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Claiming back farm losses

  • 21-07-2018 11:12am
    #1
    Damo810
    Registered Users, Registered Users 2 Posts: 998 ✭✭✭


    Currently working full time on a dairy farming and went farming in partnership at home doing calf to beef this year.

    I have seen you can claim back farm losses against PAYE income. I have 15 acres I want to reseed with 12 needing drainage and digger work.

    My question is, were I to do this work now, when would I be able to claim back these expenses (They would put the farm at a greater loss than its already at 😂)? I presume it is not until next year when submitting accounts?

    Thanks.


Comments

  • #2
    Siamsa Sessions
    Moderators, Society & Culture Moderators Posts: 4,055 Mod ✭✭✭✭Siamsa Sessions


    Not 100% but yeah, I think it’d be in your 2018 tax returns (in 2019) you could get the “refund” on over-payment

    Trading as Sullivan’s Farm on YouTube



  • #3
    lakill Farm
    Registered Users, Registered Users 2 Posts: 4,735 ✭✭✭lakill Farm


    Vat 58 - for vat on drainage pipes, stone, digger and other land reclaiming costs . can be done this year

    Income tax will be next year and net of vat reclaimed
    Damo810 wrote: »
    Currently working full time on a dairy farming and went farming in partnership at home doing calf to beef this year.

    I have seen you can claim back farm losses against PAYE income. I have 15 acres I want to reseed with 12 needing drainage and digger work.

    My question is, were I to do this work now, when would I be able to claim back these expenses (They would put the farm at a greater loss than its already at ��)? I presume it is not until next year when submitting accounts?

    Thanks.


  • #4
    Dinzee Conlee
    Registered Users, Registered Users 2 Posts: 2,150 ✭✭✭Dinzee Conlee


    When I started farming, I didnt have much of an idea about accounts - and in hindsight, its something I could have done with an introduction to.

    Items I think I would have benefitted from

    Cashflow & planning
    General income tax
    Tax returns & major dates
    Preliminary tax implications
    Implications / overlap of farming income vs off-farm income
    Capital allowances - understand how they work, and how you can make best use of them
    (As Lakill says) VAT58 process
    Expenses (whats acceptable to expense, esp items like electrictity, car repairs, etc)

    Maybe an hour with your accountant would be useful?

    Some aren't critical things to know, but its easier to know them, than be wondering about them...


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