Importance of good financial planning

TALK to your accountant or tax advisor in advance of submitting farm accounts, to ensure that you are availing of all tax reliefs that are available was the advice of West Cork IFA chairman Corney Buckley at a well-attended IFA open farmer meeting in Dunmanway last week.  

The meeting, with a focus on finance, which was the second of three Cork IFA open farmer meetings, had a panel of speakers that covered all aspects of farm finance, and the benefits of good financial management on farms. 

Mr Buckley said that, too often, farmers are so busy that they don’t give sufficient time to financial planning and, as a result, lose out on tax-efficient measures that would be beneficial to their business. He urged all farmers present to prepare in advance of meeting their accountant, so that they can avail of any reliefs or entitlements that are due to them. 

Speakers included Jeff Bray, FBD life and pensions advisor, who focused on the importance of preparing to transfer a farm from one generation to the next in the most tax-beneficial way possible and ensuring that, in retirement, the farmer is self-sufficient from an income point of view. 

Donal Whelton, AIB agri advisor, outlined all the various loan packages that are available to farmers who need finance for either cash flow or investment purposes. 

Michael Fitzgerald, FDC Accountants, covered all the changes that affect farmers in this year’s Budget, and gave advice on prudent financial management. 

Martin Stapleton, IFA National Farm Business chairman, covered the work agenda of the IFA Farm Business Committee and outlined important issues that the Association is continuing to lobby on, on behalf of farmers.  

The meeting concluded with a lively questions and answers discussion.