IFAC: BISS deadline is looming
Ifac has reminded Cork farmers not to miss the May deadline for the Basic Income Support Scheme (BISS).
The BISS was launched last year to replace the BPS from previous years. The deadline to apply for the scheme is May 15.
“This is one of the most important dates for farmers in the farming year,” said Stuart Crowley, a partner at IFAC Mallow. “This is the deadline for declaring the land you are farming in the year 2024 and, therefore, enabling receipt of your BISS monies in October or December...As shown in numerous IFAC Irish farm Reports, BISS is crucial to the financial viability of many farms in Ireland. It can be an incredibly stressful time for farmers if this application is incorrect and monies are withheld next October and December.”
The following are some basic questions farmers should be asking themselves and their agri-advisors before submitting their applications:
Am I farming more/less land than last year?
Am I leasing in/out land that wasn’t previously on the application?
If leasing in/out new land have I leased in /out the BISS correctly with this land?
Have you bought/sold/inherited/gifted land in the last year – Have I transferred in BISS correctly?
Have I declared all of the land I am farming correctly on my BISS application?
Have I changed the farming structure – Limited Company, Registered Farm Partnership, Joint herd number?
If so, I MUST transfer BISS to the new structure. Always seek your accountant’s advice on HOW to transfer BPS so as not to incur taxes inadvertently.
Have I declared all of the land correctly in the name of the new business structure?
Ifac advises farmers the following at this time when completing a BISS application:
Employ a good Agri-advisor to help you complete your application. This is money very well spent considering the importance of the payment to the financial well-being of the farm.
If transferring BISS to a new entity (LTD, partnership, joint herd, family member etc) please ensure that BOTH your accountant and Agri-advisor are aware of what’s happening. One of the most common mistakes with farmers changing business structure is neither their accountant nor Agri-advisor is aware of what each one applying for. This can have very serious impacts on both Revenue and the Department of Agriculture and could result in significant taxes and losses in BISS if completed incorrectly.
Give yourself time – do not leave this application until the last minute and complete it on May 15.
IFAC consults with its clients’ agri-advisors in times of change in the farm to ensure that BPS is not jeopardised in any way and also to ensure no undue taxes are incurred in the change.
Please note that, this year, the Department of Agriculture requires all applications to be made online. The Department is running several helplines nationwide to assist farmers in this regard.