Farmers working in a partnership and making Basic Payment Scheme (BPS) claims will need to provide fuller detail to the Rural Payments Agency (RPA) this year.
Businesses and farmers already using Rostons to complete their claims will already be aware of this, but others need to take note that they will be required to provide additional details of the partnership, including National Insurance numbers.
Rostons Director Tony Rimmer said: “What has become clear as we take people through this process is the need to ensure sure that partnership agreements are up to date – if indeed they exist at all.
“Lack of an agreements only becomes a problem if the family/partnership breaks down. Sadly this does happen and lack of an agreement makes resolution painful and expensive.”
Partnership agreements must cover a number of basic issues:
- Who are the partners?
- What are the partnership’s assets?
- How are the partnership’s profits split?
- What happens if a partner wants to retire from the business?
- How is the partnership share valued?
Tony said: “While we are not solicitors and therefore cannot draw up the the legal document, we can advise and assist in the planning of what should be included and point you in the direction of a good agricultural solicitor.”
For a confidential discussion, please contact Tony Rimmer or the Rostons team.