Local caravan park owners were recently invited to listen to expert speakers in the fields of law, accountancy and banking, at Sixways Stadium in Worcester.

The caravan park owners were given a worthwhile opportunity to meet with each other prior to receiving advice in the form of a hypothetical situation given by the experts. The seminar focussed on the common mistakes made by caravan park owners and how with some practical expert advice, these pitfalls can be avoided.

In attendance were lawyers from Harrison Clark, in particular Clare Emery specialising in Corporate law and Shirley Rabbetts alongside Dawn Oliver specialising in Wills, Tax planning and Probate. Graham Eden from Cognitor was on hand to provide accountancy advice and Andy Bird from Barclay's bank was available to give advice on steps required in order to secure funding.

Graham Eden emphasised the importance of having a thorough book keeping system. Graham was keen to point out that it is imperative that caravan park accounts do not just consist of a profit and loss account. Adequate detail and forward planning were top of Graham's list.

Shirley Rabbetts gave advice in relation to sufficient tax planning and how caravan park owners can take steps to minimise their tax, especially when they are in partnership with another individual. In doing this, Shirley highlighted the advantages of having a well drafted and precise Will in place.

Clare Emery was keen to point out the benefit to caravan park owners of having their business incorporated, as it ensures limited liability therefore establishing the company as a separate legal entity. Clare highlighted that this gives caravan park owner's, as individuals, more protection.

Finally, in terms of developing their business, Andy Bird outlined what business structure the bank would require in order to loan caravan park owner's development money. Andy noted the importance of obtaining legal advice in drawing up these business structures.

Overall, the caravan park owners were given well rounded advice in all aspects of their businesses and received practical information on how they could take steps in order to maximise profitability and future security of their businesses.