeting and think strategically about the business.

A farm advisory board structure also helps to develop skills or employ those with the skills to use decision-support systems to assist analytical thinking.

An effective chairperson has the following characteristics: • High-level facilitation and interpersonal skills • A good understanding of decisionmaking processes • The ability to recognise the influence of bias and prejudice • Possession of relevant business skills (for example, finance, crop production or human resource management) • Understanding of the personality types of all the people on the board and can identify and exploit each member’s strengths; and • Allows all members to have their say while moving the discussion towards a consensus.

4. You are not on your own - the benefits of utilising professional advisers Farmers are increasingly using advisers with specialised knowledge to help inform their decisions. The main areas include: • To bring technical expertise and the latest technologies to the business • To improve efficiency, by allowing someone else to do the ‘filtering’ of information • To act as a knowledgeable sounding board • When a more logical, rational analysis is required that the farmer is unable or unwilling to do • For decisions that the individual finds particularly tricky because of the strong heart influence • Listening to your advisers is a valid decision-making strategy and can often lead to the right decisions.

5. Making a ‘hard’ decision ‘easier’, what should you look for when making a decision Many decisions in farming have flowon effects, and the information we get only ‘starts the ball rolling’. Many consequences flow from considering a change, and these have to be dealt with as well. This complexity makes it a hard decision.

For example, profit figures suggest a mixed farming system is more profitable and resilient than cropping only. But to re-introduce sheep will require a decision on breed,

consideration of infrastructure, where to get the finance to buy the sheep, possible new skills in feeding and grazing management, establishing new pastures and if there is enough personal interest to have livestock again. It’s a complicated and challenging decision with the potential for severe loss if things go wrong.

The steps to get to a conclusion are lengthy and complicated. In other words, it takes a lot of processing to come to a conclusion.

After processing, there appears to be no clear winner, no obvious superior decisions.

How to make a decision easier • Talk about and calculate the size of the potential loss • Consider strategies that may minimise the size of the possible loss • Use tools such as a decision analysis matrix and making more robust decisions to provide structure to the decision-making process • Endeavour to make clear distinctions between various options, so the conclusions are clear and stand out.

For more information, or if you have any questions about any of the above please get in touch.

Catherine Vickery

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The Farming Financial Planning Guide 2020

The Farming Financial Planning Guide 2020 28

Rural Insight 2020

The building blocks of financial planning are similar across many sectors, but for rural businesses, it’s often a complex activity which is subject to unique considerations and nuances.

However, while financial planning in these circumstances faces specific challenges, there are steps that farming businesses and their advisers can take to make the most of the opportunities available.

Every business will have its ups and downs, but the wildly varying income seen in the farming sector makes longer-term planning difficult. Most businesses can estimate the value of their output, but farming is unique in lacking control over this, and certainty is a rare thing in rural circles.

Avoid using personal funds Cash flow can get very stretched, and the ability to store wealth ‘off-farm’ can be sporadic, so it’s essential to try and instil discipline in the good years, and – as far as possible – set clear boundaries between personal and business funds. Personal funds are frequently lent to farming businesses, often without any likelihood of being paid back. This can cause issues further down the line for example, when older generations try to extract the capital needed to fund expenses such as retirement or care fees.

Invest for the long-term Most farmers are self-employed, so relying on an employer to set up a pension is not an option. Wages can also be low, especially where families are involved, or other benefits such as housing make up part of the remuneration, making it very difficult to save. It’s also common to hear farms described as ‘money pits’ or ‘black holes’, such is their ability to draw all available capital into them. Therefore, trying to prise funds away (at the earliest stage possible) to invest for the longer-term is crucial.

Protecting against your borrowings Rural businesses require substantial financial and emotional commitments.

Working overdrafts often run well into six figures, and borrowing at what could be considered eye-watering levels is common. Protecting against these borrowings is crucial, to sustain the business in all eventualities; however, working in the countryside and undertaking manual farm duties is riskier than most careers, and protection premiums will reflect this.

Use Self-Invested Personal Pensions (SIPPs) and Small Self-Administered Schemes (SSASs) for your retirement planning The most commonly recurring planning themes are in connection with retirement and succession. Unlike salaried employees who have a set retirement date in mind, farmers usually stay working for longer, and with no clear line between work and retirement.

We find that many farmers don’t know when they would like to retire, whether they still want to retain an interest in the farming business, and what kind of retirement income they will need, which will vary depending on their final decision. If they remain part of the farm, for example, some of their income costs may be borne by the business. Retiring away from the farm can lead to a spike in outgoings and a need for additional income.

However, farmers are often very entrepreneurial and keen to explore areas that wouldn’t always be of interest or appropriate to others.

More complex pension structures, and considering the suitability of land or commercial buildings within a SIPP or SSAS wrapper, can be useful strategies for the right families.

availability of agricultural and business property relief have tightened significantly, with the right tax advice, rural businesses can still maximise the Inheritance Tax (IHT) reliefs available.

But if there are no successors and the farming business decides to sell up, or if the land or assets don’t qualify for these reliefs, IHT can become a huge issue. With average farmland prices at around £9,000 an acre, even modestsized farms can be worth substantive sums that the current nil rate bands will not come close to covering. Often the residence nil rate band can be in jeopardy as the value of an estate (before reliefs) can creep over £2 million. In such cases, getting expert advice as early as possible can be the key to mitigating the IHT burden.

Equalising legacies where one child will inherit a farm with very high capital value is also a particular situation where it may be worth considering gifting, whole of life plans or other relevant strategies.

