Rea Group

Agricultural Consultants, Agri Environment and Accountancy Services

Newsletter May 2011

Dear Client,

With the changes that are taking place within Rural Ireland and with the need for our clients to receive important and relevant information we have decided to produce this newsletter.

Regards, Richard Rea


Download May 2011 Newsletter

Land Transfer

As a result of the new Government Plan not to increase Income Tax, the expectation is that Inheritance Gift Tax and Capital Gains Tax will increase in the next Budget. Currently land prices are substantially down; therefore people who have Land to transfer should seriously consider transferring at present, subject to their circumstance being protected. As part of our services, Rea Group offers Family Settlement Consulting Advice.

Taxation and Accounting

Formation of Farming Ltd Companies We offer a full Accounting and Taxation Service for Sole Traders and Limited Companies. An increasing number of Farmers are now looking at the Limited Company option to minimise Tax. We are in a position to deal with the Accounting and Taxation requirements of a wide range of self-employed people, Limited Companies and SMEs.

Single Farm Payment

The current scheme was due to end on 31/12/2012 and it has now been extended to 31/12/2013 and it is likely to be extended to 2014.

Purchasing of Entitlements

Purchasing of Entitlements where there is spare land capacity is likely to provide a 50%-100% return on your investment. Farmers with low value entitlements should consider selling these and purchasing higher value entitlements.

Mediation

Rea Group is now introducing a Mediation Service for circumstances where people may be involved in Family disputes or disputes with anybody. The Lead Person in this Mediation Service is Oliver Ryan-Purcell, together with our team of other Accredited Mediators.

Accident Cases

We also prepare and advise on Claims that you may have or Claims that may be taken against you. These Claims could arise from a Car or Farm Accident resulting in injury to you or alternatively Claims not affecting you personally, but arising from a Commercial Product not working as it should.

EU Schemes

The following schemes are open at present:
  • Organic Farming
  • Dairy Investment
  • Sheep Handling
  • AEOS
These have a limited budget and farmers with any requirement should apply immediately.

Closing date for all schemes is May 16th, 2011

Financial Management

There are increasing reports of Banks reducing overdraft facilities. Self-employed and farmers need to protect their cashflow position in this regard and essentially not to rely on banks renewing their facility. We provide a service in relation to renewal of banking facilities.

Banking Difficulties

Where severe financial difficulties are present we offer a specific service in such cases.

Rural Development

Substantial funds are available for feasibility studies and capital development from County Enterprise Boards and LEADER groups. For people considering an off-farm business these sources of finance to kick-start the business are essential.

Accident Cases

We also prepare and advise on Claims that you may have or Claims that may be taken against you.

Future Newsletters

If you do not wish to receive future newsletters, please phone Elena at 062-52166 to have your name removed from mailing list.

Contact by Email

To ensure regular up-dates of important information, this in future will be done by email. If you have not provided us with your email, so you do so by sending your email address to: info@reagroup.ie

Rea Group Services

The Rea Group are in a position to provide professional services in respect of all the items referred to in this newsletter. For further information contact Elena Klimonov at 062-52166 or info@reagroup.ie

The information provided in this newsletter should be used for guidance only. Professional advice should be obtained when making a specific farm investment decision or change in farm/business practice.