Starting Farming 2015

SirustheVirus

Hi All,

I'm looking for some advice from the farming community out there. Basically I'm thinking of taking over the family farm in 2015. It has been leased for the last 15 years or so but the tenant has recently left so its lying idle at the moment. There would be about 75 acres in total. I was thinking about stocking it from March to October as I don't really want anything left over the winter. I work full time also!

Can anyone tell me what I would be entitled too as there would have been no entitlements claimed on the land for years. I have called the DEPT to enquire about reactivating our old herd number and that doesn't appear to be a problem. What is available out there now for the likes of me under the new rules. I am under 40 but have no green cert or farming qualification though I do have a degree...

Thanks all

Timmaay

SirustheVirus wrote: »

Hi All,

I'm looking for some advice from the farming community out there. Basically I'm thinking of taking over the family farm in 2015. It has been leased for the last 15 years or so but the tenant has recently left so its lying idle at the moment. There would be about 75 acres in total. I was thinking about stocking it from March to October as I don't really want anything left over the winter. I work full time also!

Can anyone tell me what I would be entitled too as there would have been no entitlements claimed on the land for years. I have called the DEPT to enquire about reactivating our old herd number and that doesn't appear to be a problem. What is available out there now for the likes of me under the new rules. I am under 40 but have no green cert or farming qualification though I do have a degree...

Thanks all

If you want to make money on the land then I think your best option is to rent it out again, you can get decent tax free long leases, let someone else do the hard work. If you really want to farm you could hang onto 5/10 acres and run a few weanlings etc in it, just don't expect anything more than breaking even on them.

SirustheVirus

Thanks Timmaay,

Im reluctant to rent it again as I find the tenants don't look after it great etc etc. I plan to try and improve it if possible ie fencing, spray the rushes etc etc as it has been neglected over the last few years.

Do you know what I would be entitled to (if anything) from in terms of entitlements or area aid etc?

Gard1

Timmaay wrote: »

If you want to make money on the land then I think your best option is to rent it out again, you can get decent tax free long leases, let someone else do the hard work. If you really want to farm you could hang onto 5/10 acres and run a few weanlings etc in it, just don't expect anything more than breaking even on them.

You wont get the tax free lease unless you are over 55

If you are looking for the best option, then I would suggest buying in cattle in spring and selling off in October/ November factory for ones fit and mart for the rest. you can also run a couple acres of sileage / hay and make a few quid from that. You wont have the cost of feeding for the winter and you can keep the fertiliser bill low too if you are running them light. and have enough divisions
If you haven't the cash to buy all the cattle at once your bank will issue a stocking loan easily enough which you repay in November when the stock is sold
I have a number of clients(farmers) doing this and they are fairing out better than the ones holding stock for the winter
But every year is different

trg

Gard1 wrote: »

You wont get the tax free lease unless you are over 55

That's incorrect. There was an age restriction of 40 years old. This was lifted in last budget so presumably with effect from 01/01/15

Best of luck with whatever you go for OP. If you could get a good tenant it'd be worth considering for sure. A good tenant on a long lease will do all the fencing etc that you mention.

Gard1

trg wrote: »

That's incorrect. There was an age restriction of 40 years old. This was lifted in last budget so presumably with effect from 01/01/15

Best of luck with whatever you go for OP. If you could get a good tenant it'd be worth considering for sure. A good tenant on a long lease will do all the fencing etc that you mention.

You are correct. Im still thinking 2013 ... for another 33 minutes anyway!!!

SirustheVirus

Gard1 wrote: »

You wont get the tax free lease unless you are over 55

If you are looking for the best option, then I would suggest buying in cattle in spring and selling off in October/ November factory for ones fit and mart for the rest. you can also run a couple acres of sileage / hay and make a few quid from that. You wont have the cost of feeding for the winter and you can keep the fertiliser bill low too if you are running them light. and have enough divisions
If you haven't the cash to buy all the cattle at once your bank will issue a stocking loan easily enough which you repay in November when the stock is sold
I have a number of clients(farmers) doing this and they are fairing out better than the ones holding stock for the winter
But every year is different

I think I will stock it all right in March. Do you if I would be entitled to claim any benefits / area aid etc?

Thanks

Muckit

First things first. You want to look into the succession tax implications and the changes to agri relief in the most recent budget.

I think you will fair out best to get the transfer done before jan1 2015. But chat to your accountant and/or solicitor.

Deepsouthwest

Gard1 wrote: »

You wont get the tax free lease unless you are over 55

If you are looking for the best option, then I would suggest buying in cattle in spring and selling off in October/ November factory for ones fit and mart for the rest. you can also run a couple acres of sileage / hay and make a few quid from that. You wont have the cost of feeding for the winter and you can keep the fertiliser bill low too if you are running them light. and have enough divisions
If you haven't the cash to buy all the cattle at once your bank will issue a stocking loan easily enough which you repay in November when the stock is sold
I have a number of clients(farmers) doing this and they are fairing out better than the ones holding stock for the winter
But every year is different

When u say "clients" gard1, do u mind me asking ur profession?

Gard1

Deepsouthwest wrote: »

When u say "clients" gard1, do u mind me asking ur profession?

a dreaded accountant...

Hi
I started farming about 4 years ago, same as you took over the family farm after it
had been leased for a while.
I would advise you to contact teagasc or a local agri consultant, well worth it.
That's what I did, He applied for disadvantage area payment, and advised me to purchase entitlements for SFP. Got a lot of bad advise from people but the adviser was spot on.