Insights

Practical guidance for our rural and farming clients #38

In this week’s Rural Update we take a look at: 

  • National Insurance planned increase 
  • Taking on the family farm: Advice for the young farmer 
  • Family financial planning: Do I need life insurance & income protection? 
  • Important tax reporting changes for the self-employed from 2023 
  • Visit us at the Dairy Show 2021

14th September 2021


National Insurance planned increase

After much speculation, Boris Johnson has unveiled his long-term plans for social care and the NHS through the introduction of a Health and Social Care Levy.
We discuss the key points here.


Taking on the family farm: Advice for the young farmer

The transition of a farm from one generation to the next can be a complex and sensitive process. So, what do young farmers need to think about?    


Family financial planning: Do I need life insurance & income protection?

Having an appropriate level of insurance protection in place is a key part of your family’s financial plan. Both life insurance and income protection insurance can offer security to your family should those worst-case scenarios happen.
Find out more here. 


Important tax reporting changes for the self-employed from 2023

The government has recently published draft legislation that may mean sole traders and partners in a partnership potentially face an acceleration in the date they pay tax on their profits.
Find out more here. 


Visit us at the Dairy Show 2021

The Rural team at Old Mill will once again be attending the Dairy Show, taking place at the Royal Bath and West Showground on Wednesday 6 October.    

You can find us in our usual place in the Showering Pavilion. We will be providing hot and cold drinks throughout the day and a delicious hog roast during lunch time.   

You can also pick up a copy of our latest Milk Cost of Production Survey 2021 in collaboration with The Farm Consultancy Group. Hot off the press, this publication is a report using sample data from a number of farming clients, and an insightful read for dairy farming businesses.     

For more information about the show, visit:  https://www.bathandwest.com/the-dairy-show.   


If you have questions about any of the topics we discuss in this update or relating to your own business please do get in touch with your Old Mill adviser in the first instance, or alternatively click here…