farm accounts from scratch

  • Thread starter justwonderin
  • Start date
J

justwonderin

Guest
just wondering if anyone can help with this. i have recently been looking after an elderly neighbour after a fall and he explained he has never submitted any farm accounts, and is worried what would happen should the tax man ever call.
he has cattle and sheep, and gets scheme / REPS.
where do i start to help him? is there a penalty or back pay method to use for submitting tax returns for several years. thank you in advance !
 
i asked him if he had ever visited an accountant but he said he visited one years ago and was told he didnt need to submit accounts???
this seems wrong to me, so i said id get some info via internet first
 
Without knowledge of the exact circumstances I would suggest that this may be a case of a low income farmer, earning well below the tax threshold. I.e. If he has a small holding and a low lwvwl of sheep/cattle, his income from farming is likely to be minimal. Reps income is also likely to be low & he probably is existing on this plus his Single Farm Premium.
Having some experience in dealing with Revenue re elderly people, who are minimal earners I suggest that he has no worries if the above description fits his circumstances & thre is a very low risk of the Revenue coming after him.
 
justwonderin said:
what is the tax threshold?
Click to expand...

Varies from year to year, but in the last ten years about 8-9k, plus another 3k if over 65.

It may be the case that the Inspector has determined this man to be a NNL (no net liability) case, and he therefore isn't required to file a return. Or if he hasn't been determined NNL, he would be if/when he does approach Revenue.
 
mandelbrot said:
Varies from year to year, but in the last ten years about 8-9k, plus another 3k if over 65.
Click to expand...

:confused:

Annual Income tax exemption for single over-65's if total income is below €18k for 2011, €20k for 2010, 2009 & 2008, €19k for 2007. The limit doubles for a married couple with one or both spouses over 65.
 
this man is married and in his late 50s. his wife does not work due to poor health. but doesnt claim any benefits.
 
T McGibney said:
:confused:

Annual Income tax exemption for single over-65's if total income is below €18k for 2011, €20k for 2010, 2009 & 2008, €19k for 2007. The limit doubles for a married couple with one or both spouses over 65.
Click to expand...

:eek: I forgot about the exemption!

All the more reason why the guy might be a NNL case.
 
Well,

Hope the accountant that advised him that he did not need to file a return made sure that the farmer made a voluntary contribution for PRSI each year so that he can qualify for state pension.
 
Joe_90 said:
Well,

Hope the accountant that advised him that he did not need to file a return made sure that the farmer made a voluntary contribution for PRSI each year so that he can qualify for state pension.
Click to expand...


gosh i dnt know, i will check that too. thanks joe
 
You must log in or register to reply here.
Back
Top