McGowan Accountancy Services has many years experience working with the farming community and is a specialist in the preparation of farm related accounts.

Founder Nuala McGowan, CPA / ACA will meet with you on a one to one basis and talk you through all of the tax headings that are applicable to you in a friendly and efficient.

Below is an overview that will be of interest to farmers, but for more information contact Nuala McGowan on 090 66 25818.

Farming

1. Overview
2. What is farming?
3. Charge to tax
4. Income averaging
5. Share farming

Overview

If you are carrying on a farming trade as an individual, you are liable to Income Tax on the profits of your business.

If you are carrying on a farming trade through a company, the company is liable to Corporation Tax (CT) on its farming profits.

Both Income Tax and CT customers are required to pay and file through the Revenue Online Service (ROS).  For further information, please see:

• Pay and file system – how does it work? (Individuals)
• Corporation Tax (CT) payment and filing (Companies).

A number of Tax reliefs related to farming, are available to promote and support the farming industry.

Next: What is farming?

Published: 01 May 2024 Please rate how useful this page was to you Print this pagePrint all pages in ‘Farming’

• Related topics
  • Tax reliefs related to farming
  • Filing your tax return
  • A guide to self-assessment
  • Setting up your own business
• Further guidance
  • Part 04-03-03Trade or Profession – Commencement Rules, Basis of assessment at commencement of trade or profession
  • Part 04-06-23Family wages – tax deductibility in remunerating family members

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