Tax returns.

Kamg. Would you you encourage farmers to potentially pay a high quantityof preliminary tax with 24 tax bill to soften the hit of this year's profit

Yes. Definitely. Definitely pay what you are supposed to pay. And as you say, maybe even more, if the cash is there. If its gone to Revenue this year, the temptation to spend it is not there. And if your overpaid next year, happy days.

My own situation is I bought younger stock, last year so I’m getting good money for the ones selling this year but don’t have to purchase exspensive replacements so I think I could encounter problems

What about income averaging. It might take the bite out of this year?

Depends on what rate of tax you your in . Up to 40% tax relief available. Pointless paying into a pension if the provider is screwing you with high fees and cuts and bad performance. But it's a good option if you do your own research

My accountant emailed me the liability for 2024 today and to say the least im gobsmacked. He said you think that's bad brace yourself for 2025. I will have to setup a monthly DD for revenue. In fairness he goes through every part of returns when I call in. Think I need a drink now...........

I'm not at all surprised. But trying to get the point across to our farmer clients next year is going to be very difficult. Like, if there isn't record profits this year for farmers, no matter how big or small, they really shouldn't be farming.

Sole trader, Biggest mistake was accountant not advising us after 1st set of returns to pay into pension. Only for rct balance that covered our liability and preliminary for following yr but that was over 9k.

2nd yr including preliminary was 13k

3rd yr was 15k including preliminary

it was our 4th set of returns where another guy was given our yr end to do and he advised us. so year 4 our bill should have been 30k including preliminary but after pension lodgement of 19.5k it left us with a bill of 9k including preliminary but we got a refund of just over 5k.

They've done our 2024 yr end in July and they've come back as 10k including preliminary & put 22k into pension and we should receive refund of over 5k.

Only issue with this is we have to save solidly to come up with funds for pension to reduce our tax bill.

Married so this is for both of us.

Our yr ran from Jul- Jun.

So we set up as limited from July this year.

We will both start a different pension coming that will come from monthly wages from Jan 2026 as hubby's now on PAYE but on a week one basis till end of Dec as 2025 accounts not due till next yr, but accountant said we can submit in Feb to close off sole trader account. Only for the 20% RCT building up in background that saved us.

I don't mind they are very good and no query is dismissed. They sit down with me and go through everything and ask if I'm happy with result. I take home and cross check everything and then sign and return.

Another query I have for them is the depreciation over 8yrs, just I spoke to a friend and he said he gets his Van depreciation over 3 yrs as he changes it every 3 yrs. Need to check that one as we update one of our machines every 2 yrs as warranty is for that long so makes sense should anything go wrong. It costs roughly 7k to do this but I think our depreciation overall figure was depreciating on original one bought so need to check were they adding that figure on every 2 yrs.

Congratulations on running a successful farm.

Seriously? So for a young trained farmer stock relief is a big thing now

Fair point. Happened here

Yes, always put dept payments in the year they were supposed to be paid here such as ACRES for e.g

If you’re locked up you’ve lower sales so it’s all the one