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A farmer whose main trade is Milk also provides an agricutural Service, bailing, to other farmers. Is it a Revenue requirement to keep two separate trading accounts or is one trading account enough to satisfy Revenue?

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Posted by (Questions: 15, Answers: 3)
Asked on 18 December 2017 11:41 am
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It’s always a problem as to how far to take this. If you go to a supermarket with its own butcher, delicatessen, bakery, it could equally be argued that each of these are separate “trades” being carried on by company. You could also have a farmer dealing in cattle and/or horses. Thankfully common sense prevails. I don’t think Revenue would make an issue of this if it’s an outgrowth of his farming activity. If the baling is a substantial trade (larger than the farming) than it should have its own records and accounting results. It should also be possible to tag the accounting entries to produce a separate column for each “trade” in the profit and loss account.

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Answered on 1 January 2018 3:10 pm