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sole trader versus limited company as a farm

  • 27-12-2010 7:46pm
    #1
    Curious Geroge
    Registered Users, Registered Users 2 Posts: 1,017 ✭✭✭


    Article in the Indo
    http://www.independent.ie/farming/take-action-to-cushion-budget-taxation-blow-2459465.html

    The Article discusses using your farm as a sole trader (which is probably what most already do) versus having it in a limited company to help increase income by lowering tax liability. Wondering if anyone ever did this or if anyone here is thinking about it ? Also, would doing this impact payments such as Headage, REPS (ASOS) or SFP ?

    Thoughts and opinions pls..


Comments

  • #2
    5live
    Closed Accounts Posts: 4,438 ✭✭✭5live


    It seems to be an option when there is a big profitable enterprise but the added costs for accounts can be huge especially eg when milk price is 20c


  • #3
    JohnBoy
    Registered Users, Registered Users 2 Posts: 2,342 ✭✭✭JohnBoy


    i'd imagine it could be of benefit for a farm that's planning on retaining cash reserves for future investments.

    that's something that kind of annoys me about the sole trader taxation situation, you have to spend the money by the end of the year, twould be nice if times were good to keep cash ringfenced within the business, but you cant and so end up either spending it now, or giving half it to the taxman.


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