Client Overview:

One of our clients is a family-owned agriculture business specialising in organic produce farming located in the rural outskirts. The company, founded in 2005 by the family, has steadily grown over the years, managing a large acreage of farmland and distributing their products both locally and nationally. With a workforce of 50 employees and significant investments in equipment and infrastructure, they faced the typical financial challenges of managing cash flow, optimising tax strategies, and securing the future of the business and its shareholders. 

Client Needs:

The business initially sought professional assistance to streamline their financial operations, reduce their tax burden, and establish long-term financial security for the family members involved in the business. They required expert guidance in areas such as company tax returns, self-assessments, bookkeeping, payroll management, and strategic financial planning tailored to the unique needs of the agriculture sector. Therefore, Maven was engaged to address the financial challenges that the business was facing. Our team of experts conducted a thorough analysis of the company’s financial records, tax documents, and future objectives to develop a tailored strategy. 

Service Implementation: 

Our experts identified areas where the agriculture business could optimise their tax strategies. By implementing efficient tax planning techniques, such as capital allowances for their agricultural assets and utilising agricultural property relief, we managed to help the company significantly reduce its tax liability while remaining compliant with relevant regulations. In year 1 of working with Maven, their company saved £34,000 in corporation!

Recognising the importance of retirement planning, we recommended director pension consolidation to maximise tax efficiency and retirement savings. By consolidating multiple pension schemes into a single, streamlined plan, the family could benefit from reduced administrative costs, simplified management, and enhanced investment opportunities. 

Maven also introduced relevant life plans tailored to the unique needs of the directors, providing valuable life insurance coverage while offering tax-efficient benefits for both the company and the insured individuals. This initiative not only helped reduce their tax burden but also ensured financial protection for the family in the event of unforeseen circumstances. 

To safeguard the interests of the family and ensure the seamless transfer of ownership in the future, Maven provided experts to facilitate the implementation of shareholder protection policies. These policies provided a structured framework for the orderly transfer of shares in the event of death or critical illness, mitigating potential conflicts and preserving the continuity of the business. 

The collaboration between the family-run agriculture business, Maven and our partners yielded significant benefits: 

• Tax Savings: By implementing optimised tax strategies, they reduced their tax burden, preserving valuable resources for reinvestment and growth. 
• Retirement Security: Director pension consolidation provided the family with a clear path towards retirement, ensuring financial security and peace of mind for the future. 
• Welfare: Relevant life plans and shareholder protection policies demonstrated the family’s commitment to the well-being of its employees, directors, and shareholders, fostering longevity, loyalty, and trust within the organisation. 
• Operational Efficiency: Streamlined financial processes, including bookkeeping and payroll management, improved efficiency, enables them to focus on core business activities and strategic initiatives.

Through proactive financial management and strategic planning, the partnership between Maven and the agricultural business has meant they’ve successfully navigated the complexities of the agriculture sector while optimising their financial performance and securing their long-term viability. By leveraging tailored solutions and expert guidance, the company has positioned itself for sustained growth and continued success in the dynamic agricultural industry.