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Setting up farm partnership

  • 14-02-2020 02:24PM
    #1
    johnnyfruitcake
    Registered Users, Registered Users 2 Posts: 316 ✭✭


    Quick question, does the farm partnership bank account have to be a business account will a joint current account suffice?

    Also is there much more paperwork needed.


Comments

  • #2
    Bass Reeves
    Registered Users, Registered Users 2, Paid Member Posts: 20,595 ✭✭✭✭Bass Reeves


    johnnyfruitcake wrote: »
    Quick question, does the farm partnership bank account have to be a business account will a joint current account suffice?

    Also is there much more paperwork needed.

    No any joint account should do. Main issue with not having a business account is access to an overdraft. Bank may down the line if you apply for a business loan insist on you opening a business account.


    Accountant did all the taxation side paperwork off the top of my head he charged about 500 euro, I sorted the department myself. However the real sting is if you are paying wages to son or daughter, revenue charge you about 65/month for the facility I am not sure if this was employer PRSI or just a charge by revenue.

    FBD were charging a extra fee as well for doing wages online when added to the revenue fees you have to be on the higher tax baby to make anything out of paying wages to children or be paying to two or three children

    Slava Ukrainii



  • #3
    Timmaay
    Registered Users, Registered Users 2 Posts: 11,392 ✭✭✭✭Timmaay


    I think that whole wages racket is regardless of if your a sole trader or partnership.


  • #4
    Bass Reeves
    Registered Users, Registered Users 2, Paid Member Posts: 20,595 ✭✭✭✭Bass Reeves


    Timmaay wrote: »
    I think that whole wages racket is regardless of if your a sole trader or partnership.

    Yes the accountant charges are because of new online reporting and charges are excessive but the increase in revenue costs as well being wage paying to children to save at lower band uneconomic

    Slava Ukrainii



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