More farmers are looking at the option of farming through a limited company. It is a major decision for your business and should not be based on higher tax due just for one year.
The first question you should be asking is have I minimised tax outside a company structure?
IFAC have found that many farmers have potential to do this.
To help farmers make the right decision, the Irish Farmers Journal has linked up with IFAC to bring out a comprehensive 40-page booklet looking at the pros and cons of a limited company and exactly what is involved.
The questions you should be asking are set out. We have case studies showing when a limited company is suitable. It is not just about saving tax.
We look at the ongoing extra costs, the responsibilities of directors and banks attitudes to limited companies.
The booklet is aimed at farmers already in limited companies and those who are looking at the idea as well as professionals that advise them.
The cost is €15 including postage. See Page 4 of this supplement for order details.
Advantages of limited company
Disadvantages of limited company