Online tax guide is a useful tool for farm partnerships
Teagasc farm structures specialist Thomas Curran has worked closely with Revenue staff to ensure the document is made available to accountants and tax advisers as an online publication.
He said the booklet will with accountants and tax advisors clarity in setting up farm partnership correctly while also providing guidance on the completion of income tax returns for each partner on an annual basis.
Revenue said the booklet outlines the principal features of the Irish tax system as it relates to farmers establishing, registering and maintaining a registered farm partnership.
“It is intended to provide clarity on the tax matters to be considered on forming a registered farm partnership and should be a useful guidance document for farmers and their advisors,” it said.
Registered farm partnerships can be formed in any farm enterprises or between any combinations of farm enterprises. The booklet provides guidance to farmers and their professionals in the formation of registered farm partnerships.
Minister for Agriculture, Michael Creed, replying to a recent Dail question from Deputy Peter Burke (FG) said there are currently 1,398 registered farm partnership (RFP) applications on the system, of which 1,310 — 94% of all applications — have been paid an advance.
A total of 565 RFPs have been registered since May 29, 2015 with 486 of these having received an advance to date (86%).
Deputy Burke asked the Minister the reason why there had been a substantial delay with all payments to those who had recently entered into partnerships.
Mr Creed explained that the processing of applications is a complex administrative task and one that remains a top priority for his Department.
“This is particularly the case in relation to RFPs involving multiple herd numbers and corresponding sets of entitlements. Processing of the remaining cases is ongoing with payment runs on a regular basis to ensure cases are picked up for payment once they have cleared the administrative check process,” he said.
