how much tax are you paying?

whelan1

in total, including preliminary tax

delaval

whelan1 wrote: »

in total, including preliminary tax

Do you really expect an answer?

Must one pay the prelim tax?

whelan1

delaval wrote: »

Do you really expect an answer?

Must one pay the prelim tax?

well by doing a poll you dont know every one elses business.... no you dont have to pay preliminary tax but it eases the blow for next year imo

delaval

whelan1 wrote: »

well by doing a poll you dont know every one elses business.... no you dont have to pay preliminary tax but it eases the blow for next year imo

Sorry didn't see poll sleep in my eyes

jersey101

i pay no tax

whelan1

jersey101 wrote: »

i pay no tax

Your day will come

keep going

Just to make things complicated , do you include other halves tax.

freedominacup

jersey101 wrote: »

i pay no tax

Not very bright from several perspectives not least that you should pay the minimum amount to keep your PRSI contributions up to minimum for contributory OAP.

lakill Farm

freedominacup wrote: »

Not very bright from several perspectives not least that you should pay the minimum amount to keep your PRSI contributions up to minimum for contributory OAP.

As i told a female client this morning sure your decades away from the OAP but its the right thing to do

freedominacup

lakill Farm wrote: »

As i told a female client this morning sure your decades away from the OAP but its the right thing to do

No pension/life assurance policy would blow wind on it for a return. AFAIK you need a couple of decades of contributions to be eligible for it.

Timmaay

keep going wrote: »

Just to make things complicated , do you include other halves tax.

Can't see why you would, should we even be including off farm tax?

Timmaay

jersey101 wrote: »

i pay no tax

You're obviously not in a partnership with your dad yet?

Sam Kade

whelan1 wrote: »

in total, including preliminary tax

But isn't that 2 years tax?

jersey101

Timmaay wrote: »

You're obviously not in a partnership with your dad yet?

ah no we do pay tax but its a very small amount because alot of the money is going back into the farm.

flat out !!

I'll be having a good read back on the farming as a company thread and other research into it over the next few weeks. Seriously considering it having it set up for the new year.

bob charles

lakill Farm wrote: »

As i told a female client this morning sure your decades away from the OAP but its the right thing to do

in what context did you use that line:rolleyes:

mf240

That money was just resting in my account.

mf240

bob charles wrote: »

in what context did you use that line:rolleyes:

With an evil smile as he locked the office door.

delaval

mf240 wrote: »

With an evil smile as he locked the office door.

Followed by the line "trust me I'm a doctor"!!!

Brown Podzol

I'm not a gynaecologist, but I'll have a look anyway.:P

Bactidiaryl

Sam Kade wrote: »

But isn't that 2 years tax?

Not necessarily because you also paid preliminary last year witch has come
Off this years.

Massey10

jersey101 wrote: »

ah no we do pay tax but its a very small amount because alot of the money is going back into the farm.

In what way can you avoid tax building and machines are written off over 7 and 8 years .if your paying for land only the interest can go against it.

jersey101

Massey10 wrote: »

In what way can you avoid tax building and machines are written off over 7 and 8 years .if your paying for land only the interest can go against it.

we are paying for land. And machinery, which id rather not have, abd have 3 siblings in college. We pay whats due. Which isnt massive

bob charles

delaval wrote: »

Followed by the line "trust me I'm a doctor"!!!

"Truss me, I'm a doctor", is what she said to me lads

whelan1

well today is the 15th and money didnt come out of my account yet

nhg

Well the Tax Man has certainly found our a/c.... Between CAT on the 31/10 & Tax & Prelim taken today.... God what we could do with that money.....

1chippy

tax isnt always a bad thing to be paying. you need to run something sort of half reasonable through even if it is just for future borrowing capacity. In saying that though, with the farm accounts i never really pull much out, everything is pumped back in. i cant wait till the day that ive nothing more to spend it on.

agriman27

I don't think it's fair that when your an OAP you don't have to pay any tax up to a certain limit, and then a young single farmer like myself who wants to get going has to basically spend every cent he has leaving no fall back to reduce his tax bill. Doesn't make sense to me, the auld lads should be taxed more if they are continuing making money and getting the pension. Should be more leniency for the young lad IMO

bob charles

Some thieving b has robbed from my current account, must be some scam after those loyalty cards. Off to the bank to put a stop on the payments

Bactidiaryl

whelan1 wrote: »

well today is the 15th and money didnt come out of my account yet

Don't get your hopes up. They won't forget you. It usually takes a few days.

flat out !!

Got robbed too, thankfully milk cheque arrived too, to mend my heart slightly.

whelan1

the one morining i wanted to really check my internet banking ub bankline is down:mad: after going to dunleer, to ub cash machine which had no paper in it but could see my balance on screen, looks like tax came out and milk cheque came in over night

jomoloney

whelan1 wrote: »

well by doing a poll you dont know every one elses business.... no you dont have to pay preliminary tax but it eases the blow for next year imo

can you (as poll starter) see the way other posters voted?

delaval

jomoloney wrote: »

can you (as poll starter) see the way other posters voted?

No

whelan1

jomoloney wrote: »

can you (as poll starter) see the way other posters voted?

No. I wouldn't be interested anyways

Bactidiaryl

You have one category at over 20k. And then there's other with one vote. Maybe they got a refund.

lakill Farm

I say 75% of our part time farmer clients get a refund when they are working a PAYE. had a whopper of a €9,118 this year. a good handful 2-5k.

the PAYE off farm or spouse working off farm enables you better options with the tax planning

whelan1

time to start saving for next year now

whelan1

Bactidiaryl wrote: »

You have one category at over 20k. And then there's other with one vote. Maybe they got a refund.

there always has to be an "other" category just for the awkward people that dont fit into any other category

bob charles

lakill Farm wrote: »

I say 75% of our part time farmer clients get a refund when they are working a PAYE. had a whopper of a €9,118 this year. a good handful 2-5k.

the PAYE off farm or spouse working off farm enables you better options with the tax planning

and your biggest payer:), commercially sensitive information

lakill Farm

last year a €57k :mad:, mostly CGT

this year over 60k:(, all PAYE and Self employed income

bob charles

lakill Farm wrote: »

last year a €57k :mad:, mostly CGT

this year over 60k:(, all PAYE and Self employed income

thats not bad, just goes to show how low taxable profits in ag are.

lakill Farm

bob charles wrote: »

thats not bad, just goes to show how low taxable profits in ag are.

that's 60k tax, not including USC or PRSI:eek:

bob charles

lakill Farm wrote: »

that's 60k tax, not including USC or PRSI:eek:

a net profit of around 200k? give or take capital allowances etc that most big farms would have.

Bactidiaryl

whelan1 wrote: »

time to start saving for next year now

Good point. How do ye guys plan. Salt a % away monthly,plan on cattle sales or single farm payment or go cap in hand to bank. It can be a big drain on cash flow in a bad year following a good one.

whelan1

Bactidiaryl wrote: »

Good point. How do ye guys plan. Salt a % away monthly,plan on cattle sales or single farm payment or go cap in hand to bank. It can be a big drain on cash flow in a bad year following a good one.

Pay 600/month preliminary tax. Takes a lot of the pain away from this time of year. Only downer is rc take dd on 9th of each month and this cant be changed

limiter12

While it pains me to be paying high tax it is a necessary evil, its the usc that really gets on my goat is there any way to reduce it as Im currently paying in excess of 5000 a year.