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Farm partnership

  • 27-01-2017 6:10pm
    #1
    Bendyleg
    Registered Users, Registered Users 2 Posts: 3 ✭


    Hey guys. Hoping someone can clarify this for me. Been looking online about it and finding it hard to find the definitive answer. So I'm working full time with the father on the farm. Mid way through the green cert. Can I apply for tams/ young farmer scheme etc this year even though I won't be finished green cert till next year? If so, do we need to form a farm partnership or is just getting my name on the herd number sufficient?
    Any info appreciated! Thanks


Comments

  • #2
    The Real Elmer Fudd
    Registered Users, Registered Users 2 Posts: 208 ✭✭The Real Elmer Fudd


    Bendyleg wrote: »
    Hey guys. Hoping someone can clarify this for me. Been looking online about it and finding it hard to find the definitive answer. So I'm working full time with the father on the farm. Mid way through the green cert. Can I apply for tams/ young farmer scheme etc this year even though I won't be finished green cert till next year? If so, do we need to form a farm partnership or is just getting my name on the herd number sufficient?
    Any info appreciated! Thanks

    As far as I am aware:

    You will qualify for the young trained farmer scheme this year but they won't pay it out until you finish your green cert. so if in 2018 you get your green very you would be paid for 2017 & 2018. You can get this by having a joint herd number with your father but you will at the very least need to register a normal partnership with the revenue.

    To get the double tams grant ceiling you need to form a registered farm partnership. I stand to be corrected but I doubt if they would pay out the 60% grant until you are finished your green very. They might pay out the 40% now and then the remaining 20% once you are finished your green cert.

    There is a 50% grant on the net of vat cost to setting up a registered farm partnership.


  • #3
    Bendyleg
    Registered Users, Registered Users 2 Posts: 3 ✭Bendyleg


    Thanks for the advice. Do you know what the steps involved are? Or how I go about it? Been looking online but don't know what info is out of date by now. Thanks


  • #4
    The Real Elmer Fudd
    Registered Users, Registered Users 2 Posts: 208 ✭✭The Real Elmer Fudd


    Bendyleg wrote: »
    Thanks for the advice. Do you know what the steps involved are? Or how I go about it? Been looking online but don't know what info is out of date by now. Thanks

    Because of the legal, tax and dept of agriculture issues involved you would probably be as well getting someone to do it for. I know a lad who did a registered farm partnership in 2015 with his father, they quoted a few different places. From memory the dearest was a solicitor at €5700 plus vat and the best was IFAC Accounts at €3000 plus vat, but this was in 2015 so prices may have changed since then. They got half of that back from the dept of Agri grant.

    They went with IFAC. They wanted to stay with their existing accountants for their annual accounts and just get IFAC to do up the partnership for them. IFAC didn't seem to have a problem with this and had no problem working with their existing accountant to get what ever info was needed for it.


  • #5
    Bendyleg
    Registered Users, Registered Users 2 Posts: 3 ✭Bendyleg


    Thanks for all that info. Didn't realise all the complexities involved in what sounded so simple. Already paid enough to do the green cert to aid in the inheritance, qualify for tams 2 60% grant and all that. Never thought there was more cost involved. The old man didn't either! Thanks again!
    The Real Elmer Fudd wrote: »
    Because of the legal, tax and dept of agriculture issues involved you would probably be as well getting someone to do it for. I know a lad who did a registered farm partnership in 2015 with his father, they quoted a few different places. From memory the dearest was a solicitor at €5700 plus vat and the best was IFAC Accounts at €3000 plus vat, but this was in 2015 so prices may have changed since then. They got half of that back from the dept of Agri grant.

    They went with IFAC. They wanted to stay with their existing accountants for their annual accounts and just get IFAC to do up the partnership for them. IFAC didn't seem to have a problem with this and had no problem working with their existing accountant to get what ever info was needed for it.


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