returning to farming

jfh

Hi ,
just wondering if there's anyone on here who moved back to farming after a few years out. i was farming full time but between having very little money and not getting on the best with the auld fella(who does!) (different way of doing things) i went back to college and got a job in IT. things have improved since and he needs me now , plus my job is very shaky at the moment so i could get a new job or just make a go of it now. he told me to leave it a year before commiting full time but i'll be 35 next year, does that make a difference?
excuse the long winded post, would be interested in hearing from anyone else who was in the same position.

Tipp Man

I would say a huge amount of it depends on what you are going back to, so what is the size of the farm? What condition is it in? Is it up to date or does it need extensive moderisation? Could you do it part time (eg beef) or do you plan on dairying etc??

So many questions I know

Tipp Man

Also if you were going back it would be nice to wangle some redundancy if your current job is dodgy, might get you a tractor or something!!!

Username John

jfh wrote: »

Hi ,
he told me to leave it a year before commiting full time but i'll be 35 next year, does that make a difference?
.

As far as I know to qualify for stamp duty exemption, you need to get the land before yer 35th birthday.
See here as well - http://boards.ie/vbulletin/showpost.php?p=66784180&postcount=25

Not sure if this is applicable to you, but just so you're aware.

whelan1

maybe do up an agreement between yourself and the old lad , just to have something on paper

leg wax

Tipp Man wrote: »

Also if you were going back it would be nice to wangle some redundancy if your current job is dodgy, might get you a tractor or something!!!

the farm has to stand on its own feet and if he hasto put his redundancy money into it then stay well away.

5live

35 is cut off for young farmers top up for grants and quota. You also need a farm qualification but can do that as you go along. If dairying you can get access to quota in partership with your father. Best of luck with career change

jfh

thanks for taking the time to reply back to me. it takes effort to put your opinions down and i appreciate that. yeah i have the green cert, i was farming for a few years, we had a medium sized dairy farm,just under 40 cows. we got rid of the cows and there's no way we could all make a living off the land.
unfortunetly there's no redundancy money so it wont be going towards a flock of sucklers and i agree a farm has to stand on it's own. there's a lot to be learned from working in a company and i hope i'd bring some of that business acumen with me into farming. we have a slatted house and the sheds are generally good. i have upmost respect for dairy farmers and do miss milking, it's a tough life and they deserve every penny, wouldn't be able to get back into it, investment would be huge and there's no guarantee of milk prices staying up.
also i didn't realise about inheriting a farm before 35 and paying stamp duty.

thanks for all the replys, glad i posted something that was on my mind now.

yessam

If you have your green cert and transfer the land before you 35th birthday, you will be exempt from inheritance tax and stamp duty. There was an instilation grant of about
E9,500 also. Not sure if the grant available. There are a few other benifits while farming under 35 with the green cert, but these are the important factors. Get advice straight away if you are thinking about going farming.
Farming is tough - but its a great life

pakalasa

Are you planning to go back full-time into farming or just part-time?

Why not go part-time, not easy in this recession, I know. At least then, you wont have the financial pressures.

milkprofit

how much are you earning now
how much do you need to live on from the farm ?
do you need to build house etc;
do youer parents need money from farm?
have written agrement with parents before commitment
do simple 5 year farm plan (teagasc)
then decide
Good Luck

jfh

lot to think about there. the 5 year plan is a really good idea, where do i get the template for that. do i get teagasc to help? sorry for all the questions.

i was thinking of going part time, well i'm almost part time now, work few evenings and every saturday on the farm. but i'd have to get advise on the whole turning 35 thing. know the young farmers installation grant is no more. so figured turning 35 wouldn't make any huge difference, just learning now about the tax side of things.
anyone know where i'd get more info on this, should i contact teagasc?

yessam

i was thinking of going part time, well i'm almost part time now, work few evenings and every saturday on the farm. but i'd have to get advise on the whole turning 35 thing. know the young farmers installation grant is no more. so figured turning 35 wouldn't make any huge difference, just learning now about the tax side of things.
anyone know where i'd get more info on this, should i contact teagasc? rantteagasc did it for me.


the tax side of it was the big thing for me in comparisson to the glot to think about there. the 5 year plan is a really good idea, where do i get the template for that. do i get teagasc to help? sorry for all the questions.

tvo

Tough one. probably best to talk to an established farm accountant on the farm transfer its a minefield. if the land will transfer to you at some stage anyway it might be worth while doing it before 35. on the job front if at all possible i'd be inclined to stay in it while heres a weeks wages to be got. farming income will be up and down and no guarantees.

JohnBoy

The basic situation is there's an exemption from stamp duty for young qualified farmers (under 35 and at least a green cert)

Some useful info here

http://www.revenue.ie/en/tax/stamp-duty/leaflets/index.html

whelan1

if you are going for a transfer make sure everything is right , i had an audit this year and thankfully everything in the transfer was A1