Any tips on saving money from the taxman before the end of the year?

blue5000

I know there are a few accountants on here. Any tips, like is it worth throwing money into a pension or maybe buying a few cattle before the year is over? Don't go telling me to buy OH a new tractor now.......

bob charles

I will gladly swap a few cattle for a few bob to reduce problems your end. In the mart today lots of farmers must have tax problems some of the prices paid, hence I only bough one cull cow:D.

viztopia

You will have until next October to put money into a pension so don't rush into that! Buying stock won't really help as they would be included in your closing stock. Have you any family working on the farm that could be employed and also what rate of tax do you pay? Is it 20 or 41? Remember the money doesn't have to be spent before the year end as long as it is invoiced to you before year end.

milkprofit

I will send you an invoice for CONSULTANCEY!

keep going

buying cattle will solve the problem for next year as well,you will make no money

sh1tstirrer

You can put money into a pension and save tax When you draw it out you will be taxed on it :mad:

nilhg

OP, do you know how much of a profit it's likely you will make this (current) year?
In other words have you 10 or 11 month books done up and gone to the accountant for him/her to work on? Without some realistic idea of what sort of tax bill you are facing it's hard to suggest doing anything out of the normal as it could come back to bite you again.

Fishtits

My pension guy doesn't understand why I spend on capital stuff rather than hand him a lump sum...

He also doesn't understand Net Present Value... or Discounted Cash Flows.

He's a jumped up used cars salesman in my opinion.

Take sound accountancy advice before you make any decision would be my take on this.

Pension funds in my experience have been a rip off, their agents seem to be well coached school leavers with chisel toed shoes... and f*ck all interest in you or I, with the net result that they extract horrendous fees, with sod all guarantees...

Just another financial sector rip off.

We need to sort these guys out IMHO.

yourpics

Problem Solved

alderdeer

yourpics wrote: »

Problem
Solved

That looks about right and more if they can get their hands on it

pakalasa

On Pensions
I work for a multinational company. On of the head financial guys said to us one day, with regard to pensions - "Why put money into something, in the hope that some day, you MIGHT get it all back".
If you want to invest in something, put it into your kids education.

whelan1

give the money to me , i will look after it well and spend it alot wiser than the tax man:D

Juniorhurler

pakalasa wrote: »

On Pensions
I work for a multinational company. On of the head financial guys said to us one day, with regard to pensions - "Why put money into something, in the hope that some day, you MIGHT get it all back".
If you want to invest in something, put it into your kids education.

As always you speak a lot of sense pakalasa. My parents struggled to educate six of us for a long time. It is the best thing you can do for your kids. As the sister says, your kids don't need anything off of you except a good education.

PMU

pay bills,clear off overdraft,pay down loans. use any spare money inside the home and worry about tax next year

thetangler

pakalasa wrote: »

On Pensions
I work for a multinational company. On of the head financial guys said to us one day, with regard to pensions - "Why put money into something, in the hope that some day, you MIGHT get it all back".
If you want to invest in something, put it into your kids education.

Very true but where is safe?

Atilathehun

Juniorhurler wrote: »

As always you speak a lot of sense pakalasa. My parents struggled to educate six of us for a long time. It is the best thing you can do for your kids. As the sister says, your kids don't need anything off of you except a good education.

Agreed. But it's fairly frustrating, when you do educate them, and they do well in college, and get a good degree, and then .............. no jobs in this economy. I have one in that situation right now. Real sickner:(

Username John

blue5000 wrote: »

I know there are a few accountants on here. Any tips, like is it worth throwing money into a pension or maybe buying a few cattle before the year is over? Don't go telling me to buy OH a new tractor now.......

Blue,

I got this email from this Nigerian General in a bit of a pickle there a while ago, seemed like a great deal... perfect for what you want...

Let me see if I can dig it up for ya...

blue5000

Username John wrote: »

Blue,

I got this email from this Nigerian General in a bit of a pickle there a while ago, seemed like a great deal... perfect for what you want...

Let me see if I can dig it up for ya...

Cheers for that John. I seem to be giving off the impression of having money to burn, far from it. I reckon pensions are really nothing better than a pyramid scheme, any money going in now is used to pay off the existing pensioners, with the hope that the next generation will pay off those paying in now.