Transition to form 11E from farm profile.

P

Paul

Guest
I have always done my farm accounts / tax return on the simplified farm profile form. This has basically meant I didnt need the use of an accountant which suited me given the size of my small enterprise. Average annual turnover of €14k.
Consequently I never created a balance sheet and for that matter I dont really understand balance sheets.

From 2002 onwards farm profile has been replaced by a more complex Form 11E. Page 5 of this form is giving me problems.

Q14. Could someone explain Cash/Capital introduced.
Where in my records might I find this info. Dose it
refer to say taking out a loan.

Q16 Closing Capital Balance. Explain please.

Q24 Tax Creditors. Please explain.

Q25 Net assets. Please explain. I assume is total assets
less total liabilities. My question here is really on
how to value my stock (cattle) as I did not have to
put a monetary value on them on past farm profile.

Also how to value my land which I inherited 25 yrs
ago etc.


I would really, really appreciate some help as my 2002 return is seriously past due.
 
transition to form11e

Paul,

lookslike you will have to put yourhand in your pocket and pay an accountant!
 
F11

I think from memory there is an exemption from filling in the balance sheet for farming enterprises. Re-read the form.
 
Form11

Thanks, I looked at the form and researched the revenue web site but didnt find the answers.

Thanks anyway. I will just have to wing it a little.

Paul
 
F11

F11, sorry I think I misunderstood you comment. I can not find anything on the form which indicates that there is an exemption from filling in the balance sheet for farming enterprises.
That exemption applied in the old farm profile but not in the new form, hence my problem and confusion.

Maybe there is someone out there who can give me a few clues.

thks
 
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