farm tax

[michaeljoe]

I have a query regarding tax on farming.My father passed away anumber of years ago leaving asmall holding of land to my mother. The herd no was transferred to my name.I have since restocked with a few cattle (6) and last year sold on some netting some 1900 euro. I would hope to do the same this year and next.Taking feeding costs vets fees etc profits are obviously minimal.I am not in receipt of any farm pay ments grants etc nor am i participating in REPS - my mother owns the land and is not in receipt of anything either.Both my wife and i work full time.I know nothing about taxation but i am curious to know what i should to pay if anyone can help.Thank you.

 

[simplyjoe]

You need to
1. Register as self employed
2. Prepare income and expenditure accounts and capital allowances computations for each year since taking over. Adding the profit/loss on the farm with your paye incomes will determine whether you are due to pay tax or are due a refund.
3. Capital acquisitions tax may be an issue on your subsequent inheritance of the land from your mother. Consider strategic tax planning with a qfd advisor.