< Previous East Midlands Business Link www.eastmidlandsbusinesslink.co.uk TAX Michael Ball, partner at Streets Chartered Accountants, discusses the reliefs for inheritance tax that can apply to farmland. T here are two main reliefs for inheritance tax that can apply to farmland. These are Agricultural Property Relief (APR) and Business Property Relief (BPR). APR applies to the agricultural value of the land and applies where it is occupied for the purpose of agriculture. The length of ownership and occupation required depends on who occupies the land; if it is occupied by the owner or a company they have a controlling holding in then the period is two years, if occupied by another, e.g. a tenant, then the period is seven years. BPR applies where the asset is used in a business that is not wholly or mainly one of holding investments. Therefore, a business that is more than 50% trading will qualify for the relief and this can apply to the full value of the land, including development value. The rate of BPR applicable depends on the circumstances and there are some restrictions, therefore advice should be sought out to confirm the qualifying status of a business and its assets. Potential issue Land that has been taken out of agricultural production over an extended period for an environmental scheme or project is unlikely to qualify for agricultural property relief from inheritance tax as the rules currently stand. Specific provisions were previously added to the APR rules to ensure that relief was not lost for previous schemes such as former set-aside land under The Habitat (Former Set-Aside Land) Regulations 1994. The new Environmental Land Management Schemes in England that will pay for environmental and climate goods and services, the Sustainable Farming Incentive (SFI), Countryside Stewardship (CS) and Landscape Recovery, do not currently have these provisions. So, where land has been taken out of agricultural production over an extended period for an environmental scheme or project, it is unlikely to qualify for APR based on the current rules. However, owner-occupiers may continue to benefit from BPR if the land is still used in the business and the overall business is not one of wholly or mainly making or holding investments. A particular area of concern is where a non- farming landowner leases the farm to a tenant. BPR would not be due and APR would be restricted to the land still being used for the purposes of agriculture. A consultation which discussed this matter (Taxation of environmental land management and ecosystem service markets) was issued in March and the consultation period ended on 9 June. It is therefore hoped that a reasonable solution is reached, such as the inclusion of specific provisions in the legislation to ensure that land under an Environmental Land Management Scheme will benefit from APR. East Midlands Business Link www.eastmidlandsbusinesslink.co.uk BUSINESS SERVICES B usiness services, also known as professional services, refer to economic activities that may need to be outsourced in order to run a business effectively. While the term itself can come across vague and nondescript due to its broad scope, it essentially refers to any financial, legal, technical, or other service a business may not have the skills or workforce to support. Such services might include consulting, accounting, legal assistance, marketing, human resources, IT support, financial planning, logistics, and facility management. The assistance offered by business services is far from limited to this handful of examples however. The sheer diversity of these services is what allows businesses to focus on their core competencies while outsourcing certain tasks to expert service providers, since each one is essential for the smooth functioning and growth of any company. By utilising the expertise of specialised service providers, your businesses can focus on enhancing operations based on its individual strengths, ultimately allowing you to Optimising operations Businesses can optimise their operations through outsourcing non-core functions to specialised service providers. East Midlands Business Link takes a closer look. www.eastmidlandsbusinesslink.co.uk East Midlands Business Link BUSINESS SERVICES achieve strategic objectives more effectively. Many businesses opt to outsource certain non-core functions to specialised service providers. Outsourcing allows access to top-tier expertise without the need for in-house resources, leading to cost savings, increased flexibility, and better focus on the precise function and services provided by your business. Defining the areas where a business needs support from external providers is a critical step in optimising operations and achieving strategic objectives. There are many steps you can take to clarify where outside assistance may be needed, but the first port of call should be setting your goals and objectives. Determine where you want your business to be in the years to come by outlining short-term milestones that will lead to long-term achievements. Your goals will serve as a guide in identifying the areas that need improvement or additional support. Many businesses find it hard to manage building marketing strategies and campaigns while handling their central functions or services, especially if resources are too slim to hire specialised staff. If your long-term plans include building the strength of your brand through advertising campaigns, digital marketing strategies