Teagasc recently hosted a timely webinar titled ‘Save Tax & Plan Smart’, which provided drystock farmers with key insights on reducing tax bills and keeping more of their hard-earned income.
Pearse Kelly, Head of the Drystock Knowledge Transfer, opened the session alongside Kevin Connolly, Farm Management Specialist at Teagasc.
With cattle prices at record highs, many farmers are anticipating significantly higher profits in 2025. Kevin Connolly emphasised the importance of early tax planning to manage the resulting higher income tax liabilities.
The webinar explored all available options to reduce tax liabilities, forming the basis for a discussion with your accountant in upcoming meetings to finalise 2024 accounts. The webinar covered key topics including what qualifies as farm profit, fully claimable repairs and maintenance, accelerated capital allowances, stock relief, employing family members, pension planning, income averaging, and family succession strategies.
An interactive Q&A session, facilitated by Martina Harrington, FutureBeef Programme Manager, gave attendees the opportunity to address specific concerns and clarify complex tax issues.
A recording on the Save Tax & Plan Smart webinar is available to view below: