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Full turnout for seminar on tax savings in the coalition economy

Spofforths Chartered Accountants joined forces with Savills and Landmark Systems to co-host a free breakfast seminar focused on tax issues relating to the English land market.  The seminar was held at Cowdray Golf Club on 23 November 2010 and saw an excellent turnout of over 70 people.

Ian Bailey, from Savills, gave a lucid update on the rural economy and related issues followed by Adrian Pearce, Head of Spofforths Farms and Landed Estates Team, who advised delegates on recent and imminent tax changes and how new legislation is being implemented.

 

Philip Lansberry, Director of Spofforths Private Client Services, provided an overview of the importance of Wills and Trusts in overall financial planning and he was followed by Mark Thatcher from Landmark Systems - the business software specialists for the rural sector who demonstrated the importance of handling paperwork efficiently. 

 

Key points raised included:

 

  • Many farmers have adapted well to adverse economic conditions by diversifying and utilising all their assets and resources, particularly on the property and leisure side
  • There is a steady upward trend for the rural sector in terms of revenue, including changes in commercial and rural estate usage towards leisure, sport and woodland
  • Land values in the South East increased by 150% between 2005-2010
  • 62% of farms sold during 2010 were due to exisitng farmers expanding
  • Savills predict an increase in land values of 5-6% over the next 5 years
  • H M Revenue & Customs are expected to tighten up on the collection of all taxes
  • It's vital to ensure business ownership is properly structured to maximize the tax relief available
  • Multi-enterprise businesses require sound management tools and pre-planning to keep up with, and take advantage of a changing tax structure and to navigate the public spending cuts and red tape
  • The structure of the business (and family) must be carefully considered when writing wills, to ensure entitlement to tax relief
  • People who leave money to charity live longer – this is a proven fact with statistics to back it up!
  • It makes economic sense to use professionals for complex tasks and ensure they have the information they need readily and easily, to save time and money on both sides       

Adrian Pearce commented: "We were delighted by the turnout to our seminar on Tax Savings in the Coalition Economy.  With the focus on cutting spending and saving more, clearly the government is going to claw back funds by being more efficient in their collection of taxes, so this was a poignant topic for our delegates."

 

 

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