Longfields - Agriculture | Commercial | Private Clients

Longfields Insurance Appoints reputable Mark Whyman as Rural and Agricultural Director

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We at Longfields Insurance, a provider of insurance solutions in East Anglia, are thrilled to announce the appointment of Mark Whyman as our new Rural and Agricultural Director. This strategic decision underscores our dedication to delivering unparalleled service and expertise to rural communities.

"Mark has played a key role in Longfields' success for many years and has been a dedicated advocate for the rural community," said Luke Broadley, Managing Director of Longfields Insurance. "His appointment not only reflects positively on Longfields but also stands as a testament to his unwavering commitment to serving the needs of the rural community."

Mark Whyman expressed his delight at joining our board as Rural and Agricultural Director, citing his extensive experience with our company and in the industry. "Having worked for Longfields for seven years as Senior Rural and Agricultural Manager and serving the community for in excess of 20 years, it is an industry that I know very well," he said. "It is certainly the right time for me and the company to support the next phase, which will cement even further our commitment to our Rural and Agricultural Clients, ensuring we live by the 'old fashioned' personable customer relationship."

Mark also highlighted his alignment with our Managing Director Luke Broadley's vision and values, which will further enhance the customer experience. We look forward to continuing this commitment into 2024 and beyond, ensuring Longfields remains dedicated to our clients and communities.

How we did in 2022

It's been over a year since Longfields launched a Financial Services offering in conjunction with Independent Financial Adviser Neil Walker of 2plan wealth management Ltd. With 2023 well underway, we caught up with Neil to look back on how he has assisted our clients with their financial planning over the past 18 months.

Whilst each client may have different needs, Neil tells us in 2022, there were four key areas that clients discussed with him. Below, we take a look at what these were:

Protecting loved-ones

Since the Financial Services offering began, approximately 30% of our cases have involved offering financial protection for loved ones. An area which Neil is finding more and more people being acute to. Not only in terms of the requirement to protect against the breadwinner's premature death but also the need to replace lost childcare provisions and important tasks at home. These are all seen as vital should the worst happen to a parent in the family.

Alongside obtaining life cover, many clients are becoming more aware of the need to protect against serve or critical illness. We have seen approximately 40% of our protection cases making provisions for this as well as death. This need is all too easily reflected when we consider Macmillan’s latest research, which suggests that as many as 1 in 2 of us will be diagnosed with cancer during our lifetimes. Having a financial response to such a diagnosis can at least soften the financial blow of such life-changing news, allowing you to focus on recovery without the additional worry of finance.

Tax Savings

Our 'A New Tax Year' blog, which launched in spring 2022, remains the main area of focus for enquiries, and we'd actively encourage you to read this. In the blog, Neil talks about making full use of the tax efficiencies offered by ISAs and Pensions, as well as ensuring that current plans match a client's current needs, views, and circumstances. In fact, more than 50% of our cases since January 2022 involve using an ISA or Pension solution.

Keep regular focus

Looking back on what has been one of the most turbulent years for financial markets in some time, simply providing a regular and reliable face-to-face review service is hugely important to allow clients to keep things in perspective. Neil finds that just being there to hold his client's hand as fund values fluctuate is one of the most important parts of an investor/adviser relationship. The emotive desire to 'cut and run' as markets decline is most natural for many clients. By removing emotion from the equation, clients can focus on their original investment goals while ignoring all the noise. Regular reviews of asset classes, portfolio makeup and a client's risk attitude enable us to ensure that the client remains on track for their goals. By far, the majority of Neil's meetings are spent completing reviews of current holdings.

Make the most of Limited Companies opportunities for owning Directors

Be it by making pension contributions funded by the employer or by the use of Relevant Life as a highly tax-efficient method of protecting the family, reviewing family-owned companies has increased in popularity. Of those life cover cases previously mentioned, 30% have been funded by a Relevant Life plan, which means that the business can offset the cost of family protection as a business expense, leading to large tax savings. In our blog 'Let Your Business Take the Strain', Neil talks about the benefits of Relevant Life and why business owners should explore this as part of their personal and business financial arrangements.

