Coughlan Accounting & Taxation Services Limited

There are significant tax saving oppurtunities for those of us involved in business generally but also there are additional unique tax planning opportunities for those involved in farming.

My advice is that each farm should have a tax plan. The tax plan should deal with succession planning as well as optimising the after tax profits from your farm on a yearly basis.

A comprehensive tax plan prepared by myself will consider all the major tax relief listed below and will tailor these to suit your specific situation.

Tax relief opportunities

• Stock Relief - general scheme
• Stock Relief for young trained farmers
• Income averaging
• Alternative Capital Allowance regimes
• Comparison of HP v Leasing options
• Young trained farmer exemption from Stamp Duty
• Reduced stamp duty for transfers between relations
• Farm Consolidation relief
• Rollover Relief
• Long Lease Relief
• Capital Gains Tax Planning including Retirement Relief
• Transfers to Nephews/Nieces
• Gift of Sites to Children tax free
• Releif from Corporation Tax for new trades
• Pension Planning
• Loss offsets
• Employing Family Members

We can undertake the following compliance work: 

• Filing of Annual Income Tax Return
• Comparison of VAT registration/non registration options
• Reclaims of VAT for non registered farmers
• Advice in relation to social welfare entitlements on retirement
• Employee Payroll Calculation Filing of PAYE returns 

Whether its annual farm accounts, specific business plans or management accounts for your different enterprises we can provide the full range of services to you.

• Preparation of annaul farm accounts
• Preparation of management accounts
• Indepth Financial Analysis of Accounts including varience analysis
• Preparation of cashflow forecasts
• Preparation of Busines Plans for short and long term financing