Bank of Ireland to host planning for successful farm business event in Limerick

Donal O'Regan

Reporter:

Donal O'Regan

Email:

donal.oregan@limerickleader.ie

Tim Ryan, IFAC; Majella Moloney, Teagasc; Pat Byrnes, Bank of Ireland look ahead to Tuesday’s event for farm families

Tim Ryan, IFAC; Majella Moloney, Teagasc; Pat Byrnes, Bank of Ireland look ahead to Tuesday’s event for farm families

BANK of Ireland, Teagasc and IFAC, have joined together to host a “Planning for a successful farm business” event in Limerick.

It takes place in the Woodlands House Hotel on Tuesday, May 1 at 8pm. All welcome. Benefits of a successful farm business will be discussed at the event chaired by Pat Byrnes, agri development manager BOI. Speakers include, Paidi Kelly, Teagasc research officer;  Sean Farrell, head of agriculture BOI and Declan McEvoy, head of taxation IFAC Accountants.

Mr Farrell said: “We are seeing more development loan applications from customers looking to grow their dairy farms than from any other farming sector. Given the relative profitability of dairying, we expect this trend to continue and want to play a part in the growth of the sector.”

“Price volatility and weather events are some of the challenges farmers face when they are expanding. We want to encourage farmers to invest time developing a business plan that considers various future scenarios, be that a drop in milk price or the impact of Brexit,” he added 

Majella Moloney, Teagasc regional manager Kerry/Limerick, said the sector has benefited from the increased influx of educated and motivated young farmers in recent years. “It is important we support these young people to allow them to be successful in their chosen career, to plan ahead and position their farms for the future,” she said. Declan McEvoy, IFAC, will talk about the need to look after one-self and to be conscious of non-tax issues which arise e.g. family and Fair Deal. He will also address the income tax position of the successor as it may be very different.