14 Jan, 2023

23 tax saving tips for 2023

First published in the Irish Farmer's Journal on 14th January 2023, our Head of Tax, Marty Murphy breaks down his top tips for farmers looking to maximise their tax savings in 2023.

The only thing worse than paying tax is paying more tax than you need to. With the year just beginning, now is a good time to take a look at where savings can be made and how a little bit of planning can help avoid any nasty surprises in the future.

This article is not going to try to show you any “interesting tricks” to avoid paying more tax, or tell you to set your farm up as a corporation and sell it your pitchforks for €70,000. We’ll leave those kinds of adventurous policies to your private discussions with your accountant. Instead, we’ll focus on the perfectly simple, fully compliant and easy to understand tax rules that you might not be fully taking advantage of.

We understand that every farmer is different, and there’s no one answer to cover all scenarios. However, there are several tax saving tips that can reduce taxable income. Farmers should use every available tip because over-looked tax deductions are wasted opportunities.

From reducing your income tax to ensuring you qualify for inheritance tax and capital gains tax relief, this Focus supplement is a must-read for all farmers. Use it to work out which tips are applicable to you and how to take advantage of them.