July 04, 2024
Article
The South West farming community can “fulfil its vast economic, social and environmental potential” but only if the new Government sticks to a stable long-term plan.
That’s the viewpoint of South West-based accountancy practice Albert Goodman which has a long history of supporting farmers and landowners across Gloucestershire, Wiltshire, Somerset, Dorset, Devon and Cornwall.
Albert Goodman partner Sam Kirkham, who heads the firm’s Farms and Estates team, said: “At Albert Goodman, we are proud of to have supported South West farmers for the best part of 150 years and guided them through periods of considerable change. Most recently as they have faced rising costs, the uncertainty of Brexit and the Covid-19 pandemic.
“That they have formed the backbone of the South West economy for so long is down to their ability to move with the times, to innovate and a resilience that ensures they can rise to any challenge.
“Despite their ability to adapt to change, we see how farming businesses are being held back on investment because of chopping and changing policy.
“The nature of farming is that change can take time. What farmers and landowners need from government is a strategy to support agriculture which has a long-term vision. It is only this which will provide confidence and stability, helping farmers and landowners to prosper and fulfil economic, social and environmental potential.”
Taunton-based Kirkham, who is also a Tax Committee member of the Country Land and Business Association (CLA) and chairs the Somerset Committee, said an array of reforms are required to boost economic growth in rural areas.
Kirkham added: “Farming businesses have been encouraged to diversify and diversify and diversify over the last few years to support food-related income, but it takes an ecosystem to support sustainable growth on farms and protect the wider rural economy.
“For example, to ensure there is affordable rural housing for the local workforce we need we need a supportive and properly resourced planning system and taxes that enable property owners to make the most of accommodation.
“Our clients crave clarity around the rules facing the rental property market and previous suggestions the tax regime on holiday lets could be abolished.
“We also need to rethink the inheritance tax regime to make it less punishing. In some cases, this tax burden can be devastating for farming families and even threaten the existence of the farms themselves.”
Farmers and landowners can also play a great role in protecting the environment with Government support.
Kirkham continued: “Under the Environment Act, developers have to offset any biodiversity threatened through building work with biodiversity elsewhere, so there is a net gain.
“As things stand, this policy offers opportunities for farmers and landowners, but there needs to be more clarity so they know what the risks and tax implications of this will be to encourage diversification into environmental management of lands.”
Albert Goodman’s specialist team of 40 staff deal with more than 500 farms and estate, with each member of Kirkham’s team having a background, education or interest in the rural community and rural businesses.
The team is also a member of, chairs and was instrumental in setting up The Rural Accountancy Group UK (RAG UK) which consists of 10 regional firms across the UK specialising in farms and estates.