Welcome to Old Mill Rural
At Old Mill, we understand the unique pressures and opportunities that come with running a rural business. Whether you’re a farm owner, agricultural contractor, or operate a countryside-based enterprise, your financial decisions impact not only your business but also your community and legacy.
We’re here to support your journey, offering guidance that goes beyond spreadsheets and compliance. From sustainable growth planning to succession strategies, our dedicated Rural team is ready to work with you to secure a successful future.
Who we are
We’re part of the Old Mill family, a highly skilled team of advisers helping rural business owners make smart financial decisions.
Your goals, our purpose
Our mission is simple, to help our clients make informed financial decisions. We provide tailored services like accounting, tax planning, financial planning and more, all with a genuine understanding of the rural landscape.
Industry expertise
We work across a wide range of industries, but we’re particularly proud of our rural specialism. From navigating seasonal cash flow and agricultural tax rules to advising on landed estates and succession strategies, we know your landscape. It’s this blend of technical skill and practical know-how that makes us trusted advisers across the region.
Working with clients who share our ambition
We seek to partner with individuals who inspire us and share our passions and enthusiasm. We believe the best results come from strong relationships. That’s why we choose to work with people who share our values - ambition, integrity, and a commitment to progress. Whether you need regular strategic input or an annual review, we tailor our service to suit how you like to work.
Let’s grow together
Running a rural business is a full-time commitment. Let Old Mill help you make the financial side easier, so you can focus on what you do best.
How we work with you
We are here to break down your large goals into easy-to-manage steps.
First, we listen
No matter the scale of your business and the size of your personal goals, we’re here to help you achieve the outcomes you deserve.
Then, we explore your options
Whether you’re planning to diversify, pass on the family farm, or expand your agricultural business, our goal is to help you make confident, well-informed choices. We focus on your aspirations and build financial strategies around what matters most to you, your family, your business, and your future.
Finally, we build a plan
We’ll identify your options and advise on the best path to take your agricultural business forward. You’ll receive a tailored plan that makes sense for you.
Our services
Accounts and bookkeeping
Keep things running smoothly with tailored support for rural businesses.
Budgeting and forecasting
Make better decisions with clear financial plans. We help you set realistic targets, monitor performance, and build forecasts that take account of market shifts, seasonal trends, and new opportunities.
Business protection and staff benefits
We help you put the right protection in place, covering your people, property, and plans.
Capital Gains Tax (CGT) planning
When you sell land or other assets, smart CGT planning can protect your hard-earned gains. We help minimise tax liabilities while staying compliant.
Cash flow management
From machinery investments to harvest income cycles, managing cash flow is key. We offer tailored forecasting and hands-on support to help you stay in control of your working capital.
Compliance and regulation
Stay on the right side of complex rules. We advise on everything from government requirements and labelling to health & safety and environmental compliance.
Cost and profit analysis
Understand your margins, from feed and fuel to labour and logistics. We’ll identify cost-saving opportunities and benchmark your operation against others in the sector.
Employment tax and PAYE
Employment tax rules can be tricky. We’ll help ensure you’re compliant, efficient, and making the most of tax opportunities.
Financial reporting and insight
Reports focusing on what matters; profit, cash, and key performance indicators to help drive better business decisions.
Financial planning
We bring together your business and personal goals, advising on pensions, investments and property. Working with you to create a clear financial plan.
Inheritance Tax (IHT) planning
As a farmer or rural business owner, your personal and business finances are deeply connected. We help you protect your wealth, reduce IHT exposure, and plan with peace of mind, for you and the next generation.
Payroll
Accurate, reliable payroll support that takes the pressure off your team.
Pre-year-end meeting
We take a proactive look at your year-end position, giving you time to adjust, make tax-smart decisions, and maximise savings before the books close.
Research & Development (R&D) tax relief
From agri-tech solutions to process improvements, we’ll identify qualifying R&D activities and help you claim valuable tax relief.
Retirement planning
We offer guidance to help you plan your retirement with confidence.
Succession planning
We work with you to plan for the future with confidence. We’ll guide you through tax-efficient structures, generational transitions and ownership changes with clarity and care.
Tax investigations and fee protection
If HMRC comes knocking, we’ll handle the process, minimise stress, and with our fee protection service, you won’t face the costs alone.
Tax planning and compliance
From VAT and payroll to Corporation Tax and beyond, our team helps you plan ahead and stay compliant so you can spend less time on paperwork and more time on what matters.
Succession is for now, not the future
For those reading this, you may (or may not) be surprised to learn that less than 40% of farmers discuss and delegate financial decisionmaking responsibilities of their business to their successor.
Client background
IC Carter & Son is a progressive dairy farming business based in the South West. The farm has grown from a small operation into a business enterprise of 300 cows and a clear strategy to scale further. In 2008, Mr Carter’s son Joe joined the business, bringing a fresh perspective and a desire to modernise operations through data and digital tools. Together, they represent the power of two generations working with a shared vision.
