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tax on farm income

  • 22-09-2009 9:04pm
    #1
    k mac
    Registered Users Posts: 655 ✭✭✭


    I have recently rented a small holding of land i would be suprised to break even this year never mind make a profit but just wondered what is the story with tax i have a full time job besides would i have to keep some accounts or make some tax return, also if i did have to could i register for vat so that if i was buying a commercial vehicle be able to claim vat back on it and diesel and so on . All advice would be greatly appreciated.


Comments

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


    you could be surprised if you looked at the figures and you actually made a loss for the year. this could then be offset against your paye income and you could then get a refund. what kind of a farm are you talking about? acres numbers of cattle etc? p.m. if you dont want to post it in a forum.


  • #3
    ravima
    Registered Users, Registered Users 2 Posts: 848 ✭✭✭ravima


    you might be better going to an accountant specializing in farmers. IFAC or some of the small firms in rural towns would probably do. it can be tricky to do yourself and a couple of hundred euro spent could be well spent.


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