It’s January and I’m sure many of our readers have their business plans for 2024 already in place. While the most likely goal for those plans will be to maximise profit for the coming year and the longer term, it is also important to keep and eye on maximising profit retention.

Paying tax is never pleasant, and hopefully this tax-saving feature will help your business or farm minimise the proportion of income which goes to the taxman.

This year, we are adding some real-world examples showing how different kinds of tax planning can have different outcomes, both for earnings this year and earnings in retirement.

Once again, the Irish Farmers Journal has partnered with ifac to bring you the latest and most pertinent tax tips to start your new year.