Show gives insight into way forward
While Clarkson’s Farm highlighted how many things shouldn’t be done, it did give an insight on how things should be done with the right help and support.
The show delivered messages for the younger generation considering going into farming and those currently in the industry.
With the phasing out of Direct Payments and introduction of a new system that funds farmers for delivering additional public goods and improving the environment, the loss of Basic Payment will significantly impact the finances of farming businesses.
The show highlighted examples of environmental schemes and diversification to generate additional income streams to support a farming business, coupled with the importance of expert advisors.
Many farmers would like to be backed by a wealthy celebrity and TV deal, but in the absence of this, it is vital that farming businesses plan ahead for this loss of income and discuss business planning options with family business and tax advisors at an early stage.
Tim Taylor, accounts senior manager, WR Partners
