This week, we carry a very important article well in advance of when tax returns are due in the autumn of 2023.
The fact that some dairy and tillage farmers operating as sole traders could see their tax liability rise over 70% for their 2022 tax returns brings home the reality and the volatility in world market prices for inputs and outputs.
Ireland depends on this global market for trade, so removing that volatility anytime soon is not going to happen unless you change how your business is structured.
This significantly increased tax bill could have a huge impact on cash flow on these farms, as the price of milk has fallen below the cost of production on most dairy farms already.
The ifac specialists discuss some options, however, as we know well in most of these financial situations, there can be tailor-made solutions that suit individual farms better.
There are always solutions, and the main problem is usually it is too late before farmers discuss the issue with their accountant, hence the advice is to make the call now.
Try and get a handle on 2022 numbers before it is too late, and before you have no option but to pay up.
There may well be a business change or another investment that can help for 2022, but also impact positively for other years, not just 2022.
The tillage sector is basking in the sunshine, and so far the late sown spring crops look to be the only class of a crop suffering from the soil moisture deficit in the south and southeast.
This week Siobhán Walsh continues her innovative journey around the country accompanied by an agronomist working for Brett Brothers, James Irish, to keep a close eye on what’s happening in the tillage fields.
We are very thankful to those that commit their time to the exercise, and it really delivers a comprehensive handle on all stages of crop growth and management that all tillage farmers and readers find fascinating and helpful.