We work in conjunction with other professionals to provide you with a joined-up approach to tax and financial planning. Our role as a financial planner is to assess the situation once you have a clear picture and to advise you on any remedial action.

If you would like expert advice from one of our specialist rural financial planners, do get in contact.

Visit https://om.uk/insight/watch-itback-financial-planning-guide-forfarmers-21-08-20/ to watch our full video ‘Financial planning guide for farmers’.

Maximise your Inheritance Tax reliefs Succession planning also provides challenges for farming enterprises.

Although rules regarding the

Stuart Coombe & Julia Banwell

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The five key dates for farmers and cash flow over the next 12 months

The five key dates for farmers and cash flow over the next 12 months Here we explain the key dates farmers and rural businesses need to bear in mind and why you should be aware of them for your own business.

1 January 2021 UK farming companies with a March year end will have their Corporation Tax liability falling due on 1 January.

The COVID-19 crisis hadn’t kicked in back in December and was only starting to take hold in March, so profits were probably higher and, as a result, the tax bill most likely larger. Since then, a combination of lockdown, increased costs, limited sales and any redundant diversified income may have depleted the cash generated in your last financial year, and it may no longer be there to pay the tax.

For those arable December year-ends who have just gone through major contracting costs, cash could be particularly tight.

Currently, this is three or six months away, so there is time to plan and manage cash if you can. If it isn’t possible (to pay your tax bill) from cash

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flow, then you may be able to agree a Time To Pay arrangement with HMRC to spread it over several months.

31 January 2021 The end of January is, of course, the payment date for your Income Tax. This is a personal liability, not a company one, but for many farmers, their income all comes from the business, so there is usually a knock-on effect.

Some farmers have taken advantage of the government deferral scheme to defer the 31 July 2020 payment on account meaning the amount that will be due on 31 January 2021 will potentially be that much higher. Even if you have deferred, the January 2021 payment will be based on your income to 5 April 2020, which was largely pre-crisis and may well be higher than your income for the tax year 5 April 2021. It may therefore be possible to reduce the payment on account that is due on 31 January alongside the 2019/20 final payment. Talk to your accountant about this.

Ideally, get your tax return done as soon as possible so that you know

what the amount is. Although many farmers leave it until close to the deadline, it’s possible to do your return any time after 5 April!

If your cash flow is particularly low in January, once again consider whether a Time To Pay arrangement with HMRC would be beneficial.

31 March 2021 One of the first things the Chancellor announced was the deferral of the VAT payment falling due during the lockdown period. This is a deferral, not a cancellation and therefore initially becomes due for payment on 31 March 2021.

However, the Chancellor has recently announced that businesses could opt into a new scheme which will mean that this VAT liability is not fully repayable on 31 March 2021, but instead can be repaid in smaller payments over the period to 31 March 2022, interest free. Note, where the original deferral was automatic, if you wish to make repayments up to 31 March 2022, you must opt into the scheme.

Rural Insight 2020

“These are extraordinary times and, more than ever, you should be forecasting your business and cash flow to navigate through the times ahead”

While the agricultural industry is relatively unaffected by COVID-19 directly, this date may have the potential to be one of the most critical dates for your suppliers with insolvency and cash both potential issues. The knock-on effect of this will be your ability to source your supplies easily and at the same price. As it’s more than nine months away, you have time to plan, put money aside or arrange facilities to negate any supplier issues that may arise.

Rent Quarter Days Traditionally in the UK, quarterly rent is payable on 25 March, 24 June, 29 September and 25 December.

If you rent your farm or other land and pay rent quarterly, then two of these quarter days closely coincide with December 2020 and March 2021.

If your forecasts indicate that these dates could be a problem for your business, now might be the time to start negotiating with your landlord to switch to monthly rentals to smooth the cash flow effect.

1 May 2021 Finally, the CBILS (Coronavirus Business Interruption Loan Scheme) and BBLS (Bounce Back Loan Scheme) started to be advanced in April and May 2020, mostly with 12 month repayment holidays.

We have seen significant uptake from farmers on the Bounce Back Loan Scheme and those 12-month anniversaries are going to come around in April and May next year.

Repayments are likely to start on 1 May.

You understand your own farming business and should have a good idea on the peaks and troughs of cash flow over the year. Still, these are extraordinary times and, more than ever, you should be forecasting your business and cash flow to navigate through the times ahead.

Phil Kirkpatrick & Oliver Bond

The CBILS loans were assessed for affordability, often assuming a return to 2019 trading levels by the time the loan payments commence but BBLS loans were issued with no checks on affordability at all.

The Chancellor recently announced the ability to extend the loan period and more flexible repayment terms for the government backed loan schemes under the new ‘Pay as You Grow’ scheme. We await more details at this time.

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Contact Exeter Leeward House Fitzroy Road Exeter Business Park EX1 3LJ +44 (0)1392 214635 Melksham Wessex House Challeymead Business Park Bradford Road SN12 8BU +44 (0)1225 701210 Wells Bishopbrook House Cathedral Avenue BA5 1FD +44 (0)1749 343366 Yeovil Maltravers House Petters Way BA20 1SH +44 (0)1935 426181 Also at Frome Livestock Market, Standerwick

The content of this newsletter is for general information only. It should not be relied on and action which could affect your business should not be taken

enquiries@om.uk | om.uk

without appropriate professional advice. Please contact your usual Old Mill contact or local Old Mill office.