farmers tax

whelan1

i think i heard something on the news on the radio earlier about some scheme for farmers to pay tax did any one else hear anything - it will be a real struggle to pay it this year:eek:

newholland

would you be talking about income averaging?


http://archives.tcm.ie/businesspost/2007/12/16/story28920.asp

whelan1

i just caught the tail end of aenghus mac rianna (sp) on the news saying that was a scheme in place in light of the lower income for farmers - will get paper tomorrow and see if theres anything in it, maybe i was just imagining it;)

fastrac

http://www.rte.ie/news/2009/1022/farmers.html

Qprmeath

If you dont make any money you dont need to pay any tax:D

whelan1

thanks - means i wasnt imagining it so !

johngalway

Qprmeath wrote: »

If you dont make any money you dont need to pay any tax:D

Too bloody true !!!!!!!!!!!!!!!!!!!!!!

pakalasa

Income averaging is the way to go - you take the average over 5 years and pay tax on this. It gets rid of problem of say.... selling a lot of cattle one year and less the following. Example - a farmer who sells cattle every Nov /Dec but one year can't sell until the following january, say because of TB lock up etc.

johnstown

Just make sure if you file a return, even if you reckon you are not liable to have to pay tax.

whelan1

wonder when will we know if the ifa suceeded in this measure:cool:

mikemac

Just file a return.

If you're not making money (and few do ) then what can revenue do