Farmers advised to move early on cash crux
FARMERS have been strongly advised to review and assess their end-of-year financial positions due to increasing cashflow issues on farms across the country, according to a senior IFA representative.
A combination of higher costs, tax bills, delays in scheme payments and a drop in prices have all added up to a very tight financial situation as year-end approaches.
IFA Farm Business Chair Rosemary McDonagh said that cashflow challenges were growing on many farms due to a combination of financial pressures.
“Farmers need to assess their situation and seek advice and help early if they may come under financial pressure,” said Rose Mary McDonagh.
She added that the closing months of 2023 were proving to be a difficult time financially for many farmers with a number of factors contributing to the problem.
“Costs have gone up; it’s the time of year when tax bills arrive; scheme payments have been behind schedule in 2023 as compared to previous years; prices have dropped; and the wet weather hasn’t been a help either,” said Rose Mary McDonagh.
Pictured: Rose Mary McDonagh: Farmers facing difficult end-of-year financial situation.