National Reserve -Young farmer scheme tax implications

Jim Simmental

I will be apply for the above scheme and I am also a PAYE worker earning than 40k per year.

I come from a suckler farm which sometimes makes a loss.

I will be farming jointly with my father who is also a PAYE worker.

If our farm makes a loss will be both be able to off set this again our PAYE?

Any other possible implications?

ganmo

Some of your questions might be answered in the link below

http://www.agriculture.gov.ie/media/migration/farmingschemesandpayments/capentitlementsrelatedapplicationforms/nationalreserveandyoungfarmersschemes/NRYFSTandC050115.pdf

2.5 National Reserve
–
Off Farm Income
A gross off farm income limit of €40,000 will apply to applicants to the National Reserve. Applicants
may chose to use either the 2013 or 2014 tax year, whichever is more advantageous to the
applicant, for this purpose.

if your off farm income is over 40k i think that it lifts you out of eligibility

larrymiller

ganmo wrote: »

Some of your questions might be answered in the link below

http://www.agriculture.gov.ie/media/migration/farmingschemesandpayments/capentitlementsrelatedapplicationforms/nationalreserveandyoungfarmersschemes/NRYFSTandC050115.pdf



if your off farm income is over 40k i think that it lifts you out of eligibility

I think he means when he joins up with the father can he write the farms losses off aginst his own paye tax

josephsoap

.

ganmo

my reading of it is if your gross wage+your dad's gross off farm wage is over 40k you'll have to form a partnership/company rather than the joint herdnumber route

LivInt20

Jim Simmental wrote: »

I will be apply for the above scheme and I am also a PAYE worker earning than 40k per year.

I come from a suckler farm which sometimes makes a loss.

I will be farming jointly with my father who is also a PAYE worker.

If our farm makes a loss will be both be able to off set this again our PAYE?

Any other possible implications?

If you form a partnership the profit/loss will be split between the two of ye, possibly 50/50.