60% TAMS grant for women farmers.

893bet

So for a mower the reference cost per meter is circa 2.5k. Does that mean that “they” expect a 3m mower to cost 7.5k ? and then will pay 60 percent of that cost?

What if the mower is more than 7.5k? When you apply you don’t say that is it and just claim for the reference cost allowed?

timple23

https://www.boards.ie/discussion/comment/120057320#Comment_120057320

When you submit an application you submit a proposed cost. That can be higher or lower than reference cost. Grant will be 60% of whichever of the two figures is lower.

893bet

https://www.boards.ie/discussion/comment/120057367#Comment_120057367

I am guessing if your actual proposed is lower than reference they look on it more favourable?

if final cost ends up being higher is there any issue with a claim?

timple23

https://www.boards.ie/discussion/comment/120057388#Comment_120057388

Yes but it might be changed with new scheme.

No issue. Normally reference costs are lower than actual costs. 3m mower is probably closer to 10k to buy. There is no need to tell dealer you're going for a grant as they'll only jack up price.

893bet

https://www.boards.ie/discussion/comment/120057462#Comment_120057462

Great thanks. That’s 60 percent grant prob more like 45 percent unless some “cheap” make is selected I would be guessing. But still a good grant.

mr.stonewall

Remember the reference cost is ex vat. So the 60% is just a touch shy of 49% Inc vat.

No issue if price comes in above the reference cost at they will only fund grant on the reference cost

Make sure to apply to get bigger than you plan. No point being approved for an 8ft mower and then going shopping and changing the mind to a 9ft, you will only get grant on the amount of the 8ft. If it's the other way around they will round down the reference cost.

On the tax clearance side of things, you won't need to get a tax clearance cert as you will input the company's vat number and DAFM will check that the dealership has an eTC. All Tax clearance now is digital. And dealerships are filing Vat returns every 2 months, stick with dealers that have a good rep.

All the above is if the T+Cs are similar to the existing TAMS. You will have no issues submitting an application and the following claim on agfood. If you have any further questions or queries when it comes to the time drop a DM.

893bet

https://www.boards.ie/discussion/comment/120057833#Comment_120057833

So it’s 60 percent of the ex vat price on the mower also? Even though I can’t claim back the vat?

Thats not great.

https://www.boards.ie/discussion/comment/120057987#Comment_120057987

False advertising

mr.stonewall

https://www.boards.ie/discussion/comment/120057987#Comment_120057987

Yep its ex vat. That's the way it was with LESS for the tankers and dribble bars. If you were vat registered you could claim it back. It's not a fixture or fitting, I can't be bolted down when I'm use

Personal experience of it from LESS and was aware before applying, Don't forget you will have Cap ex on the amount Inc vat minus the grant for tax purposes so if in the higher rate, it will only cost approx 25% of the total cost when written down over the 8 years.

https://www.boards.ie/discussion/comment/120058110#Comment_120058110

Always read the fine print before signing up. Just think of some of the ads you see daily with the size 4 font

Most folks have got used of claiming the vat back with tams, but the majority of the work was items that would stay on the farm should you seel up on the morning, it's fixtures and fittings.

Lime Tree Farm

@mr.stonewall "Always read the fine print before signing up. Just think of some of the ads you see daily with the size 4 font"

The large print giveth, and the small print taketh away.

893bet

https://www.boards.ie/discussion/comment/120058164#Comment_120058164

Is that the correct way to write it off?

Two options I see both with advantages /disadvantages depending on the farm.

1) Like you say capitalise the cost of the mower minis the grant. This becomes difficult though if the grant is paid in a different tax year to the mower.

2) The grant is treated as an income, same as BpS on the year it’s received. Capitalise the full cost of the mower.

Which is correct. The second feels more correct.

fits

Can anyone explain the years farmed eligibility to me? I only have a herd number for last year but doing the practical work for at least ten.

mr.stonewall

https://www.boards.ie/discussion/comment/120058564#Comment_120058564

My accountant always capex the amount minus the grant. Theory behind it is that the tams grant is a payment towards this capital expenditure thus reducing the value of it. He's with a national firm specialising in farm a/c.

Unsure of what way it would work if it was building work spread from one year to the next. On simple straight forward investments like a piece of equipment,( auto scraper, calf feeder mower, scales calving gate etc) you should have your payment on average 4-6 weeks after claim is submitted. I just looked back and last year on a LESS investment it was 12 days from claim to payment issue

Some else maybe better to explain the pros and cons of each

893bet

I guess if the farm is in loss. And can afford to take the grant as “income” without losing half of it to the tax man the farm then gains the advantage of capitalising the full cost of the mower.

If the farm is in profit then better off taking the grant from the capital cost. Keeping the grant tax free as such and capitalising cost minus grant.

but which is correct from a tax compliance POV.

Hard Knocks

https://www.boards.ie/discussion/comment/120058572#Comment_120058572

You’d be 1 Year farming. It’s since you received/were added to the herd number

Bass Reeves

https://www.boards.ie/discussion/comment/120058572#Comment_120058572

I think it depends on your age. To qualify as a younger farmer you have to have the green cert completed. For older farmer it's years farming. They used to allow time assisting a parent or relative before