As 2023 gathers momentum, early indications suggest these four main focus areas, along with Inheritance Tax issues, remain top of the list for Longfields clients.

If you would like to discuss your financial planning and find out how Neil can assist you, please speak with your Longfields Account Manager, who will put you in touch with Neil.

 

Neil Walker is an adviser at 2plan wealth management Ltd.

2plan wealth management Ltd is authorised and regulated by the Financial Conduct Authority. It is entered on the FCA register (www.fca.org.uk) under reference 461598. Registered office: 2plan wealth management Ltd, 3rd Floor, Bridgewater Place, Water Lane, Leeds, LS11 5BZ. Registered in England Number: 05998270

Tax planning is not regulated by the Financial Conduct Authority.

With the 2023/24 tax year upon us, our friends at 2Plan Wealth Management have compiled a handy document providing the rates and thresholds you need for the new tax year. Available for free, download the 2Plan Wealth Management tax tables.

In early 2022, we announced our collaboration with Independent Financial Adviser Neil Walker of 2Plan Wealth Management, and we're proud to say Neil has been assisting many of our clients ever since.

Carrying over 26 years of advisory experience, Neil can assist businesses and individuals with their financial planning. Whether you would like to learn more about the 2023 Spring Budget, announced on 15 March 2023, the 2023/24 tax year, or would like some advice on how to get started with your financial plan, speak to your Longfields Account Manager. They will introduce you to Neil, who will then be your point of contact for any financial advice you need.

Speak to us today on 01473 784500.

2023 Spring Budget

On Wednesday, 15 March, the Chancellor, Jeremy Hunt, delivered the 2023 Spring Budget.

To learn more about the 2023 Spring Budget, our friends at 2Plan Wealth Management have compiled a handy guide outlining all the changes.

Our collaboration with Independent Financial Adviser Neil Walker means we can offer our customers a financial advisory service. If you'd like to learn more about what the Spring Budget means for you, speak to your Longfields Account Manager, who will put you in contact with Neil. Call us on 01473 784500.

Download the 2023 Spring Budget Guide from 2Plan Wealth Management

Longfields, we’re more than just an insurance brokerage. We firmly believe in networking and assisting our customers and local businesses wherever possible.

Our Managing Director, Luke, is a loyal customer of Fodder, a local Butcher Shop and Deli, based in Melton, Woodbridge. With Christmas only a few weeks away, we called in to see one of the owners, Harry, to learn more about them and why local support is vital to their businesses.

When was your business established in our local community, and by whom?
We took over a long-established local business in May 2022. Our background in food was based in producing scotch eggs for the likes of Harrods, Selfridges and Fortnum & Mason. We decided to take on a retail outlet and have our own customer-facing place to showcase our food creations.

Are you a family-run business?
I run the shop with my brother, Jack. He is more hands-on in the day-to-day running of the shop and is responsible for bringing in all the wonderful deli products you see in there. My role is more focused on the creative side and the painful admin!

How were you affected by the pandemic closures?
Our takeover was post covid restrictions, so luckily, we missed that, but the previous owners did incredibly well over those years as the local communities around the country dug deep to support local, which is just brilliant.

What does your business mean to you personally?
My business is my everything. It gives me the chance to provide people with the food that I truly believe in. A chance to educate people on more sustainable ways of eating meat and working with small producers to showcase their amazing products. It’s fraught with highs and lows and is so personal as we put every waking hour into being the best we can be, but the highs far outweigh the lows for sure.

Where do you see the future for local butchers, and why?
I think butchers have a tricky future, but if done right and focused on important subjects like sustainability, I think they can do really well. I’ve always been an advocate for eating less meat but eating good meat. So not eating meat twice a day from a supermarket but eating local, regeneratively farmed meat a few times a week instead.

Why is local support so important to your business?
It’s vital for us to gain support from the locals. We’re up against the supermarkets, which from a pricing point of view, we just can’t compete. We do, however, beat them on quality by a mile. We work tirelessly with other small businesses like ours who are championing more sustainable and regenerative farming methods and producing high-quality products from which we curate a perfect selection for our loyal customers. It’s a David vs Goliath battle that we believe we can win because we have a b etter offering that serves the public with a more conscious choice.

