Uncertainty – the best word to describe the current economic and political situation in this country at the present time. At the recent Northern Farmer’s Agricultural Conference at Hexham this was a word used regularly by all of the speakers. By the time this Journal reaches you all (and in no particular order!) who will be Prime Minister?, will there be an election or a second referendum?, will the Brexit withdrawal be passed, rejected or renegotiated? and closer to home what will the effect of all of this have on agriculture?
The Government has already announced changes to BPS which is being phased out over the next 10 years and this is summarised by Deborah Graham’s article.
The uncertainty here is that we do not know what will replace it. This more than likely, to be based on environmental matters, plenty of talk but absolutely no detail from the Government.
What this demonstrates is the need for everyone to organise their businesses as efficiently as possible and plan for the changes when they are eventually finalised. Please see our article on the Agricultural Bill 2018 for some hints for you.
Somethings never change though – disputes, ageing and death and we have a piece by Paul Charlton on the need to have well drafted partnership agreements, Wills and Lasting Powers of Attorney.
For some time, we have been pushing our clients to take MTD (Making Tax Digital) seriously – believe me it is going to happen and on 1 April 2019. Recently we ran an event at Hexham Auction Mart led by Helen Pennock, Amanda Whitworth and Gillian Jasper – there are articles by both Helen and Amanda on certain technical aspects and news of the event at the Mart. If you need help in this area, please contact us. It is not too late.
As well as Anthony’s article on the Agricultural Bill he also reverts back to his tax specialism and updates us on the affects and opportunities arising from the announcement made in the 2018 Budget which affect the agricultural sector.
I hope you enjoy reading this expanded version of our Agricultural Journal and please remember we are here to help you through these turbulent and ever changing times.
