Buying calves into my uncles herd

Gkinlab

I am currently living with my uncle and am interested in buying a few calves (6-10) and rearing them on for the year. He has plenty land and is understocked. Is it possible that I can buy the calves with my own money and put them into his herd or will the money from buying the calves have to come from his bank account for tax reasons? The same question goes when the animals are sold. Or is there a way I can be put onto his herd number and be able to work away buying and selling animals with my own money? I have no green cert.

J.O. Farmer

The money won't have to come from his account for buying them.
If you sell them in a mart the cheque will come in his name and have to be lodged in his account.
If you sell private you can get paid directly whatever way you and the buyer are happy with.
If the money goes to your uncles account he can probably just give you a cheque. He can put it through an account seperate from his farm account. It's really up to you and your uncle how you want to work that arrangement.

Gkinlab

But will this raise any questions from the accountants or tax man when he is doing his accounts?

CloughCasey1

Gkinlab wrote: »

But will this raise any questions from the accountants or tax man when he is doing his accounts?

It will until you prove to them that you are doing it at a loss!