Get planning for bigger tax liabilities in 2023 - FDC Group
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Get planning for bigger tax liabilities in 2023

Article by Sinead Deane.

  • It is anticipated that tax liabilities will be significantly higher next year, especially for the dairy sector, with record high milk prices received in 2022.
  • Options to consider, include maximising family wages before the end of your financial year.
  • Also, review your capital allowance schedule.
  • Consideration can be given to expenditure on energy efficient equipment that qualifies for accelerated capital allowances.
  • Budget now for next year’s tax bill. There is an option to set up a fixed monthly payment scheme with Revenue or if you feel at any time during 2023 you have extra cashflow you can make an extra payment to Revenue.
  • Options need to be discussed and analysed carefully with your accountant or advisor to see which options suit your individual circumstances best.

Sinead Deane is an Area Manager with FDC Bandon.