The challenge
While the day-to-day running of the farm was a success, the Carters had not yet formalised their long-term succession plans. Mr Carter wanted to bring Joe into the partnership, but needed to do so in a way that was financially efficient, legally sound, and fair to all involved.
At the same time, the family wanted clarity on future investment decisions, guidance on tax implications, and reassurance that their hard-earned legacy was protected for the next generation.
Old Mill’s solution
We worked with the Carters to create a dedicated succession and financial strategy tailored to their goals.
Succession planning: We helped structure the business partnership to formally bring Joe into the fold. This involved defining roles, responsibilities, and profit shares, ensuring clarity and fairness within the family business.
Tax advice: Our rural specialists reviewed the business structure to provide tax-efficient solutions around Capital Gains and inheritance planning, supporting the family’s desire to safeguard their assets long-term.
Strategic financial planning: As the farm moved towards expanding to a 300 cow unit, we developed a bespoke financial plan.
This included cash flow forecasting, budgeting for investment, and modelling different growth scenarios to support informed decision-making.
Business structuring: We advised on the legal and financial implications of transitioning responsibilities across generations, helping the Carters put the right foundations in place for the future.
Ongoing support
Our partnership with IC Carter & Son goes beyond planning. We continue to work with them on:
• Regular reviews to adapt their financial plan as the business evolves
• Guidance on digital bookkeeping and farm data tools
• Support with ongoing tax and compliance obligations
• Strategic advice to seize new opportunities
As Joe takes on more of the dayto-day leadership, Mr Carter has the peace of mind that the farm, and its future, are in good hands, supported by the right financial structure and advice.
Landed estates
Landed estates are unique in how they combine business, heritage, and family like nothing else. Whether or not you manage a multi-generational family holding, all landed estates demand a specialist approach to financial planning, taxation, and asset management.
At Old Mill, we understand the distinct challenges and opportunities brought about by owning and managing these significant assets.
Complex nature
A landed estate is far more than just a large country property, it’s a multifaceted enterprise. The main three types of holding are as follows.
• Diverse property portfolio: Ranging from the main country house or stately home to farms, woodlands, residential tenancies, and sometimes even urban properties.
• Income generation: Estates are active businesses, generating revenue through commercial activities such as agriculture, forestry, property rentals, and the exploitation of natural resources.
• Historical and cultural significance: Many estates date back centuries and present their own unique challenges when making financial and strategic decisions.
Modern-day estate owners and managers range from traditional families focused on long-term management, to modern investors adapting assets for new commercial uses. No matter your background, we’re here to help.
Modern challenges and strategic opportunities
Successfully running a landed estate demands an open-minded and flexible approach to deal with everchanging economic and regulatory landscapes. We work alongside owners, agents, and estate managers to provide solutions for the most critical areas:
1. Tax efficiency and planning
Leveraging available Inheritance Tax (IHT) and Capital Gains Tax (CGT) reliefs plays a key role in securing the integrity of your family home, its contents, and the land itself, as well as strengthening longterm tax efficiency and preservation of wealth.
2. Succession and intergenerational transfer
Managing the smooth, taxefficient transfer of the estate from one generation to the next is a perennial challenge. Sensitive and strategic succession planning to manage potential issues arising from death, divorce, or internal family disputes, is essential in ensuring the estate’s continuity.
3. Commercialisation and viability
Estates face ongoing commercial pressures, particularly within the agricultural sector. Key actions to future-proof your estate’s financial viability include diversifying income streams, developing strategic land opportunities, or commercialising assets such as intellectual property and brand management.
4. Comprehensive asset management
Estates encompass a wide array of assets, from land and buildings to art, shared resources, and equine businesses. You must stay on top of your entire portfolio, and make sure to address any issues ranging from tenancy and employment law to insurance and heritage regulations.
How we can help
The environment for landed estates is always changing, from global economic shifts and tax reform to the domestic implications of events like Brexit. We provide clear, integrated advice to help you stay on top of your roles and responsibilities so you can focus on your estate’s long-term success and legacy.
Speak to us today
We understand the challenges you face and the goals you’re working towards. Let’s talk, either at your workplace or in one of our local offices, and create a financial plan that works as hard as you do.
If you’d like to have an initial chat with one of our Rural team, please get in touch.
enquiries@om.uk | om.uk
Chippenham
+44 (0)1225 701210
Exeter
+44 (0)1392 214635
Ilminster
+44 (0)1460 259852
Wells
+44 (0)1749 343366
Yeovil
+44 (0)1935 426181
Please take a moment to read this important information. Accountancy and Tax services will be provided by Old Mill Accountancy Limited. Financial Planning Services provided by Old Mill Financial Planning Limited who are authorised and regulated by the Financial Conduct Authority. The registered office for these companies is Maltravers House, Petters Way, Yeovil, Somerset BA20 1SH.