Tax returns.

A4 page and a bic biro pen.

Write out your outgoings.

Write out your incomings.

Compare and contrast.

You need to register as an employer, then register the employee and work from there. There's packages out there for working it out and it's paid to revenue once a month.

Met accountant today.....ouch 🤕 🤕

If you buy machinery I know it goes against your tax over 8 years. What about land? Or if a person was to build a big lump of a shed?

Wait until next year and it will be worse unless you pay a fair chunk of preliminary tax this year.

Most beef farmers need to be planning this from last June but definitely now to the end of the year. If it goes to next year the only option is the pension

It's great to now have the option to put back into the farm and a good look at the accelerated capital allowances in the 2 schemes of farm safety and slurry storage is work a look. Quiet a few items will fall into both that could be done before the year end. These are written off over 2 years so it's well worth a Google of each

Another are to consider is the repairs side of things. Jobs that had been put on the long finger could be done this year. Wages to spouse and children even for the next 3 months is worth considering.

Another option to consider is if you are part time and already at the higher rate of tax before the farm is a company.

Moves made over the next 2 months will help the situation for next year's tax bill and it doesn't have to be a new tractor or jeep

After talking to a few people I really should be putting money into a private pension to lower tax burden, a bit clueless on all this stuff.

Is the accountant the person to go through for this? She hasn't mentioned anything about it in the past 🤔

You'll need to set up a private pension with Zurich, New Ireland, Davy, Irish Life etc then start putting money in.

The accountant will then put down the contribution on your tax return and you'll get 20/40% back depending on your tax bracket.

Doing vat here and have set up folders in Google drive. Whenever I have them just take a pic and it uploads it as a PDF.

Vat is every 2 months so it's folder for 2025 followed by sub folders for Jan-Feb, March- April etc. Works well as anything emailed can be dumped into its own folder. Way less minding. Still have zip folder in the jeep which stuff is put into

Used to to it that way but the iT now won't let it happen. All I do is merge them into relevant pdfs

A biscuit tin in the front of the jeep keeps everything in order here 🤣🤣🤣

Not sure the accountant is overly happy with this process but at least every last dam receipt is in there for him.

Is there any advantage of a private pension over the proposed compulsory pension?

Probably not, in the proposed compulsory pension the employer makes contributions.

Presumably the private pension would have no employer contributions or the new compulsory pension wouldn't be necessary.

If there's a private pension scheme with employer contributions you should definitely be in it otherwise you're giving up extra pay.