2020 is an unusual time to put it mildly and with all that’s happening one needs to look at their farm and business and examine what can be done practically to reduce cash outgoings from the business.
If one stands back and takes a helicopter view of the business, then a better understanding of what’s required will allow you and your advisor to examine ways to ensure business /farm survival and to plan for how you and your farm business have been impacted.
Farm Tax Review
1. Paying the minimum tax
2. Claiming all allowances
3. Using losses smartly
4. Getting tax write-off as early as possible
5. Possible restructuring with succession in mind
6. Maybe even moving succession along
7. Updating your Will to accurately reflect your wishes.
Practical tax planning is now what’s required and to help with this, why not look at the following and examine can they be of any assistance for you:
1. Complete your 2019 accounts immediately
2. Accounts year end - have you considered moving your accounts year end from 2019 into 2020 to have the benefit of a poorer
start to 2020?
3. Losses - if you have losses submit the 2019 accounts to revenue ASAP to enable any refunds to be processed immediately
4. Vat 58 refunds - submit same immediately
5. Medical expenses /certain third level fees - claim the tax deduction
6. Examine capital expenditure and examine if any of it is repairs
7. Health and Safety equipment /clothing - take an immediate tax write off for same
8. Review your farm structure - would now be a good time with incomes dropping to plan a move into partnership or company?
9. With this review, would it be the time to restructure your loans into one medium to long term loan?
10. With falling asset values - have you examined moving assets to the next generation?
11. Most importantly have you updated and tax proofed your Will?
Contact our experts today
We are on-hand to carry out this non-compliance review and implement a plan that will yield medium and long term benefits.
Contact us at 1800 334422 or email
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