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Herd number

  • 04-01-2018 10:27am
    #1
    Czhornet
    Registered Users, Registered Users 2 Posts: 461 ✭✭


    The auld lad is in his 80's and is still holding the reins when it comes to the farm, (keeps him active I suppose), but I am looking to get my name put on his Herd number as well to keep what even grants and entitlements going after the day when he is no longer around.
    Is there a form to be filled in or who would I talk to about going about this?

    Thanks
    John


Comments

  • #2
    Base price
    Registered Users, Registered Users 2 Posts: 11,456 ✭✭✭✭Base price


    As far as I know it's form ER1.1. However you may need some form of partnership agreement to cover payment of SFP.
    Here is a link to the Dept website and it is the 4th item on the list. You can download and print it off
    https://www.agriculture.gov.ie/animalhealthwelfare/animalwelfare/registrationofpremisesanimals/


  • #3
    Czhornet
    Registered Users, Registered Users 2 Posts: 461 ✭✭Czhornet


    Base price wrote: »
    As far as I know it's form ER1.1. However you may need some form of partnership agreement to cover payment of SFP.
    Here is a link to the Dept website and it is the 4th item on the list. You can download and print it off
    https://www.agriculture.gov.ie/animalhealthwelfare/animalwelfare/registrationofpremisesanimals/

    Thanks,
    This will go to my local Dept of Ag office once filled out?


  • #4
    Aravo
    Registered Users, Registered Users 2 Posts: 939 ✭✭✭Aravo


    OP before you get your name added to herd no. Maybe speak to an accountant in relation to tax implications. If you have a full time job as it is you maybe liable to tax at higher rate on the farm earnings, revenue may say it's a 50/50 split.


  • #5
    tractorporn
    Registered Users, Registered Users 2 Posts: 1,458 ✭✭✭tractorporn


    Aravo wrote:
    OP before you get your name added to herd no. Maybe speak to an accountant in relation to tax implications. If you have a full time job as it is you maybe liable to tax at higher rate on the farm earnings, revenue may say it's a 50/50 split.

    Minimum earning split for joint herd numbers is 80/20 for revenue


  • #6
    Aravo
    Registered Users, Registered Users 2 Posts: 939 ✭✭✭Aravo


    tractorporn wrote:
    Minimum earning split for joint herd numbers is 80/20 for revenue


    Very true and important to keep in mind otherwise Revenue would take it as 50/50, I'd say there is a lot of 80/20 splits which is essentially for tax purposes.


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  • #7
    trg
    Registered Users, Registered Users 2 Posts: 378 ✭✭trg


    tractorporn wrote: »
    Aravo wrote:
    OP before you get your name added to herd no. Maybe speak to an accountant in relation to tax implications. If you have a full time job as it is you maybe liable to tax at higher rate on the farm earnings, revenue may say it's a 50/50 split.

    Minimum earning split for joint herd numbers is 80/20 for revenue
    Really? Why would Revenue decide what the profit share should be between 2 people?

    I don't think that's right.

    Are you thinking of the Registered Farm Partnership? It's DAFM that dictate the minimum 80/20 there not Revenue.

    Point being made is fundamentally correct though. If on a joint herd no. you're effectively saying your in a partnership and 50/50 would apply unless something on paper to the contrary.

    Not sure but they could also take the view that he's gifted 50% of the entitlements to you meaning he'd have CGT on the 50% & you'd have gift tax.

    Needs to be thought out and done right.


  • #8
    tractorporn
    Registered Users, Registered Users 2 Posts: 1,458 ✭✭✭tractorporn


    trg wrote:
    Really? Why would Revenue decide what the profit share should be between 2 people?

    I don't know why the do it but when we were in just a joint herd number the first year our accountant told us that the split had to be 80/20 for revenue. I presume it's to stop lads entering partnerships with a 95/5 split just to claim the young farmer top up.


  • #9
    Czhornet
    Registered Users, Registered Users 2 Posts: 461 ✭✭Czhornet


    Bit more to this than I thought, I was just going to put my name on the herd number to avoid any potential hassle in the future in case the herd number died with the auld lad and i would have to get a new one. I'm not bothered about splitting the SFP with the boss, he can have it all until he goes under and then I will take it over, that was my thinking anyway!?


  • #10
    Aravo
    Registered Users, Registered Users 2 Posts: 939 ✭✭✭Aravo


    trg wrote:
    Point being made is fundamentally correct though. If on a joint herd no. you're effectively saying your in a partnership and 50/50 would apply unless something on paper to the contrary.
    Bingo.
    Czhornet wrote:
    Bit more to this than I thought, I was just going to put my name on the herd number to avoid any potential hassle in the future in case the herd number died with the auld lad and i would have to get a new one. I'm not bothered about splitting the SFP with the boss, he can have it all until he goes under and then I will take it over, that was my thinking anyway!?

    You may not be bothered about the SFP but revenue are, and will tax you on your interest in matters so that's why the split matters. A lot of people in for a shock or have been shocked recently.


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