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Farm Tax Computation and Single Payments

  • 21-10-2014 8:13am
    #1
    Brass Tag
    Closed Accounts Posts: 141 ✭✭


    I've got myself confused about how to calculate tax on farm profits and single payments.

    Myself and OH working full time so all PAYE allowances used up.

    If farm profit is 2k. (before single payments)
    Single payments 2k.
    Net farm profit. 4k. (operating profit plus single payment)
    Capital allowances 4k.

    What is the income tax payable assuming marginal tax rate of 41% in this situation and how is it calculated?


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