High bike wrote: » 8th or 9th Sept not sure which
wrangler wrote: » Still a week so If beef was a good trade you wouldn't be surprised at farmers reluctance for the 5% destock but at present prices it's hard to understand
Bellview wrote: » i think some of the fear is that by applying for the scheme will this scheme get used by a desk jockey as another stick to beat farmers with on ie capping a payment/future scheme... unfortunately there is lots of distrust out there
Hurling Hereford wrote: » P.S. A reduction of less than 4% shall incur a 100% penalty
Green&Red wrote: » I presume that means you’ll lose the grant rather than be penalised?
whelan2 wrote: » Do you have to be bord bia approved for this scheme?
High bike wrote: » id like to see that in writing
OnDtown wrote: » Have a question towards this and maybe someone can help my understanding? In my fathers case he will qualify for the full 10k payment. This will be subject to tax/PRSI/etc so he will come out with slightly less than half. Next year he will have to reduce stock numbers (we're estimating 10-15 head) in order to meet the nitrates requirement. This would mean he would be spending 10-15k less towards stocking the farm next year and this 10-15k would them be subjected to tax again, meaning he would actually be paying more back in tax than he received in the first place? Could this be correct? I find it hard to believe but please correct me where I'm mistaken. The above scnario assumes top rate of tax, no borrowings for stocking, etc.
Neddyusa wrote: » I believe your assumptions are correct - Except for the fact that if you buy €10-15k less cattle you'll also sell €12-18k less cattle next year. Also, if you're on the top rate of tax from beef finishing at the moment, you're in a very small cohort - what's the secret????!
wrangler wrote: » He's not really the farmer that's being targetted, if it's all taxed it means he's not one that has lost money on beef. Destocking isn't a problem if your accountant has the stock valued right in the first place, I've destocked twice in the last ten years without a hefty tax bill, more than that I don't know
Base price wrote: » No, if you already in a environmental scheme like GLAS you are covered, if not you have to commit to sign up to BB before the 1/12/19
OnDtown wrote: » Ironically I think he is exactly the farmer that was targetted by this scheme, he could have claimed 2-3 times the max amount if it wasn't capped at 100 cattle, and trust me he definately has lost alot of money on beef! But between his state/private pensions + BPS/ANC payments, this will push him into the higher tax bracket. Off the top of my head calculations estimate that he could be liable to 11k tax payments over 2 years, just to receive this 10k payment. It sounds nuts to be honest! I really not sure how the smart destocking works with the accountant and niether of us have much faith in the current guy either.
whelan2 wrote: » We are in the bdgp does that count?
wrangler wrote: » I think it does, presume you're referring about your fathers suckler herd, your little dairy herd just mightn't
whelan2 wrote: » Ye it's for my dad. I didnt bother even looking into it as I thought he needed to be bord bia approved
wrangler wrote: » Doesn't do farmers any good either if we claim that farmers have lost 100m and then they only look for 50m. There might be time yet, when's the closing date
wrangler wrote: » He can put his losses against the Beam Payment or else fire your accountant, there's no way if he has lost more than 10000 on his cattle that he's have to pay income tax on the beam payment. When I was involved in CPOs IN IFA the number of farmers with mistakes in their CGT was unreal so don't take it for granted that the accountant is right. A neighbour was telling me in the last few week that his tax bill was€4000 ....LAST YEAR OF ALL YEARS. I told him it was mad so he went back and told the accountant he was fired if he didn't change that so it's less than half that now ....like WTF
Cavanjack wrote: » Sure take a middling sfp anc glas pension (maybe) you wouldn’t be long hitting a tax bill of 4K.
wrangler wrote: » Parttime farmer claiming all allowance on his salary/pension, country is full of them
