Bank of Ireland Provides Tax Loans for Farmers Facing Cashflow Impacts Due to Imminent Tax Bills

Bank of Ireland is encouraging farmers across the country to engage with their financial advisers, as they face having to pay larger tax bills this November. Bank of Ireland’s Tax Loans are specifically designed to help farmers spread the cost of their tax bills and other expenses over a term of up to 11 months with more manageable monthly payments.

Record farm profits across the Agri industry in 2022, particularly in the dairy and tillage sectors, are likely to lead to significantly higher tax bills this November depending on how farm businesses operations are structured. Cash flows are tighter in 2023 as a result of weaker farm gate prices and input costs remaining high this year. After spending on feed and fertiliser, tax bills are often the most significant annual expense faced by many farmers.

Bank of Ireland’s team of specialist Agri advisers are ready to work with concerned farmers to put a sustainable plan in place, helping to ensure that their imminent cashflow needs can be met. The dedicated Tax Loans enable farmers to pay their annual tax bill when due, whilst also providing working capital to pay for professional fees, personal indemnity insurance and pension contributions.

Pat Byrnes, Agri Development Manager, Bank of Ireland said: “Record farm output prices helped cover the rise in production costs in 2022, but cashflows are tighter this year and we are seeing some farmers coming under pressure due to weaker farm gate prices and input costs remaining high. We are now encouraging farmers who are concerned about their tax liabilities to talk to us, where they can avail of suitable Tax Loans.

Farmers need to plan for the autumn and winter months, and in many cases should better understand their cashflow needs to help them cope with the price fluctuations in the Agri sector. Creating a forward-looking budget must be an essential part of any farmers’ financial toolkit, and with Bank of Ireland they can arrange a Tax Loan online or over the phone for amounts up to €120,000.”

ENDS

Further information and how to apply: Tax Loans – Business Loans

Call the Bank of Ireland team – Existing and new customers can also call Bank of Ireland on 0818 210 614 Mon- Fri, 9am – 5pm. For amounts greater than €120,000, contact your Relationship Manager or local branch.