tax on farm income

k mac

I started farmin in a small way last year leasing a small holding and was not sure about registering for tax cause i knew i would not be makin any profit but have noticed alot of money i have spent i could claim back vat on and maybe even get a tax rebate or so i am told .I just wondered what do i need do to register for tax, do i need to go to a accountant, is there a deadline etc ?

JohnBoy

For starting out I'd really reccomend going to an accountant, even if you want to do it all yourself let an accountant do it for you at first, preferably an accountant that specialises in farm accounts, they'll know whats what.

johngalway

Yeah, I'd second the farm accountant suggestion. They'll know all the in's and out's.

whelan1

ye and god forbid if you have a tax audit down the line it will have been done right - hopefully:rolleyes:

milkprofit

ACCOUNTANT START RIGHT VITAL FOR TAX ALLOWANCES GET IT RIGHT
ESPECIALLY IF YOU ARE PUTTING IN YOUR OWN CASH YOU MIGHT HAVE TO EXPLAIN WHER IT CAME FROM:D

J. Ramone

Definitely go to an accountant and a qualified one at that. ACA, ACCA, CPA or registered tax consultant ITI. It is not unknown for some "agents" to seek technical advice from revenue instead of researching legislation.

There are several pitfalls you could inadvertently walk into. In most situations it doesn't suit farmers to register for VAT. As registration would be voluntary, revenue will demand repayment of all VAT refunds received once you find yourself in a net payment position should you then decide to deregister. Just one example where professional advice wouldn't go astray.