LANCASHIRE-based chartered accountancy firm Jackson Stephen has added farming accountancy to its portfolio of services.

The new division is headed by Lisa Whalley at the firm's Bolton office. Lisa has warned farmers to ensure that their financial plans are up to date.

"It is important that farmers receive specialised advice on their financial affairs.

"The agricultural industry has suffered serious setbacks and many plans previously made by farmers may have been adversely affected and might need to be superseded by other arrangements."

The new department specialises in providing farmers with advice on succession planning, diversification, wealth planning and investments. "An alarming number of farmers have no firm succession plan in place," added Lisa. "This means that many farms across the region will reach their conclusion in this generation. Farmers should consider reviewing their financial situation as a matter of urgency."