Welcome to IFAC Accountants
The IFAC service is unique, an experienced book-keeper will call to your premises and complete all or part of your book-keeping requirements. This will relieve you as owner/manager to get on with the job of running your business. We will tailor the service to your needs. By availing of our book-keeping service, we will provide you with pre-end of year accounts (9-10 months) which are essential for tax planning. Because your book-keeping is done on a continuous basis, end of year accounts are completed promptly. 160 bookkeepers provide this service nationwide, many are with us over 25 years.
Our value for money service is hard to beat !
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2011 TAX PLANNING OPPORTUNITIES FOR FARMERS
Joe Lambe, Manager of IFAC Accountants, Raphoe Office
In dealing with farmers’ tax affairs every day, the issues that require immediate attention are:
- Increasing income tax bills together with the effect of the new Universal Social Charge.
- The government’s threat to cut back and abolish farm transfer tax reliefs.
- Is a farm limited company suitable for your farming business?
- Tax planning tips.
2011: year of opportunity for farm transfers
The current government did not draw up the National Recovery Plan 2011-2014 nor did they deliver the 2011 budget speech. However, since taking office, they have not distanced themselves from those changes signposted by the previous government.
FARM TRANSFER TAXES 2011 - WINDOW OF OPPORTUNITY
Martin Kennedy, Manager of IFAC Accountants, Templemore Office
The National Recovery Plan and the 2011 Budget states that Capital Gains Tax, Gift & Inheritance Tax and Stamp Duty reliefs and exemptions will either be abolished or greatly restricted in 2012.
Changes already made
These major changes will be in addition to the changes that have already taken place and are as follows:
- Tax-Free Amounts Reduced.
The amount that can be transferred tax-free by way of gift and inheritance has been reduced by 38% since 7th April 2009 as follows:
TAXATION IMPLICATIONS OF VARIOUS MACHINERY FINANCING OPTIONS
Michael Wheatley, Manager of IFAC Accountants, Monaghan Office for the past 18 years
The main choices open to farmers remains either outright purchase using cash generated from farm profits, financing through a Term Loan from a bank, entering a Lease or a Hire Purchase contract with a Finance and Leasing Company.
Value Added Tax
Being registered for VAT has a big cash flow advantage favouring outright purchase through cash generated from farm profits, term loan or hire purchase but not for leasing and reduces the long-term up front borrowing requirement for all options except leasing.
FARM TRANSFERS & CAPITAL TAXES - 2011 - A YEAR OF OPPORTUNITY FOR TAX PLANNING.
Declan McEvoy is the senior taxation consultant with IFAC Accountants.
The National Recovery Plan and the 2011 Budget states that Capital Gains Tax, Gift & Inheritance Tax and Stamp Duty reliefs and exemptions will either be abolished or greatly restricted in 2012.
Using Your Accounts Information More Effectively In Dealing With Your Bank Manager
Management of Farm Finance & Communication with Banks
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Stability & Experience are the hallmarks of the IFAC Service
Business owners and managers want to build a professional relationship with their accountant. They need sound practical advice to help run their business and they need this service on a continuous basis from practitioners they know and trust. 21 Branch Managers, the majority with over 15 years experience, with back up from Joe Hickey (National Taxation Manager) and Declan McEvoy (Senior Tax Consultant) provide this service.