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How to set up a partnership on farm

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  • 12-08-2012 10:35pm
    #1
    happylad
    Registered Users Posts: 215 ✭✭


    Hello everybody. We're back to the usual rain weather again. It it ever going to stop...!

    Anyway at home we run a suckler farm. The farm is in both my parents names. I am working in a full time job and part time on the farm. I am 33yrs of age. My parents are working part time as well. What we are wondering is there anyway that I can be named as a partner on the farm and claim some tax benefits. I am the only one that will be taking over the farm.

    I am at a stage now where I want to start putting money into the farm to try and improve things.

    All advise would be greatly appreciated
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    #2
    agcons
    Registered Users Posts: 176 ✭✭agcons


    Rumour has it that the dept are working on a partnership agreement along the same lines as the existing dairy farmer partnership scheme but geared towards cattle suckler and tillage farmers. Suppose to be unveiled in the autumn so dont rush in to anything just yet.


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    #3
    grazeaway
    Registered Users Posts: 1,079 ✭✭✭grazeaway


    you may already have this doen but have you competed the green cert/180 hour course? You will need this to be able to regisiter as a farmer.

    In order to claim any of the young farmer incentivs you also need to calim these before your 35. I'm not sure of what is still available but you've proabbly already looked into to these (a call to teagasc will sort you out if your unsure). In order to be registered as a farmer you have to show that you are earning a certain amount from the farm.

    If you have a couple of entrprises on the farm (sucklers/finishing/tillage/dairy etc) then, rather than going down the partnership route an easier way if to lease part of the farm from your parents and run one of the enterprises. For example if you have a suckler to finish system you could take over the finishing side by buying the weanlings from your parents and finishing them on the land you lease from them. Thsi would provide an easy sepration to provide you with evidence that you are a farmer in your own right as you will need to fill out your SFP on teh leased land and have your own set of accounts based on the finishing enterprise.

    As you have said that you will be the sole person taking over from your parents in the long run, this may be easier than goign down teh partership route as the full enterprise will pass to you when your parents decide to retire.

    just a taught but may be best to chat to the folks as she waht they would like to do to.


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