Full time working - parttime farming

noworries2004

Hi all,

I am currently in the process of getting a farm signed over to my name that i have been working and helping my father for years. We have dry stock finishing cattle and Tillage Grain and Beet on this farm.
I am currently working 9-5 Mon-Fri so i am looking at all options on what the best option for running both farming and full time together so that i get the best of both worlds but don't end up giving everything away to the Tax man at the end of the year for all the work that has been put in.

Is anyone else in the same boat of working and farming together?

Thanks

mahoney_j

Worked off farm for years in conjunction with dairy farming,only for I had my dad still very active,I was young with no wife or child and I loved the cows is I'd of packed it in.for ur situation id go with cattle,get a guy to buy stock for you that'll deliever them from a farm or mart to your holding and you then either take them to forward stores or finish them.keep things simple,lay out ur farm into paddocks ,have good boundary fences good holding pens and crush and you will easily combine it with ur full time job,tax man shouldn't bother u too much either as there's no money in beef or so we're told!!!.key to farming with a job is to keep things simple ,have adequate facalities so you don't have to work half the evening on the farm when you get home from job no 1 and critically have a friend ,neighbour who could give a dog out ifvyouve a sick ainmal etc.also keep machinery simple.a reliable tractor with loader,transport box all fertiliser spreading ,slurry ,silage making can be contracted out and u get tax relief on it.good luck

restive

I take it there are already annual accounts being done. Is the farm currently making a profit? Are you in the higher tax bracket?

Cran

noworries2004 wrote: »

Hi all,

I am currently in the process of getting a farm signed over to my name that i have been working and helping my father for years. We have dry stock finishing cattle and Tillage Grain and Beet on this farm.
I am currently working 9-5 Mon-Fri so i am looking at all options on what the best option for running both farming and full time together so that i get the best of both worlds but don't end up giving everything away to the Tax man at the end of the year for all the work that has been put in.

Is anyone else in the same boat of working and farming together?

Thanks

After years of doing it all myself with old man helping, recent years got in part time help. Have had 3 different guys over 5 years, have learnt if farm is big enough a reliable flexible workman is invaluable when working off farm.
Still don't have farm running way I like it, but with tax relief the money spent on wages is a cheaper investment than any enhancement on the farm.

noworries2004

Thanks for the info.
2015 will be my first year for accounts etc so learning curve.
Yes the farm is setup fairly well but some more small jobs to be done.
Have a guy to watch cattle for me at mart and deliver them to yard etc.
In high Tax bracket and also have 3 small kids so busy times ahead.

Farmer Pudsey

If tax is the issue you could consider going the company route. However it is worth while remembering that some of the income will be swallowed by expenses such as car, electricity, phone etc. If you had a 25K car this would give slightly over 2K/year on capital allowances put 2/3 of normal car expenses. Phone and ESB say 1500 in allowances. Stock relief is also available.

After that you can look at farm investment to reduce tax.

djmc

Set up different bank account for farm you don't want to be spending your wages on it
And pay for everything by cheque or visa debit from farm account.
If there wasn't much single farm payment letting it might be an option there's no a lot to be made on dry stock