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Farm Diversification: Where to start

According to DEFRA, 71% of farm businesses in 2023/24 have some form of diversified activity, up from 61% in 2014/15. Income from these activities produced £1.393 billion in 23/24, up from £1.321 in the previous year. This demonstrates  how important  these income streams have become.

Profitability

Profit is a measure of a business’s income relative to its expenses.  In other words, an organisation’s ability to generate revenue by using resources that it has available, such as people, materials and equipment. Unless you are running a charitable organisation, profit is generally the primary goal of a company.  As well as providing income for the owners of a business, profits allow for investment and growth. Whilst revenue growth is generally a positive indicator, we need to understand profitability if a business is to be successful.

Business Essentials – Structure

There is a lot of information around about company formats and the associated rules and tax regimes and a lot has changed in recent years.  So, what is the best structure to run your business through?  Your choice of business vehicle affects the type of taxes you pay, your liability for business debts and the legal and administrative requirements imposed on the business. 

Business Essentials - Employing People

As an employer in the UK, you have a number of legal and ethical responsibilities to ensure a safe, fair, and legally compliant working environment for your employees. These responsibilities span various areas, such as employment rights, health and safety, pay and tax obligations, and knowing who your employees are. 

Business Essentials – VAT

VAT (Value Added Tax) is added to most products and services sold by VAT registered businesses.  The main rate of VAT in the UK is currently 20%, although some goods and services are vatable at the reduced rate of 5% or are zero rated.  There are also goods and services that are exempt from VAT or fall outside of scope for VAT.