A big thank you to Harry at Fodder’s for taking the time to speak with us, especially during the busy festive season. To learn more about Fodder’s, head to their website and visit their social media channels.

As the cost-of-living soars, why not let your business take the strain when it comes to protecting your loved ones?

In this blog, written by Independent Financial Adviser Neil Walker, Neil looks at how your business could take the strain as cost-of-living rises.

As interest rates rise and the cost of living seems to increase daily, finding ways to save money are more important than ever. This is certainly the case for small business owners who, more than most, are feeling the pinch of the cost of living from both the professional as well as the personal side of life.

As more of the population are now working for themselves via their own limited companies, many small businesses are missing out on the tax savings available by letting their business provide for their families by way of life cover through an underutilised and often overlooked product called Relevant Life.

Relevant Life is a tax efficient way for businesses to offer life insurance (death in service benefits) to their employees on an individual basis. In the case of many small businesses, such employees will also include the business owners such as Managing Directors as well as other family members. It therefore allows the business to take advantage of the tax efficiency usually enjoyed by larger companies with larger workforces.

In simple terms the employer provides an individual life cover policy for an employee that pays out a lump sum if the life covered dies during the policy term. The employer being the policyholder, the employee being the life insured with the policy being written in trust to provide the benefit for the employee’s chosen beneficiaries.

As Relevant Life is written on an individual basis, small business owners can take advantage of the tax efficiencies generally enjoyed by large companies by covering themselves should they be employed by their own limited company.

Please note that the provision is for an employee or employed Director so this style of provision is not suitable for self-employed or partners.

How does it work?
  1. An employer takes out a policy on an employee’s life.
  2. The policy is put in trust for the beneficiaries.
  3. If the employee dies the trustees claim and pay out to the beneficiaries.
How is it tax efficient?
From the employer’s perspective, the premium is employer funded and therefore there are no national insurance contributions on them. As the premiums are a business expense, they reduce profitability and therefore potentially gain Corporation Tax Relief.
As far as the employee is concerned the tax benefits are many: -

The benefits of purchasing life cover via relevant life are best seen when looking at the net cost of purchasing life cover for an employee through the relevant life plan when compared to a standard individually purchased life cover policy.

Worked Example
Assuming a £100 monthly premium for an employed Director of a limited company (basic rate tax payer).

 

The results are even more pronounced for a high-rate tax payer as follows:

For these calculations, I have made use of Aviva’s Relevant Life calculator and must therefore stress the following points.

 

The benefits of Relevant Life can offer large savings to many employees and small business owners and are certainly well worth exploring as part of both personal and business financial arrangements. As with many areas of financial advice, there are many providers offering different options for Relevant Life protection. In order to gain the best policies for your needs I would strongly recommend the use of a professional and independent financial adviser.

If you are concerned about the provision for loved ones as well as ongoing costs, Relevant Life may offer peace of mind as well as the savings needed to help with these uncertain inflationary times.

If you wish to discuss Relevant Life with Neil or would like to talk about your financial planning, please speak with your Longfields Account Manager, who will put you directly in touch with Neil.

2plan wealth management Ltd is authorised and regulated by the Financial Conduct Authority. It is entered on the FCA register (www.fca.org.uk ) under reference 461598.

Registered office: 2plan wealth management Ltd, 3rd Floor, Bridgewater Place, Water Lane, Leeds, LS11 5BZ.

Registered in England Number: 05998270

A New Tax Year, A Great Time to Focus on Your Finances

In our personal lives, tradition dictates that the beginning of the New Year is a great time to focus our resolve on those things we wish to achieve in the coming year. Similarly, the new financial year, which starts on 6th April, is a great time for us to consider the goals in our financial lives to ensure that we are on track to meet our expectations and dreams.

From the good housekeeping of ensuring that we consider the use of various annual allowances at the earliest opportunity, as well as looking at the potential of maximising the tax relief, particularly for those paying higher rates of income tax, the benefits of regular annual reviews means that we have a far better chance of remaining on track by putting best practices in place early in the tax year rather than the annual rush not to miss deadlines which is such an unfortunate feature of the financial advice industry.

