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Farm accounts

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  • 04-09-2015 10:06pm
    #1
    case5130
    Registered Users Posts: 222 ✭✭


    Just taken over the farm fully this year ... Now the old lad never done a account in his life was wondering would I need to or will this draw up trouble ...


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    #2
    viztopia
    Closed Accounts Posts: 770 ✭✭✭viztopia


    case5130 wrote: »
    Just taken over the farm fully this year ... Now the old lad never done a account in his life was wondering would I need to or will this draw up trouble ...

    Is there a single farm payment or herd number? If so then the revenue know he is there, they just haven't come looking yet. Is there much of a farm involved?


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    #3
    case5130
    Registered Users Posts: 222 ✭✭case5130


    Yes to both ...30-40 acres ... I have a log of what I've spent this year kept ...only part time farming as I have day job 40+ hours a week


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    #4
    Farrell
    Registered Users Posts: 2,262 ✭✭✭Farrell


    case5130 wrote: »
    Yes to both ...30-40 acres ... I have a log of what I've spent this year kept ...only part time farming as I have day job 40+ hours a week

    They can audit up to 7 years in an on the spot notice.
    Could be best start with 2014 & work on. Plead ignorance that you didn't know but started from 2014 when you found out.
    Also you'll need proper receipts & not cheque book stubs.


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    #5
    case5130
    Registered Users Posts: 222 ✭✭case5130


    Farrell wrote: »
    They can audit up to 7 years in an on the spot notice.
    Could be best start with 2014 & work on. Plead ignorance that you didn't know but started from 2014 when you found out.
    Also you'll need proper receipts & not cheque book stubs.


    Sounds like I need talk a accounted so..
    Don't have a cheque book so that should make it easy ...


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    #6
    Farrell
    Registered Users Posts: 2,262 ✭✭✭Farrell


    case5130 wrote: »
    Sounds like I need talk a accounted so..
    Don't have a cheque book so that should make it easy ...
    There is also ROS, online services where you can submit yourself.
    If you get an accountant, get 1 that can advise you on your business plans


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    #7
    case5130
    Registered Users Posts: 222 ✭✭case5130


    Would ya manage to do them your self or is it really a accounts job


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    #8
    Greengrass1
    Closed Accounts Posts: 9,493 ✭✭✭Greengrass1


    case5130 wrote: »
    Would ya manage to do them your self or is it really a accounts job

    Best talk to an accountant imo.
    They come across this situation more than you think.
    Might cost you a few bob but shouldn't be too bad if you started in your own right last yr.

    Is your father not getting a pension so?


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    #9
    whelan2
    Registered Users Posts: 29,080 ✭✭✭✭whelan2


    was he paying any tax at all? Know of a case were a lad just paid the same tax every year for donkeys years, when the revenue came after him he had a hefty fine etc, he thought once he was paying something he'd be fine


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    #10
    case5130
    Registered Users Posts: 222 ✭✭case5130


    No he not pension age health and other things made him sign it over...... No for a fact he never paid a penny or kept any record


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    #11
    ITFarmer
    Registered Users Posts: 30 ✭ITFarmer


    For keeping records you could use a spreadsheet. Teagasc provide a Microsoft Excel spreadsheet called 'Teagasc Cost Control Planner'.


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    #12
    Username John
    Closed Accounts Posts: 4,237 ✭✭✭Username John


    I know this isn't exactly related to the thread - but on the subject if tracking all income and expense - have a separate bank account for all farm items. You'll never keep a handle on what's going and coming out otherwise...
    And use a debit card as much as you can (rather than cash) just easier all round...


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    #13
    case5130
    Registered Users Posts: 222 ✭✭case5130


    Username John wrote: »
    I know this isn't exactly related to the thread - but on the subject if tracking all income and expense - have a separate bank account for all farm items. You'll never keep a handle on what's going and coming out otherwise...
    And use a debit card as much as you can (rather than cash) just easier all round...

    Ya have a separate account alright and card only normally


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    #14
    frazzledhome
    Closed Accounts Posts: 6,278 ✭✭✭frazzledhome


    case5130 wrote: »
    No he not pension age health and other things made him sign it over...... No for a fact he never paid a penny or kept any record

    The farm ie the assets have been signed to you, is that correct?

    If so was a solicitor involved and did ye not need an accountant for tax advice.

    You need to visit an accountant and get some good advice


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    #15
    case5130
    Registered Users Posts: 222 ✭✭case5130


    frazzledhome wrote: »
    The farm ie the assets have been signed to you, is that correct?

    If so was a solicitor involved and did ye not need an accountant for tax advice.

    You need to visit an accountant and get some good advice

    Ya whole thing was signed over and my Solictor took care that I have the green cert so just paid what ever he said had be paid

    No accounts where asked for


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    #16
    frazzledhome
    Closed Accounts Posts: 6,278 ✭✭✭frazzledhome


    case5130 wrote: »
    Ya whole thing was signed over and my Solictor took care that I have the green cert so just paid what ever he said had be paid

    No accounts where asked for

    If that's the case you should appoint an account and start afresh


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    #17
    case5130
    Registered Users Posts: 222 ✭✭case5130


    Was thinking to just do accounts from the start of when I got control


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    #18
    frazzledhome
    Closed Accounts Posts: 6,278 ✭✭✭frazzledhome


    case5130 wrote: »
    Was thinking to just do accounts from the start of when I got control

    That's all you're responsible for


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    #19
    case5130
    Registered Users Posts: 222 ✭✭case5130


    frazzledhome wrote: »
    That's all you're responsible for

    Thanks for the info .... How much would it cost


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    #20
    frazzledhome
    Closed Accounts Posts: 6,278 ✭✭✭frazzledhome


    case5130 wrote: »
    Thanks for the info .... How much would it cost

    I honestly don't know. Small uncomplicated operation your talking 100's I'd imagine. They won't charge you for a chat! They're not solicitors


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    #21
    Sacrolyte
    Registered Users Posts: 851 ✭✭✭Sacrolyte


    frazzledhome wrote: »
    I honestly don't know. Small uncomplicated operation your talking 100's I'd imagine. They won't charge you for a chat! They're not solicitors

    Be sure and ask though. I always ask any professional before any work is undertaken.


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    #22
    Nettleman
    Registered Users Posts: 651 ✭✭✭Nettleman


    case5130 wrote: »
    Would ya manage to do them your self or is it really a accounts job

    if you can use excel, set up a 4 tabs on a spread sheet for each year. First tab list all purchase invoices, Second, all sales dockets, Thurd all payments made (cash and cheque), Fourth all monies received. setup a lever arch with 4 separators to backup each tab in your excel file.

    Before you go to the accountant, you should list value of assets you are putting into the business at commencement. e.g. tractor, sheds, sprayers, spreader, etc and values of these at commencement.
    setup a separate bank account, it may cost a few quid in fees, but it helps keep all farm stuff in one place. you may also need to complete a TR1 for Revenue but Accountant will advise you of that. Good luck


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    #23
    Muckit
    Registered Users Posts: 11,174 ✭✭✭✭Muckit


    case5130 wrote: »
    Was thinking to just do accounts from the start of when I got control

    First thing you need to do is make a CAT (capital acquisitions tax) return, even if you are not liable for any you still have to make the return.

    You probably won't have to make a tax return until oct2016, depending on the date your father signed over.

    I'm strictly talking about your own tax liabilities. Let your father look after his own affairs.

    So yeah, a visit to an accountant is your next step.


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