South Tipperary IFA hold meeting on farm family finances

Information on financial planning

South Tipperary IFA hold meeting on farm family finances

South Tipperary IFA will host a Financial Information Meeting for farm families on Tuesday 27th September in Cahir House Hotelat 8.30pm.

South Tipperary IFA Chairman Simon Ryan said that 2016 has been a very difficult year for farm income across many sectors.

He said that the purpose of the IFA Financial Information meetings is to provide farmers with information on different aspects of their farm financial planning, identify what steps they can take to alleviate or manage cashflow pressures and the supports that are available, and to assure farmers in difficulty that they are not alone”.

“We would like farmers to recognise that, in a year of bad product prices like 2016, the low income they may be facing is not the result of bad decisions they have made as a farmer”, he said,.

Mr Ryan continued - “We are encouraging farmers to be proactive in managing their farm finances - tackle income challenges head on, and make use of any resources or additional supports that exist to allow them to do so”

The meeting will include guest speakers Joe Burke, Bord Bia and Bernard Condon, Ornua who will discuss market prospects and exports.

Martin Stapleton IFA National Farm Business Committee Chairman will discuss the income situation currently facing farmers, budgeting and cashflow, and the supports available through IFA and other sources to assist farmers in financial difficulty.

Topics covered will include:

*Farm financial planning and other resources: the importance of a cashflow plan; accessing Farm Assist; establishing pension entitlements through the PRSI system.

*Farm taxation: income averaging - what it is and how it works; options for paying preliminary tax; maximising tax credits and reliefs available.

*Banking: making a successful loan application, options available for dealing with cashflow difficulties and communicating with your bank.

There will be an opportunity for farmers to engage with the speakers on a one-to-one level if they wish, and information will be provided which farmers can take home to look over later.

“We are encouraging all farmers and farm families to take the time to attend to gain important information, and perhaps encourage greater discussion on the financial aspects of the farm business within the family”, Mr Ryan said.