Setting up a Farm as a limited company

As a sole trader any monies after tax paid your can draw for non business use without further tax issues, but planning for next year's tax should perhaps be foremost.

Are you current in a split with your father. Say if you have a joint herd number you could do a 80/20 split with your dad. So if you have 20% split that would lessen your tax a bit. Any essential purchases coming up?

I can't answer or advice regarding setting up as a company, the only bit of advice is if you move funds from outside of the partnership to buy stock it's taxable.

You may entitled to use income averaging and use the savings to invest in tax deductible expenses next year.

Do your research and get a good accountant.

Are you calling KAMG a poor accountant? If I remember correctly they are an accountant.

He hasn't replied back to these answers yet.

But he has investments to do on farm and has only a 5000 tax bill.

It's a loan he needs if anything to do this investing.

There is loads of fiddling going on from what I see and it’s far from confined to farmers - no shortage of people doing it. You don’t mind small things but some people are taking the p*ss. Two recent examples one farmer one not that I saw: a lad who bought one of them large kids timber treehouses (cost a few thousand) etc while also buying fencing - receipt only showed fencing so the lot against tax (and vat back since fencing is reclaimable).

Another (not farmer related) was over at a kids party before Christmas and the house owner had a savage new must have been 75 inch oled tv asked him how much it was and he said - it’s worth x but by the time it goes against tax and I get the vat back it’s costing me feck all. I probed a bit and he just included it with work he was getting done in his business premises under “security system” - he said laughing.

I’d be afraid/embarrassed to be asking businesses for false recipients like this - I’m more surprised they do it than that people ask though.

Why would the business care once they are getting paid. Also very hard refuse a good customer who maybe giving thousands of euro of business each year.

There are many downsides to running your own business and there are also upsides.

The two examples you have given are very mild and a lot of people would consider that just having a bit of cop on.

You shouldn't have stopped the box under the bed to keep some few thousands on hand. You may quit tapping your card like the young ones.

That happens regular, if an old pensioner goes on Joe Duffy there's an awful lot of sympathy. Relative inheriting a house or farm no sympathy plus interest.