For so many farming businesses the same question is being discussed time and time again - what could replace the lost Basic Payment Scheme (BPS) income?
There is not, and should not, be a 'one approach fits all' answer to this complex question.
The levels of BPS received vary enormously, as do the individual businesses that claim it. The answer should be a considered one, tailored to the family and business in question and will depend on the assets the business holds.
Assets can be land and property, but they can also include the location, skills of the team, the drive and know-how of the team, and, of course, the existing trade itself.
Although we have been working with our clients to consider the
opportunities available there is further support available. Support
to help farmers and land managers navigate through the transition
in the form of The Future Farming Resilience Fund which launched
last month. The £10.7million of funding is to help those that
currently receive BPS to understand the changes and identify the
best ways
of adapting to them.
This funding has been awarded to 19 organisations, many of which
are local and well known, to provide the free business reviews.
This phase of support is available from
August 2021 to March 2022.
Please see the The Future Farming Resilience Fund: access free
support - Future
Farming (blog.gov.uk) for more information. Contact the
organisations directly to secure the support.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