or social media presence, business-to-business marketing agencies can be engaged to plan, create and launch any or all of these to reach a broader audience. When you’ve identified your goals, identify your company’s core 24 Á © stock.adobe.com/A Stockphoto East Midlands Business Link www.eastmidlandsbusinesslink.co.uk BUSINESS SERVICES competencies – the areas where your business excels and differentiates itself in the market. By understanding your strengths, you can distinguish which of your non-core functions may need more support. Internal assessments may then be arranged. These should be comprehensive and analyse each department or function to identify strengths, weaknesses, opportunities and threats in a process also known as SWOT analysis. Reviewing each of these areas will identify where there are inefficiencies, resource constraints or challenges being experienced. You may also focus on specific concerns, and review how your time, finances or labour resources are allocated, as a few examples. Determining where any resources are inefficiently distributed will help clarify if reallocating them could bring about improvements. Benchmarking your company’s performance against industry best practices and standards will give valuable insight regarding how to remain competitive and compliant with regulations, especially as your business inevitably evolves alongside market trends and industry changes. Comparing your performance with best-in-class organisations can uncover ways to work towards higher product quality and increased productivity. From there you’re free to think about which practices will require outside help. www.eastmidlandsbusinesslink.co.uk East Midlands Business Link BUSINESS SERVICES Customer satisfaction is one key area that can be measured against competitors, and supported by business services if necessary. Assessing how useful or enjoyable the public finds your product, and comparing these levels against competitors or industry averages, highlights areas where collaboration may be needed to improve your reputation. For instance, you might choose to work with an outside customer relationship management service to personalise interactions with your customers. With the service ratings worries off your shoulders, there’s shared energy available to create tailored recommendations, targeted promotions, and a personalised user experience that will make more customers feel valued. By taking steps like those just discussed, any business can gain a comprehensive understanding of its needs, and make informed decisions about which areas require support. But while business services offer many advantages, there are challenges to consider. Budget constraints are a common difficulty when seeking business services, as some services may come with high costs. However, a trustworthy provider will be open to sharing cost breakdowns, allowing you to negotiate terms and compare quotes from multiple vendors. Another major concern is selecting the right partners to align with your goals and requirements. With numerous options available, it can be overwhelming to choose the most suitable partner, but start by conducting thorough research and due diligence. Beyond ensuring you get the best for your money, knowing the quality and reliability of the services provided is crucial. It’s always important to look for providers with a proven track record, relevant experience and positive client testimonials. Request references and case studies to assess a provider’s capabilities, while clearly outlining expectations and ensuring both parties have a mutual understanding of the project scope. Finally, before you begin a project with a service provider, effective communication is essential for successful collaboration. First of all, establish clear lines and points of contact on both sides. Utilising project management tools and video conferencing platforms will facilitate seamless communication during any ongoing tasks, and regular meetings can be scheduled in case any challenges or questions arise. When you’ve identified where external support is needed and found reliable providers, remember that ongoing evaluation and adaptation are vital. Businesses may need to adjust to changes in project requirements or timelines, so any choice of services must consider their history of willingness to accommodate changing needs. Once trust and flexibility have been established however, you’ll have a dedicated and highly-skilled team to overcome any economic challenge your business may face. © stock.adobe.com/ty East Midlands Business Link www.eastmidlandsbusinesslink.co.uk OMS Q&A What services and products do you offer at OMS? Initially OMS offered quality consultancy and business improvement. As OMS became a known and trusted name, to satisfy customer demand, we expanded our services to include health, safety and environmental consultancy, which was swiftly followed by providing training. We now offer a one-stop-shop service for health and safety training and systems consultancy. Our course portfolio includes NEBOSH, IOSH, CITB, SPA, IPAF, PASMA, Ladder Association, City & Guilds, UKATA, Worksafe, ILM, and CSCS tests. How did you choose OMS’s location and do you operate all over the UK? OMS was initially based in the Northwest, however, we carried out work in Leeds, Sheffield, Great Yarmouth, London and some overseas work in Canada and Germany. Therefore, it made sense to move to the East Midlands as it was central and has a good transport