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Taxation for part-time farmer and IT contractor

  • 21-02-2018 6:02pm
    #1
    Zander1983
    Registered Users, Registered Users 2 Posts: 149 ✭✭


    Hi
    I'm currently working as a contractor in software engineering. I'm from a farm and will soon inherit this. I recently completed the Green Cert so am a fully qualified farmer.

    Im currently using an accountancy company to take care of my contracting - they have set me up under an umbrella company.

    I'm wondering could i set up a company, e.g. John Doe Ltd, and have the IT contracting and farming feed into it? So say i get paid 60k per annum for the contracting, can I pay myself 45k as salary and put the other 15k into farm business expenses (i.e. outside of income tax)? I know there are farmers who are silage contractors who do something like this. Is this possible in my case?
    Thanks


Comments

  • #2
    srsly78
    Registered Users, Registered Users 2 Posts: 7,157 ✭✭✭srsly78


    Yes - get an accountant.


  • #3
    Zander1983
    Registered Users, Registered Users 2 Posts: 149 ✭✭Zander1983


    srsly78 wrote: »
    Yes - get an accountant.

    Thanks. I have received different answers to this question so I wanted to make sure it is possible. Yes, i have an appointment made with IFAC for next week.


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