A strong financial review is about ensuring that we have the right money in the right place at the right time.

Protecting ourselves and our loved ones is always the first consideration of a solid financial plan. Only by having a firm foundation on which to base our financial objectives can we ensure that our plans are achieved should misfortune strike.

Reviewing one’s position in terms of the “what happens ifs” is something we should perform regularly. The potential of job moves, particularly following the pandemic, means the protection we thought we had provided through our employers may have changed significantly. Making sure that our financial provision is robust enough to deal with the potential loss of income caused by a long-term sickness or the financial shockwave caused by an unexpected dread illness and in the worst-case the financial devastation of premature death are, considered, discussed and costed and suitability of current provision is assessed and renewed where necessary.

Another side effect of the pandemic is the increase in the number of people venturing into self-employment or starting their own small businesses. By implication, the historical comfort blanket of employee benefits provided by traditional larger employers is now far less protective to many and the need to review protection is something which can easily be missed through the hectic days of starting out on such business ventures. There are tax efficient methods of protecting people in their own businesses which may well have been missed. A financial review can ensure that we remain up to date with such opportunities.

Away from this important, yet often shied away from area of protection, regular assessment of the existing investment and pension holdings is a huge benefit of regular reviews. Assessment of an individual’s current ‘attitude to risk’ for specific objectives as well as looking at the charging structures and benefits provided by existing policies, is a valuable part of the review process. I have lost count of the number of people who are invested in pension and investment funds that were initially chosen many years ago when the investor was at a very different stage of life than they are today. By regularly assessing an individual’s risk tolerance and reviewing the appropriateness as well as performance of one’s holdings, we should be in a far better position to plan and achieve our retirement and other investment objectives.

In summary, the benefits of a regular review with an independent financial adviser can be seen as ensuring our provision against the worst is up to the job whilst vastly increasing the chances of achieving the financial goals and dreams we have worked so hard for.

As an independent adviser I will conduct a fair and unbiased analysis of the market in relation to your personal needs should the need arise. There is no time better than the New Tax Year to start to plot the course for our financial futures.

Happy New (Fiscal) Year!!!

Neil Walker  Neil Walker, Independent Financial Advisor

 

Please note, the value of investments can fall as well as rise and you may not get back the amount originally invested. The FCA does not regulate tax planning.

When it comes to buying agricultural, commercial or personal insurance, tapping into the expertise and experience of the Longfields team can be a smart move.

If you're running a business or need cover for high-value personal assets, finding an insurance policy that meets your needs can be challenging and time consuming. It's not just about the headline price. It's about making sure that you're adequately covered and that you won't find yourself less than satisfied if you need to make a claim.

There is an easier solution: get in touch with Longfields. As an insurance broker, we can offer you a range of benefits which speak for themselves.

Personalised service
As a broker, we aren't tied to any one insurance provider. That means you get choice, flexibility, price competitiveness and impartial advice. We work with an extensive network of trusted insurance companies, so we can offer you a policy that's perfectly tailored to the needs of your business, whether you're running a farm, an SME or a large corporation. We can also provide bespoke solutions for private clients, with cover for all kinds of valuable assets, from art and antiques to property, private yachts and more.

You'll also benefit from continuity. Your dedicated account manager will get to know you and will be with you all the way, from discussing your needs through choosing your policy to making a claim if necessary. So, you don't have to worry about dealing with a call centre or being passed from one department to another.

Save time and hassle
The insurance marketplace is increasingly complex and finding the right policy can take a lot of effort. Why spend time comparing cover and benefits when you can leave that to a broker and focus on running your business or looking after what really matters?

Get the right cover
As a broker, we start with your requirements, not ours. For example, you may have unusual or complex business activities or high-value, high-risk assets. That means we can find you a policy that delivers exactly what you need.

Whilst, of course, price is an important factor and we can be very competitive, in equal measure, we spend time to thoroughly understand your business to ensure your policy reacts should you suffer a loss.

What's more, your policy does not have to automatically renew year on year. You will have a dedicated Account Manager that can come and visit you on your premises, or telephone you if you prefer, to carry out a full renewal review in advance of your policy expiring.

