accountant quote for tax return

[noproblem]

"the same few posters chime in with uninformed & prejudiced ranting about Anglo auditing and self-regulation".

I can assure you my dear man that the above analysis is based on a very, very, very, uninformed self righteous opinion. End of.

 

[cremeegg]

Im sorry if you are bored. I can understand it must be trying having to read so much "uninformed & prejudiced ranting". However for those that might be interested.

Er, Revenue audit settlements are published in the quarterly tax defaulters lists.

The tax defaulters list is a,

"List compiled pursuant to Section 1086, Taxes Consolidation Act, 1997...... of every person upon whom a fine or other penalty was imposed by a Court. "

Not a list of cases where auditors made errors.


As for regulation and supervision of audits, there has been a welcome and very recent move away from self regulation. Let us hope that this will lead to a much needed improvement in standards, and no further cases where a €7 billion balance sheet support operation is missed.

"As part of the recent European audit reform measures, including in particular Regulation 537/2014(‘the Regulation’), with effect from 17 June 2016 IAASA will assume responsibility for inspecting the quality of audit work performed by the auditors of Public Interest Entities (‘PIEs’). The reforms will lead to a number of changes in the regulation and supervision of audits, including the transfer of responsibility for the quality assurance of auditors of PIEs from the RABs to IAASA. In order to prepare for this transfer, IAASA has set up an Audit Inspections Unit (‘AIU’). The AIU’s overall objective is to inspect PIE auditors’ work and to promote improvements in the quality of auditing of PIEs.
https://www.iaasa.ie/

It is unfortunate that this reform is limited to PIEs and does not apply more generally.

 

[T McGibney]

The tax defaulters list is a,

"List compiled pursuant to Section 1086, Taxes Consolidation Act, 1997...... of every person upon whom a fine or other penalty was imposed by a Court. "

No it's not - the list of court-imposed sanctions forms only part of the regular quarterly lists of tax defaulters.

This basic error exemplifies the "uninformed & prejudiced ranting" which I referenced above.

 

[cremeegg]

No it's not - the list of court-imposed sanctions forms only part of the regular quarterly lists of tax defaulters.

This basic error exemplifies the "uninformed & prejudiced ranting" which I referenced above.

Maybe its not, maybe you are right and I am wrong, but my quotation is taken from the actual list itself, you can view it here.

[broken link removed]

 

[T McGibney]

Did you notice that there are two parts to that list, or are you just trolling?

 

[cremeegg]

I didn't notice that, thank you for pointing it out.

The second part is a list

"OF PERSONS – in whose case the Revenue Commissioners accepted a settlement of the kind mentioned in Section 1086. The list also includes cases in which a Penalty Determination was made by the Courts in respect of the same period. "

Nothing to do with reporting on the adequacy or otherwise of the work of auditors of financial accounts.


The list is compiled under ""


(2) The Revenue Commissioners shall, as respects each relevant period (being the period beginning on the 1st day of January, 1997, and ending on the 30th day of June, 1997, and each subsequent period of 3 months beginning with the period ending on the 30th day of September, 1997), compile a list of the names and addresses and the occupations or descriptions of every person—

(a) on whom a fine or other penalty was imposed by a court under any of the Acts during that relevant period,

(b) on whom a fine or other penalty was otherwise imposed by a court during that relevant period in respect of an act or omission by the person in relation to tax, or

(c) in whose case the Revenue Commissioners, pursuant to an agreement made with the person in that relevant period, refrained from initiating proceedings for the recovery of any fine or penalty of the kind mentioned in paragraphs (a) and (b) and, in place of initiating such proceedings, accepted or undertook to accept a specified sum of money in settlement of any claim by the Revenue Commissioners in respect of any specified liability of the person under any of the Acts for—

(i) payment of any tax,

(ii) payment of interest on that tax, and

(iii) a fine or other monetary penalty in respect of that tax.

see here http://www.irishstatutebook.ie/eli/1997/act/39/section/1086/enacted/en/html

Still nothing to do with reporting on the adequacy or otherwise of the work of auditors of financial accounts.

Now I'm getting bored. I have made my point to the best of my ability and patience, readers if there are any, can judge it as they will.

 

[T McGibney]

I didn't notice that, thank you for pointing it out.

The second part is a list

"OF PERSONS – in whose case the Revenue Commissioners accepted a settlement of the kind mentioned in Section 1086. The list also includes cases in which a Penalty Determination was made by the Courts in respect of the same period. "

Nothing to do with reporting on the adequacy or otherwise of the work of auditors of financial accounts.

Accepted, but still neatly skewers the contention and answers the question you pose here:

A revenue audit for tax purposes is not at all the same thing as a statutory audit of the financial statements. Where Revenue does identify "holes", (good word, images of €€€ draining away), they would have no role in bringing them to public attention. Do we have any idea how many Revenue audits result in a restatement of the tax payable ?

 

[Gordon Gekko]

I have been quoted by the accountant 400EUR +VAT to do my tax return this year.

I only have to do a CGT return of the disposal of some shares in 2015
and
income tax return for some income on the side of my full time employee job

400EUR +VAT seems expensive. Is not it?
I am tempted to give it a go myself and try to save the money, but the first time is a bit intimidating. Are there accountants that would review your "self made" tax return before submission for a more humble fee?

Thanks

Bringing the discussion back to the original query, €400 plus VAT is not expensive. If you're paying income tax and USC at the higher rates, it's worth noting that the cost to you would be €236. I paid a babysitter half that recently for a night out. We're talking about professional advice and assistance where the client can come after you if you make an error. Nickel and diming in respect of professional advice is an awful idea.

 

[Tastebuds]

Thanks to you all for your replies...
and I am so sorry that I missed all of your replies until now. I had email notifications turned off by mistake for this thread so I assumed there was no activity... I feel really embarrassed...

Bringing the discussion back to the original query, €400 plus VAT is not expensive. If you're paying income tax and USC at the higher rates, it's worth noting that the cost to you would be €236. I paid a babysitter half that recently for a night out. We're talking about professional advice and assistance where the client can come after you if you make an error. Nickel and diming in respect of professional advice is an awful idea.

Is this because you can deduct the accountant fees from the tax return?

 

[Tastebuds]

I don't really agree with the 'can I run something by you' comment being necessarily unpaid. I do my own accounts, small fry, very simple but I wanted to make sure I was doing it right. I asked an accountant how much for an hour of his time, we agreed a figure and for that hour I showed him what I was doing and asked any questions I wanted, I was never going to hire him to do every year, I just wanted basically an accounting grind.

Sure he got an hour's pay, I got answers, worth asking one.

That is a good idea. You pay for the time spent using their "consultancy" services

It would probably be a good idea to learn how to do the tax return anyway. I am investing in US ETFs that will involve declaration of dividends every year, which I guess it will be quite systematic once I know how to do it

 

[noproblem]

Bringing the discussion back to the original query, €400 plus VAT is not expensive. If you're paying income tax and USC at the higher rates, it's worth noting that the cost to you would be €236. I paid a babysitter half that recently for a night out. We're talking about professional advice and assistance where the client can come after you if you make an error. Nickel and diming in respect of professional advice is an awful idea.

They must be queueing up outside your house to babysit.

 

[Gordon Gekko]

Thanks to you all for your replies...
and I am so sorry that I missed all of your replies until now. I had email notifications turned off by mistake for this thread so I assumed there was no activity... I feel really embarrassed...




Is this because you can deduct the accountant fees from the tax return?

Yes