Tipperary farmers are urged to get their tax affairs in order
Timely return allows farmers to make pension contributions that otherwise could be lost
Ifac, Ireland’s farming, food and agribusiness specialist professional services firm, is advising farmers in Tipperary to get their tax affairs in order.
With just weeks to go until the tax deadline, ifac says the immediate priority is to get your accounts in order and work out your tax liability. This will give you the information you need for planning and help you make the right decisions for the coming year.
Head of Tax at ifac, Declan McEvoy said: “With the income tax deadline looming, now is the time to get your accounts and tax affairs in order so that you can file your return on time. A timely return allows you to make claims on stock relief and pension contributions that otherwise could be lost.”
Steps to take include checking that the personal element of motor, electricity and telephone expenses are reviewed and only the minimum amount added back as personal to reflect your actual personal element, and that you are availing of all relevant tax reliefs and capital allowances.
Review repairs against capital spend and examine these and consider whether you have scope to increase your pension contributions, the firm says.