Greystones Farm
Profitable farming figured out
Today’ s successful farmers know that it takes much more than agricultural expertise to grow a successful business.
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ACCORDING TO NORTH east chartered accountancy firm, Baines Jewitt, there has been a significant increase from the farming community in seeking out professional tax advice, financial expertise and analysis of potential income streams.
Trevor Cook, partner, Baines Jewitt, explains:“ We work with a broad base of clients from the agricultural sector. These range in size and include family farms, market gardens and contractors.”
In particular, Baines Jewitt is helping more family-run businesses to make the most of their finances.
“ Many of these farms, such as North Yorkshire-based Greystone Farm, which is owned and operated by the Bainbridges, has been passed down through several generations of the same family. Each new cohort brings its own priorities and ideas about how to take the business forward, which creates renewed enthusiasm and fresh challenges,” explains Trevor.
“ As a professional accountancy and tax services firm, which specialises in helping the agricultural sector, we have seen Greystone Farm enjoy rapid growth over the last ten years or so. Alongside its arable operation, which includes growing wheat, barley, oilseed rape and beans, the business has increased the amount of share farming and contracting work, as well as diversifying into new areas such as free range egg production.”
Although each of Baines Jewitt’ s agricultural clients is unique, there appears to be a common theme throughout.
“ All of our farming clients need efficient financial control and want to make their businesses profitable. However, we recognise that working in the agricultural sector is very time consuming and requires a lot of dedication and hands-on activity. This can sometimes detract from the business side of things.
“ We aim to relieve that pressure by providing the right support at the right time. This includes everything from accounts preparation, maximising tax relief and cash flow projections to planning for development land sales, inheritance tax strategies and cost effective finance for machinery.”
To find out how Baines Jewitt can help to grow your agricultural business: Tel: 01642 632032 Email: info @ bainesjewitt. co. uk Web: www. bainesjewitt. co. uk
88 Summer 2017 www. farmers-mart. co. uk