Why did the farmer cross the road? To diversify
Combined with the demands of competing in local and international markets it is estimated that half of UK farms have embraced diversification to spread risk, be tax efficient and lead innovation. And accountants play a leading role in helping businesses diversify and grow in these challenging economic times.
From selling combine harvester spare parts all over the world, to turning scallop shells into fertiliser and supplying wildflower turf for Danny Boyles' 2012 London Olympics opening ceremony, UK farmers demonstrate that they are at the forefront of entrepreneurship. The award winning dairy farmer Michael Eavis is perhaps the greatest proponent of diversification after he established the Glastonbury festival. As the guest speaker at the 2016 AGM of ICAEW West of England he exemplified the partnership between the business community and the accountancy profession.
From wide ranging titles like Tax Planning for Farm and Land Diversification which covers activities from biofuels to wind farms and paint-balling to golf, to the specific such as Equine Tax Planning and Furnished Holiday Lettings: A Tax Guide, the ICAEW Library provides access to a wealth of relevant information about diversification opportunities for farmers.
Membership of the Farming and Rural Business Group provides exclusive access to events, industry news, tax news and advisory helpsheets. Plus information sources giving current crop, livestock and milk prices.
Our agriculture and rural business page lists books, articles and reports available through the Library and links to advice about grants, subsidies, valuation and tax issues from UK government and trade associations. We've also created guides for arable, dairy and livestock farming, which include links to market research, statistics, import/export facts, trade associations, trade journals and more.
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