Setting up a Farm Company

Sam 9 times

I work full time and am farming part time in my own name since 2022.

I have been told that I should set up a company for farming, and this would reduce my tax burden, this is something I know nothing about.

I would appreciate any feed back.

Manorpark man

Lot of ifs and buts there

what type of farming?

how profitable it is

off farm income?

age, plans going forward etc

your accountant is the best one to ask on this subject

Hard Knocks

What’s the advantages and disadvantages of being in a company.

yosemitesam1

It would depend on what strategy you'd be using to take money out of farm company

lakill Farm

https://www.boards.ie/discussion/2058326178/setting-up-a-farm-company

who told you " you should " and what reasons did they give

Your not going to get the correct advice here anyway as no one knows your financial situation

n1st

I'd be interested to hear the outcome of this

GoldFour4

The answer to this will be dependent on individual circumstances. You are best placed speaking to a decent accountant in your area about pros/cons for your scenario.

mahoney_j

I’ve started ball rolling in this and will be limited company structure from 01 march ….I had a thread started here a while back …some good pointers in it ……my advice find an accountant with experience in this and farmers in limited companies on there books ….so many things to consider

K.G.

One of the important things to realise is its not really a tax strategy, its an investment strategy.