Peace of mind
If the worst happens and you need to make a claim, it's reassuring to have the support of an insurance professional to guide and support you through the process. We pride ourselves on putting excellent customer service at the heart of everything we do. Insurance claims can be complex and we use our expertise and experience to ensure your claim is settled as quickly and efficiently as possible.

Remember, you will always have your dedicated Account Manager at your disposal.

The Longfields promise
We're committed to delivering high-quality, price-competitive insurance solutions tailored to your needs, along with the highest standards of personalised customer service.
With over 50 years' combined experience, our friendly, proactive team offers specialist knowledge and experience in agriculture, commercial and private client insurance.

A bit more about our team
In our agricultural department, members of the team are also closely involved in community and charity work, giving them an insight into the unique challenges facing farmers in today's world. For example, one of our Farming Account Managers, Jill Girling, volunteers for the Royal Agricultural Benevolent Institution (RABI), sitting on the committee and helping with the organisation of events and fundraising activities. Our Agricultural team have also completed mental health training with YANA, which supports those involved in farming and other rural businesses affected by stress and depression.

Of course, farming is not our only area of expertise. Our commercial team has extensive knowledge across a range of sectors including, but not limited to haulage, construction and property owners, manufacturing and wholesaling, retail….. the list goes on!

Now's the time to discover the benefits of using Longfields. Whether you're looking to renew your policy or simply want some advice, the team at Longfields will be happy to help. You can contact us on 01473 784500 or 01206 396000, info@longfields.co.uk

Rural law-breaking may have been pegged back by the pandemic, but it hasn't gone away. With perpetrators becoming more devious and new worries such as online fraud, farmers must stay one step ahead and be proactive to keep their property and assets safe and secure.

Rural crime remains a significant challenge across the UK. While the COVID-19 pandemic restricted the activities of criminals, with numerous lockdowns, the problem hasn't gone away.

The cost of theft runs into tens of millions, with many of the victims of rural crime being farmers and landowners whose livelihoods continue to be regularly impacted by theft of machinery and livestock, malicious property damage and other illegal acts.

New trends
Tactics and types of crime seem to be evolving. Thieves are thinking bigger, with high-value items such as smart technology, quad bikes and all-terrain vehicles (ATVs) being specifically targeted. As many council refuse sites closed down or became more difficult to access during lockdown, fly tipping increased. And with a huge increase in dog ownership over the past eighteen months plus more staycations and visits to the UK countryside, attacks on livestock have risen sharply. Theft of working dogs is also a growing concern, with some farms losing several animals at a time.

New technology is also helping criminals be more effective. Gangs known as 'rural wraiths' are using super-quiet e-scooters to sneak onto farms. They steal valuable items, such as GPS equipment, then shoot off into the night with hardly a sound. Costing anything from £4,000 to £10,000 or more, GPS technology is an essential tool in modern farming and the impact of being without a vital piece of kit, even for a few days, can be significant, delaying essential work such as harvesting.

To guard against GPS theft, some farmers remove the devices and store them securely at night. But if you do this, it's worth checking your insurance policy. Some insurers don't provide cover if the equipment is not attached to the vehicle and the loss may not be covered under your Motor Insurance Policy, while other insurers arrangements may also not pick up the loss. If your GPS devices carry security codes, we’d recommend using them, and where possible, mark them with a security mark or even your postcode.

Online threats
Like anybody else in today's digitally driven world, farmers can also fall victim to cybercrime. Online criminals are becoming ever-more devious and, when you're logging on to your computer at the end of a tiring day, it's easy to be caught out by a phishing email or banking scam. The golden rule is to treat every communication you receive with care and think before you click.

A hidden problem
A crime that can often sneak under the radar is hare coursing. Despite being banned in 2004, it remains a costly and distressing problem for thousands of farmers, across the UK. Not only is it a cruel blood sport, it can cause major damage to crops, fences and gates. The internet has helped turn it from a poacher's pursuit to a serious online gambling and entertainment business, with encryption allowing coursing activity to be livestreamed to spectators.

Whilst perhaps a less known element of rural crime, its awareness in the Eastern region has recently seen a surge, with local police forces joining together to tackle the issue.

