New ventures and diversification

In the current economic climate, many farming and rural businesses are looking to diversify in order to make the most of new revenue streams.

This can include changing the type of crops and livestock on the farm, starting a bed and breakfast or opening a tourist attraction.

However, when looking to diversify, it is important to take into account the tax implications of entering a new market and what the most suitable business structure will be.

For example, the costs of converting farm buildings for the new venture can qualify for capital allowances on integral features, such as electrical, cold water or air conditioning systems, providing valuable relief on your tax liabilities.

Furthermore, our corporate finance team can assess your funding requirements and negotiate with providers to put together the right funding package for your business.

As tax professionals, the team at Nicholsons can advise on the most tax-efficient route when diversifying your business. Therefore, for more information and guidance, please contact us.

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