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earning income in ireland whilst living abroad

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  • 14-03-2016 2:54pm
    #1
    cjmc11
    Registered Users Posts: 134 ✭✭


    Hi everyone
    I am planning on travelling for a year, maybe 2 if all goes well.
    I have a small business (small farm) along wth a full time job.
    The plan is to give up full time work and keep the small farm going, I will get someone to look after it while I'm away.
    A quick question:
    Is it legitimate to earn an income while not residing in the country?, I have a separate company account, and all income and expenditure for the farm goes through this. Everything will be above board i.e. Tax returns etc.
    the farm is a very small enterprise with minimal input and output, but I would still like to keep it going if I could.
    Thanks


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    #2
    pedronomix
    Closed Accounts Posts: 997 ✭✭✭pedronomix


    Not a problem in the world in doing that!


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    #3
    cjmc11
    Registered Users Posts: 134 ✭✭cjmc11


    pedronomix wrote: »
    Not a problem in the world in doing that!

    Thanks for the reply
    So I assume that as long as whoever is looking after the farm keeps me informed as to what's happens on the farm on a weekly basis and I make any decisions on major expenses/ sales, then I would be deemed to be in full financial, and otherwise, control of the business?


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    #4
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    Why do it that way? IMO it would be the very worst possible way. A 'small farm' cannot support what you want. Why not rent out the land for a few years, take the rental income and not worry about expenditure? Do you really think some employee on a minimum wage/income (or less if part-time) is going to sit up all night with a sick animal of yours while you are miles away?


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    #5
    cjmc11
    Registered Users Posts: 134 ✭✭cjmc11


    pedroeibar1 wrote: »
    Why do it that way? IMO it would be the very worst possible way. A 'small farm' cannot support what you want. Why not rent out the land for a few years, take the rental income and not worry about expenditure? Do you really think some employee on a minimum wage/income (or less if part-time) is going to sit up all night with a sick animal of yours while you are miles away?

    Ya that's a good point, the thing is I don't own the land that I am farming, its all leased, and I'd say if I was to give it up for the couple of years I'd have no hope of getting it again on my return.
    As regards someone sitting up all night looking after a sick animal, it wouldn't be an issue as the amount of animals I have is small (12-14) and the type I keep would be very low risk, plus I'm related to said person and I know they'd never just abandon a sick animal, he's a farmer himself, and any extra work like what you have mentioned he would be paid accordingly should it arise.


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    #6
    cjmc11
    Registered Users Posts: 134 ✭✭cjmc11


    Sorry forgot to say the income from the farm will not be used to fund the travelling, funds already in place , obviously I know that a farm as small as mine would not support my travel, or indeed support my life at home, its just something that I've always done and intend to do into the future, as a small bit of extra income but not my main source, I'm just looking at my plan as above in the first post from a legal point of view.
    Thanks


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    #7
    TheHillOfDoom
    Banned (with Prison Access) Posts: 794 ✭✭✭TheHillOfDoom


    Hmmm - I think it ventures into the 'non resident for tax purposes' area. I'd try posting on Tax if there is such a forum.


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    #8
    TheHillOfDoom
    Banned (with Prison Access) Posts: 794 ✭✭✭TheHillOfDoom


    Just looked up the form for tax returns and it states the following:

    "See Guide to Completing 2015 Pay & File Self-Assessment Returns for more information on the “Extent of Liability to Income Tax” of individuals who are either not resident or not domiciled in Ireland. 16. If you are a citizen of Ireland, resident but not ordinarily resident in the State, insert T in the box"

    Would your profit merit a farm/tax accountant? Might be worth having a chat with them with regards to ballpark figures before making a decision.


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    #9
    cjmc11
    Registered Users Posts: 134 ✭✭cjmc11


    TheHillOfDoom wrote: »
    Just looked up the form for tax returns and it states the following:

    "See Guide to Completing 2015 Pay & File Self-Assessment Returns for more information on the “Extent of Liability to Income Tax” of individuals who are either not resident or not domiciled in Ireland. 16. If you are a citizen of Ireland, resident but not ordinarily resident in the State, insert T in the box"

    Would your profit merit a farm/tax accountant? Might be worth having a chat with them with regards to ballpark figures before making a decision.
    Thanks for the reply
    I've set up a thread in the taxation forum.
    Yes I will have to file tax returns and use an accountant.
    Thanks


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