IFAC Accountant, Trevor Boland is on this week’s Beef Edge podcast to discuss financial planning and managing cash flow for the rest of the year.

Suckler and beef farmers are currently receiving prices higher than ever before for their livestock sales, both through the live and factory trade.

Trevor says farmers need to be aware of what their farm profits are for 2024; what tax is payable on these profits and what the likely farm income is going to be for 2025.

In the past, Trevor explains, many farmers would look at income tax filing deadlines as a target, thus not worrying about a tax bill. Quite often, these farmers – particularly those with off-farm income – found themselves with a low tax bill or indeed a refund.

But the IFAC review of 2024 figures to date and projections for 2025 show the majority of suckler and beef farmers across the country will not only have larger income tax bills than normal, but in some cases significant tax bills.

For farmers looking at their 2024 figures and expected income for 2025, there are possibilities to reduce income tax bills by investing in the farm for the future, investing in family and making the farm a safer place to live and work. Some options to reduce income tax bills include stock relief, family wages, income averaging, pension contributions and facility and safety improvement.

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The Beef Edge podcast is produced on behalf of Teagasc by LastCastMedia.com