network system. We moved into our current property over 12 years ago because the building is ideal for our needs, its location to the motorway network and has excellent customer parking. OMS is a family run business; do you think this has added to the success of the company? I think the main criteria for success is having the right people with the right attitude and skill sets within the business to be able to take on the challenges that face any business. In many ways the OMS Team is an extended family all pulling together for a common goal. We try and involve our staff in the decision-making process for many aspects of the business, so they can see their ideas become reality and can take pride in being part of OMS. Our business is about building long-term trusted relationships with our customers and trading partners, and this is proven by the longevity we have with both. John Jenkins was our first customer when we started implementing the ISO 9001 system into the London Underground back in 1998, and he attended our 25th Anniversary celebrations, as did Mike Shakespeare who was one of our first Associates that joined our team. Where do you feel OMS’s biggest opportunity for growth is? It will be interesting to see the effect of changes in legislation caused by Retained EU Law (Revocation & Reform) Bill due at the end of 2023. Changes in fire legislation are also having an impact and there will be a significant growth in fire consultancy and training requirements because of it, so that is a big growth area. I also see a growth in the health and safety training requirements as new people come into the workplace, especially in construction and house building sectors. You continuously launch new qualifications for the business, can you tell me about how you choose and plan these new training initiatives in? (NEBOSH Diploma, 2377-77 PAT Testing, C&G construction NVQs) We chose our consultancy and training offerings based on the market requirements. We do research and speak to our customers, look at changes in legislation and see what new initiatives are coming down the road. We started delivering the NEBOSH Diploma at the beginning of last year, because several NEBOSH Certificate customers were asking about the qualification. We saw a demand for it and the course has had a much better than expected take up and has been a huge success. Similarly with 2377-77 PAT Testing and City & Guilds Construction NVQs that we gained approval for last year they have been a success story in meeting our customers’ requirements. OMS This month we meet with consultancy and training specialists OMS to find out more about the company, and how they help businesses improve performance and meet regulatory requirements. @OMS - Training and Compliance @OMStraining @OMS_trainingwww.eastmidlandsbusinesslink.co.uk East Midlands Business Link OMS Q&A For more information or to contact OMS directly visit www.oms.uk.com, call 01530 833 533 or email info@oms.uk.com East Midlands Business Link www.eastmidlandsbusinesslink.co.uk PRINT AND PACKAGING SPOTLIGHT Designing Business should embrace eco-friendly print methods and circular packaging to create a lasting impact on customers and the environment, whilst maintaining brand excellence through user testing and feedback. www.eastmidlandsbusinesslink.co.uk East Midlands Business Link PRINT AND PACKAGING SPOTLIGHT D esigning and executing the best packaging for your brand, identity and product can be a labour of love, often necessary to attract customers in the first place. But it’s worth the attention to detail, down to the literal fine print that can hold consumer attention by providing them with vital information. Even in these smaller details, there are a multitude of functions such as accessibility, placement and appearance to consider. Conveying unique selling points and features – even in just a few words to as many people as possible – contributes a great deal to making an instant emotional connection, or being able to tell an intriguing story to anyone spotting a product on a shelf. Whether the focus is image, colour, text or a combination of all three, ergonomic and attractive packaging design is what first grab the eye in a highly competitive retail environment. It establishes brand recognition and loyalty, and serves as a marketing tool by creating a visual or narrative identity that distinguishes a product from its competitors. To look, feel and be different from the competition, start by making your print and packaging designs vibrant and unique, but simple and clear in their functionality and communication. A clean and uncluttered design allows consumers to focus on the essential details and helps the product stand out, while consistency with colour, shape, imagery and taglines fosters instant recognition and trust with consumers. Simplicity and speaking volumes aren’t mutually exclusive. A single well-chosen graphic or short phrase can be more striking and resonant than all the words or pictures in the world. Looking at brand image and identity as making the best possible first impression might be helpful when creating or reworking designs. Flashy gimmicks might be handy for an instant buzz but irritate customers in the long term. Ditching loud logos or a brash tone in favour of softer colours and gentle language may better put across honesty, caring and trustworthiness – values that’ll encourage long-lasting loyalty. © stock.adobe.com/MclittleStock © stock.adobe.com/IRINA 30 ÁNext >