Diversifying traditional farming businesses

Diversification of traditional farming businesses has been a key feature of the rural landscape for many years now. As one of the leading providers of professional services to rural Scotland, EQ Accountants LLP have a long and proud history of acting for forward thinking farming businesses and have been closely involved in helping to establish and grow a range of diversified enterprises. The range of practical and business issues to consider when planning a new enterprise are vast and it is therefore vital that expert guidance and advice is sought from professional advisors. EQ help their clients through the process, from looking at the financial viability and planning the business structure, to funding and advising on the tax implications.

Mark Smeaton, who heads up EQ’s experienced team of rural business and agricultural advisors said, “The conversation with a client who is at an early stage in thinking about a diversification project is always the most useful, because from that point we can provide the right advice throughout the journey from it being simply an idea through to, hopefully, the new enterprise being operational and providing a new income stream for the wider farm business.” “There is always so much to think about, but our involvement enables our clients to focus on the important operational aspects of the new business which are going to be key to its success, leaving us to guide them through areas such as business structure, finance and tax. It’s very satisfying to see a client with a successful new enterprise where we have helped.”