 

Focusing on prevention
While agricultural crime can sadly seem like an inevitable occupational hazard for farmers, there are several measures you can take to assist in protecting your property, land and livestock.

Making things difficult for criminals can be a simple deterrent. Whilst not an exhaustive list, this can include having robust padlocks on gates, blocking unauthorised access to fields and woodland, installing security lights with motion sensors in yards and drives, and ensuring vehicles are locked and the keys removed, even if you're only leaving them unattended for a short period of time.

It's also a good idea to keep details of all your vehicles and other valuable equipment in a safe, convenient place. Take pictures of them and record their serial numbers, so that you have all the info at hand in case of a theft.
Smart security

With advances in technology, more sophisticated security equipment is now relatively affordable. A professionally installed CCTV system with infra-red cameras and an alarm system linked to your mobile phone is the premium option, but there are also entry-level DIY kits available for just a few hundred pounds. Some of the more expensive systems feature the option to have ANPR camera technology which will record vehicle number plates.

To help with reporting crime, it's worth considering downloading the what3words app, which can help save time in identifying your location to emergency services.

Peace of mind
Whatever safeguards you put in place, unfortunately there's always the risk that you'll fall victim to agricultural crime. That's why it makes sense to have comprehensive insurance cover in place and give yourself peace of mind. At Longfields we have strong roots in the farming industry and specialise in providing insurance solutions tailored to the needs of today's farmers. We work closely with clients to make sure they have the right types and levels of cover in place, and we can also provide valuable advice and suggestions on security and crime prevention.

Speak to us today on 01473 784500 or 01206 396000 and find out how Longfields can help you.

With over 50 years of combined experience, we have the expertise, knowledge, and marketplace to present competitive insurance deals, both in premium and cover. 

Delivering insurance solutions across Cambridgeshire, Essex, Norfolk and Suffolk, the Longfields team has strong roots within the farming and agriculture industry. Our team has over 50 years of combined experience, and it's this experience that means we don't just understand insurance; we know farming too.

Luke, our Managing Director, knows that delivering a good old fashioned first-class service with a quality insurance solution for our farmers is key, and this is an ethos that runs throughout the company.

It's not just agriculture insurance we do; we also offer commercial and private clients insurance, making sure your life's most valuable assets are covered.

You'll find our office in rural Suffolk, in a village called Otley. We've set up home in an old barn, which has been developed into an office space, and we have stunning views of farmland all around us.

Our team has a real passion for farming. Jill, one of our Farming Account Managers, was, in fact, born into a farming family, meaning she knows first-hand what life is like on a farm and the key months in a farmer's life. Jill channels this knowledge into her 30 years of experience within the insurance industry to deliver suitable insurance deals for her farmers.

Mark, another of our Farming Account Managers, has been with us since the beginning. He has over 18 years of experience and knows everything about farming insurance. He's very particular and will scrutinize your policy to ensure you're on the right insurance programme for your needs.

We believe that it's not only about insurance; it's about people, building relationships and helping our farmers out wherever possible. Mark has often been a farmer's right-hand man while out on site visits. During lambing season, he once helped a farmer deliver a lamb, and he's been witness to a field fire, in which he alerted the farmer and fire brigade.

We have access to a broad range of insurers, meaning we can find insurance policies tailored to your needs. We offer impartial advice and have the expertise required to arrange an insurance programme that works for you. Whether you're looking for combined farm insurance for your family farm, agribusiness, or smallholding, we can help. Plus, when you sign with Longfields, we'll never let your policy automatically renew. We will review your policy and needs ahead of your renewal date to ensure it's still relevant and you will remain on the right policy.

Take the hassle out of finding your next insurance policy, and let us do it for you.  Whether you're looking to renew your insurance policy or want some advice, the Longfields team would be happy to discuss your requirements. You can contact us on 01473 784500 or 01206 396000.

Longfields - Agriculture | Commercial | Private Clients

Longfields Barn, Stanaway Farm
Charity Lane, Otley, IP6 9NA
Ipswich: 01473 784500
Colchester: 01206 396000
info@longfields.co.uk

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