Farm Ireland

Tuesday 12 December 2017

Can this huge bill be possible?

"I got an awful shock when I went to my accountant recently. At first I was happy enough since, even with the bad weather and prices, the figures showed that the farm had performed almost as well as the previous year.

I reckoned that I had enough put aside to cover the tax but got a shock when the accountant said the total due was thousands more compared to previous years due to new levies and increase in existing levies.

We're totally reliant on the farm for an income so I can't lean on it to give me a dig out.

Could this massive tax bill really be possible?"

I'm afraid so. We've heard all about the bank bail-out, but this is where it starts to hit home. The hikes in the health levy, coupled with the new income levy, are adding up to thousands extra for many farmers like yourself.

Here's how it boils down for this year compared to 2008. The main difference is in the amount that you pay for the new health and income levies.

In total, your taxes should be €2,000 higher in a like-for-like comparison.

Also Read

Irish Independent