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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BUDGET 2013 - SAVINGS GUIDE FOR FARMERS
Declan McEvoy A.I.T.I., T.E.P., Senior Tax Consultant, IFAC Accountants Declan McEvoy, A.I.T.I., T.E.P., Head of Tax, IFAC Accountants and Martin Kennedy, Branch Manager, IFAC Accountants, Templemore, highlight areas where planning ahead could save you money
INCOME TAX
The income tax rates and tax bands together with income tax credits have, in the main, remained unaltered. This article is not meant to be a blow-by-blow account of what the Minister announced, rather it will highlight areas where planning will save you money.
PENSION CONTRIBUTIONS – RESTRICTION IN TAX RELIEF
The Government has signified its intention that, with effect from 1 January 2014, tax relief for pension contributions will be capped and restricted to delivering pension income of up to €60,000.
TAX PLANNING ACTION
Consult your tax adviser and pension planner to maximise and avail fully of existing tax reliefs and ceilings before they are restricted/phased out.
TAX PLANNING IN THE CURRENT CLIMATE
Declan McEvoy A.I.T.I., T.E.P., Senior Tax Consultant, IFAC Accountants
Whilst recognising that farm income will be down in 2012 one should not lose sight of the Income/Corporation Tax position of the business.
Proper tax planning can help to minimise cash extraction out of the business thus ensuring that the maximum amount of profits are retained.
Preliminary tax payments fall due over the next couple of months and awareness of your profit could lead to you paying the minimum amount of tax.
Why not use the preliminary tax rules to the maximum!
A TAX PLAN TO SUPPORT YOUR DAIRY EXPANSION INVESTMENT
Management, Financial & Tax Planning Steps
Martin Kennedy, Branch Manager, IFAC Accountants, Templemore
As an accountant and a dairy farmer I have experienced planning for dairy expansion from both sides. Pre-planning is vitally important.
My role as an Accountant
The farmer together with his agricultural advisor/consultant should prepare the information for the 5 year projection of annual profits which will include a sensitivity analysis taking into account the impact of milk price fluctuations and input price increase scenarios. From this I;
- Prepare a projected cash flow.
- Design a tax structure which will minimise tax to the greatest extent and tie the structure in with the business plan and cash flow.
- Assess those figures to determine whether the projected profits after tax minus capital expenditure, capital repayments and living expenses will meet annual repayments.
A common pitfall
A common pitfall and danger is the flawed assumption that the pre-tax profits will be fully available to meet living expenses, capital requirements and bank repayments. However, before it comes to this stage the farmer together with is Agricultural Advisor/Consultant has groundwork to do.
THE BUDGET AND FARM TRANSFER TAXES/PRSI
Ben Fogarty, Branch Manager, IFAC Accountants, Kilkenny
Considering the exceptional times in which we live the Budget paid some recognition to the role the farming industry can play in restoring the Irish economy, boosting exports and increasing employment. Both the IFA and Macra Na Feirme deserve credit for the manner in which they presented the farming viewpoint in pre-Budget lobbying. The reduction in the stamp duty rate is significant, as is the justified retention of the 90% gift & inheritance tax agricultural relief. These positives together with current land values has overshadowed the increase in the gift & inheritance tax and capital gains tax rates from 25% to 30%, the reduction in gift & inheritance tax family exempt thresholds and the absence of a meaningful capital gains tax and stamp duty consolidation relief.
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.