More farmers opt for incorporation

The number of farmers opting to trade through a company continues to accelerate. In 2013, the numbers of farmers incorporating in companies increased by 27%, compared to 2012.

There is an impressive five-year 300% increase in the number of farmer company incorporations per year when you compare 2013 to 2008.

The rise in marginal tax rates since 2008 has certainly added to the incentive for company incorporation. Back in 2008, the top level of personal tax amounted to 46.5%. In 2013, successful sole traders can pay up to 55% taxes on their marginal income, when income tax, PRSI and USC are included.