Agriculture

The importance of relevant and accurate data is essential to sustaining a viable agricultural business, with increasingly uncertain times ahead. Whilst farms will be utilising data to some degree, in many cases it may only be surface level and they could be making more use of the information that is available to them - according to a leading agricultural business finance expert.

After a year which saw a snap General Election, hundreds of new MPs entering the House of Commons, and the inheritance tax announcement in the autumn Budget, the political lobbying work undertaken by the National Farmers’ Union has never been more important.

For the many farmers in our region, there will have been disappointment that there was no moderation of the effects of the inheritance tax announcement made in the autumn Budget.

With the inheritance tax issue dominating the headlines, it is easy to think that this is the main problem facing agriculture – but in fact there is a whole swathe of existential challenges threatening farmers’ livelihoods and the country’s food security.

The need for farmers to build closer relationships with politicians in order to shape agricultural policy will be the focus of the first joint Lovewell Blake/NFU Farmers’ Evening of 2025, which takes place at Halesworth Golf Club on Wednesday 5^th March.

With grain prices depressed at harvest and only getting worse since and potential inheritance tax changes reducing the want for significant investment in storage, 2025 may be the year for more farms to become part of a grain co-operative.

A renewed focus on succession planning, and innovation driven by a younger generation taking over earlier, could be the silver lining to the cloud looming over farming following the Agricultural Property Relief (APR) announcement in the budget.

Farmers will be facing significant changes in growing conditions by the end of the 21^st century – that was the message from a leading meteorologist at the latest Lovewell Blake/NFU Farmers’ Evening held in Halesworth.

The 2024 Budget has brought significant changes to the farming industry and understandably sparked extreme concerns for all those within it regarding the future of their multi-generation family farms and the future of the industry as a whole.

From April 2025, double cab pick-up trucks will no longer be treated as commercial vehicles for income tax and capital allowance purposes. This will significantly increase the benefit-in-kind (BIK) tax charge for employees and impact on the tax deductions available for businesses.

Leading meteorologist Chris Bell will be exploring the science and impacts of climate change on agriculture during the third joint Lovewell Blake/NFU Farmers’ Evening of 2024, which takes place at Halesworth Golf Club on Wednesday 6^th November.

Whilst not on the scale of Kwasi Kwarteng’s announcement, Chancellor Rachel Reeves’ first Budget will probably be far-reaching – and the measures she unveils could have a dramatic impact on farmers and landowners.  That is the prediction of one of the region’s leading rural finance experts.

Rising costs are no surprise to the UK’s farmers, who have seen the prices of their inputs - fertilisers, chemicals and labour to name but a few – inflated by over 30% in the last 5 years.

Agriculture has traditionally relied on seasonal workers – but that doesn’t negate the requirement to provide written terms and conditions, says Ryan Lincoln.

Diversification has been key for farming businesses to remain sustainable; having a number of different income streams on the farm has helped many businesses navigate through external factors and changes in farm subsidy regimes.

Two major new planning initiatives will have a huge impact on farmers – offering both opportunities and challenges. That was the message heard by around 60 Norfolk and Suffolk farmers at the latest joint NFU/Lovewell Blake Farmers’ Evening in Halesworth.

From 6 April 2024, tax law is being changed resulting in the profits businesses are taxed on being brought in line with the tax year, rather than aligned with their accounting period.

Farming has to attract more British residents to work in the sector, work together to drive up prices and watch the cashflow to survive the supply chain crisis