Search

26 May 2022

Revised Income Tax Guidelines for Longford Farm Partnerships

Revised Income Tax Guidelines for Longford Farm Partnerships

Revenue has published a revised income tax guideline booklet which is of major benefit to farmers in the formation and operation of Registered Farm Partnerships.

 Teagasc Farm Structures Specialist, Thomas Curran has worked closely with Revenue staff to ensure that this very valuable document is made available to accountants and tax advisors as an online publication.  

“This publication is extremely valuable booklet and will provide clarity to accountants and tax advisors in the setting up of the farm partnership correctly while also providing guidance on the completion of income tax returns for each partner on an annual basis,” said Mr Curran. 

 “There are four key areas to be addressed during the formation of a registered farm partnership: the on-farm agreement between the parties; the written legal agreement; the interaction with Department of Agriculture, Food and the Marine schemes and structures,  and accounting rules.  

“This booklet provides detailed guidelines on the setting-up of the partnership from revenue and accounting perspectives.”

 The booklet is now available on the Teagasc website click on this link:  https://www.teagasc.ie/rural-economy/farm-management/collaborative-farming/registered-farm-partnerships/taxation/  and the Revenue website under Taxes & Duties – Income Tax – Leaflets or by clicking the following  link,http://www.revenue.ie/en/tax/it/leaflets/registered-farm-partnership.pdf

To continue reading this article for FREE,
please kindly register and/or log in.


Registration is absolutely 100% FREE and will help us personalise your experience on our sites. You can also sign up to our carefully curated newsletter(s) to keep up to date with your latest local news!

Register / Login

Buy the e-paper of the Donegal Democrat, Donegal People's Press, Donegal Post and Inish Times here for instant access to Donegal's premier news titles.

Keep up with the latest news from Donegal with our daily newsletter featuring the most important stories of the day delivered to your inbox every evening at 5pm.