Specialist accounting and tax advice for farming families across County Louth. Farm accounts, succession planning, agricultural relief, and stock relief.
County Louth has a strong farming tradition. From the rich tillage land of the Boyne Valley to the livestock farms along the Cooley Peninsula, farming businesses are a core part of the local economy - and a significant part of Malone and Co.'s client base.
Farm accounting is not the same as general small business accounting. The tax reliefs available to farming families are specific, the succession and inheritance planning is distinct, and the interaction between farming income, rental income, and off-farm employment creates a complexity that requires specialist knowledge.
Talk to Paddy about agricultural accounting -- free initial consultation.
Paddy Malone has been advising farming families in County Louth and the surrounding counties for over 35 years.
We prepare annual accounts for farming businesses of all sizes - sole traders, farming partnerships, and farming companies. The accounts cover all categories of farm income and expenditure, stock valuations, and the reliefs specific to agricultural businesses.
Passing the family farm to the next generation is one of the most important financial decisions a farming family makes. We advise on the combination of reliefs available - Agricultural Relief for CAT, Retirement Relief for CGT, stamp duty reliefs for young trained farmers - that can make a tax-efficient transfer possible.
Grants received under TAMS and other agricultural support schemes have specific tax treatment. We advise on how grants interact with capital allowances and income.
For farming families with land on both sides of the border, the tax treatment of that land involves both Irish and UK tax law. This is an area where Paddy's cross-border expertise is directly relevant.
Paddy has looked after our accounts for over fifteen years. He is always available when we need him and nothing is ever too much trouble. He genuinely cares about our business doing well.
Michael
Dundalk · Accounting
Expert insights on agricultural accounting for Dundalk businesses
Agricultural Relief reduces the taxable value of farm land by 90% for inheritance tax purposes. Here is how it works, the conditions that must be met, and how t...
Planning the transfer of a family farm in Ireland requires years of preparation to use the available tax reliefs correctly. Here is a practical guide to the ste...
Stock relief lets Irish farmers defer tax on income reinvested in farm trading stock. Here is how the relief works, the enhanced rates for young trained farmers...
Common questions about agricultural accounting in Dundalk
Most Irish farmers use the Agricultural Flat Rate scheme rather than standard VAT registration. Under this scheme, farmers add a flat rate addition (currently 4.8%) to invoices to VAT-registered customers, and retain this amount rather than remitting it to Revenue. We advise on which approach is more beneficial for your specific situation.
Stock relief allows farmers to claim a deduction against trading income equal to 25% of the increase in the value of farm trading stock during a year (100% for young trained farmers in the first four years). This reduces the tax on income that is effectively reinvested in the farm business. We calculate the correct relief on every farm tax return.
TAMS grants received for capital items must generally be deducted from the cost of the asset for capital allowance purposes, reducing but not eliminating the capital allowance available. How the grant is treated depends on whether it relates to a capital or revenue item and the specific scheme under which it was received.
Retirement Relief is a CGT relief that can exempt or reduce the capital gains tax arising when a farmer disposes of qualifying business assets. Agricultural Relief is a CAT relief that reduces the taxable value of agricultural property received by the recipient. The two reliefs address different taxes and can apply simultaneously to the same transaction.
As early as possible. Most of the significant reliefs for farm transfers have qualifying periods, age conditions, or structural requirements that cannot be satisfied at the last minute. A succession plan agreed five years before the planned transfer gives maximum flexibility to ensure all conditions are met.
Your first consultation is free and without obligation. Fill in the form below or call us on 042 933 6744.
