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10 steps to cutting your tax bill

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You can take steps to minimise your tax bill

You can take steps to minimise your tax bill

You can take steps to minimise your tax bill

Performing a health check on your tax affairs can be quite beneficial in the same way as a health check can be for your physical well-being. Seldom a week goes by that I do not encounter a farmer client who has missed out or is currently missing out on some worthwhile tax relief or other.

More often than not, such omissions only emerge in the course of a conversation about some unrelated matter such as financial or succession planning. The value of allowances or reliefs foregone can range from insignificant to hugely significant depending on the relief in question and whether it is a once-off or a recurring omission.

It may also depend on whether the error can be corrected, which often may not be possible as Revenue have a four-year time limit on claiming tax back. Needless to say, there is no such time limit on the collection of taxes due. Below are my top 10 tax-saving tips.


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