What a difference a day makes - Budget thoughts from Rural Business Advisor Emma Middleton

Thu 31 Oct 2024

As the dust starts to settle after what was possibly the most game changing Budget for British agriculture in generations, there will not be a kitchen table across rural England where the changes released by the government are not being discussed today, and over the next few weeks and months, as we all continue to learn more about the reforms and their implications on our own rural and agricultural businesses. 

However, today, as we continue to try to work out the best routes forward for our own businesses, we have three pieces of advice.

The first is not to act too quickly. There is a lot that we don’t know or understand yet, and every business in the industry is unique, whether that is in its structure, trade, or current succession plans. While there will no doubt be planning that can be done around these changes, it will be important to understand them fully and make informed decisions after consulting with professionals.

The second is, that while every single person in the country will be keen to minimise the tax they pay, any changes should be considered commercially and long term. That way they ensure that future generations are not locked up in business structures that do not give them the freedom to take advantage of opportunities that arise, as they continue to build the business for their own families.

And finally, but possibly most importantly, please continue to talk.

There are rural professionals across many areas of expertise who will be able to advise you and your family on how to deal with these reforms. There will also be friends, neighbours and family members who will also be feeling the same uncertainties and share the same worries.

LRSN are also always available to chat to on 0800 138 1710 or check out their website for links to other organisations www.lrsn.co.uk.


Emma Middleton 07795 635383
is Masons Rural Business Advisor, available to help with Farm Business Management Accounts, Bookkeeping & Payroll.