Farm accounts

case5130

Just taken over the farm fully this year ... Now the old lad never done a account in his life was wondering would I need to or will this draw up trouble ...

viztopia

case5130 wrote: »

Just taken over the farm fully this year ... Now the old lad never done a account in his life was wondering would I need to or will this draw up trouble ...

Is there a single farm payment or herd number? If so then the revenue know he is there, they just haven't come looking yet. Is there much of a farm involved?

case5130

Yes to both ...30-40 acres ... I have a log of what I've spent this year kept ...only part time farming as I have day job 40+ hours a week

Farrell

case5130 wrote: »

Yes to both ...30-40 acres ... I have a log of what I've spent this year kept ...only part time farming as I have day job 40+ hours a week

They can audit up to 7 years in an on the spot notice.
Could be best start with 2014 & work on. Plead ignorance that you didn't know but started from 2014 when you found out.
Also you'll need proper receipts & not cheque book stubs.

case5130

Farrell wrote: »

They can audit up to 7 years in an on the spot notice.
Could be best start with 2014 & work on. Plead ignorance that you didn't know but started from 2014 when you found out.
Also you'll need proper receipts & not cheque book stubs.

Sounds like I need talk a accounted so..
Don't have a cheque book so that should make it easy ...

Farrell

case5130 wrote: »

Sounds like I need talk a accounted so..
Don't have a cheque book so that should make it easy ...

There is also ROS, online services where you can submit yourself.
If you get an accountant, get 1 that can advise you on your business plans

case5130

Would ya manage to do them your self or is it really a accounts job

Greengrass1

case5130 wrote: »

Would ya manage to do them your self or is it really a accounts job

Best talk to an accountant imo.
They come across this situation more than you think.
Might cost you a few bob but shouldn't be too bad if you started in your own right last yr.

Is your father not getting a pension so?

whelan2

was he paying any tax at all? Know of a case were a lad just paid the same tax every year for donkeys years, when the revenue came after him he had a hefty fine etc, he thought once he was paying something he'd be fine

case5130

No he not pension age health and other things made him sign it over...... No for a fact he never paid a penny or kept any record

ITFarmer

For keeping records you could use a spreadsheet. Teagasc provide a Microsoft Excel spreadsheet called 'Teagasc Cost Control Planner'.

Username John

I know this isn't exactly related to the thread - but on the subject if tracking all income and expense - have a separate bank account for all farm items. You'll never keep a handle on what's going and coming out otherwise...
And use a debit card as much as you can (rather than cash) just easier all round...

case5130

Username John wrote: »

I know this isn't exactly related to the thread - but on the subject if tracking all income and expense - have a separate bank account for all farm items. You'll never keep a handle on what's going and coming out otherwise...
And use a debit card as much as you can (rather than cash) just easier all round...

Ya have a separate account alright and card only normally

frazzledhome

case5130 wrote: »

No he not pension age health and other things made him sign it over...... No for a fact he never paid a penny or kept any record

The farm ie the assets have been signed to you, is that correct?

If so was a solicitor involved and did ye not need an accountant for tax advice.

You need to visit an accountant and get some good advice

case5130

frazzledhome wrote: »

The farm ie the assets have been signed to you, is that correct?

If so was a solicitor involved and did ye not need an accountant for tax advice.

You need to visit an accountant and get some good advice

Ya whole thing was signed over and my Solictor took care that I have the green cert so just paid what ever he said had be paid

No accounts where asked for

frazzledhome

case5130 wrote: »

Ya whole thing was signed over and my Solictor took care that I have the green cert so just paid what ever he said had be paid

No accounts where asked for

If that's the case you should appoint an account and start afresh

case5130

Was thinking to just do accounts from the start of when I got control

frazzledhome

case5130 wrote: »

Was thinking to just do accounts from the start of when I got control

That's all you're responsible for

case5130

frazzledhome wrote: »

That's all you're responsible for

Thanks for the info .... How much would it cost

frazzledhome

case5130 wrote: »

Thanks for the info .... How much would it cost

I honestly don't know. Small uncomplicated operation your talking 100's I'd imagine. They won't charge you for a chat! They're not solicitors

Sacrolyte

frazzledhome wrote: »

I honestly don't know. Small uncomplicated operation your talking 100's I'd imagine. They won't charge you for a chat! They're not solicitors

Be sure and ask though. I always ask any professional before any work is undertaken.

Nettleman

case5130 wrote: »

Would ya manage to do them your self or is it really a accounts job

if you can use excel, set up a 4 tabs on a spread sheet for each year. First tab list all purchase invoices, Second, all sales dockets, Thurd all payments made (cash and cheque), Fourth all monies received. setup a lever arch with 4 separators to backup each tab in your excel file.

Before you go to the accountant, you should list value of assets you are putting into the business at commencement. e.g. tractor, sheds, sprayers, spreader, etc and values of these at commencement.
setup a separate bank account, it may cost a few quid in fees, but it helps keep all farm stuff in one place. you may also need to complete a TR1 for Revenue but Accountant will advise you of that. Good luck

Muckit

case5130 wrote: »

Was thinking to just do accounts from the start of when I got control

First thing you need to do is make a CAT (capital acquisitions tax) return, even if you are not liable for any you still have to make the return.

You probably won't have to make a tax return until oct2016, depending on the date your father signed over.

I'm strictly talking about your own tax liabilities. Let your father look after his own affairs.

So yeah, a visit to an accountant is your next step.