# Meeting Tax man.



## Mommah (6 Feb 2011)

I submitted form 11 myself (gulp) and got a rebate.
Recently got letter from Revenue with a number of detailed queries.
I have double checked all my numbers and am happy everything is correct, within my knowledge base!

I have a meeting with them this week.
Anything I should think about, prepare for...?


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## papervalue (6 Feb 2011)

What was level of rebate and what kind of query on letter?

What year was rebate for?

Why are you going to met them, are they calling to you or you to them.

Is it an audit, did you receive an audit letter

Normally for a rebate they might do deskaudit bit would need copy of receipts and not need to meet you

Is their more to this?


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## Mommah (7 Feb 2011)

Thanks for your reply
It seemed to go okay.
My first time doing this...so was nervous, but I had documentation to back up all the queries.

They were happy initially for me to send documentation in  but there was too much paper...eg 5 years of receipts for rental property.
So I said it would be easier for me to bring to them and them to decide what to copy.


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## Bronte (8 Feb 2011)

Mommah, could you give us an idea of the detail/receipts they wanted to look at.  Also why 5 years, thought you had to keep records for 6 years.


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## Mommah (8 Feb 2011)

They queried my claim for capital allowances as well as my calculation for profit from rentals.
That amount is cumulative over the 5 yrs I have been renting the property.
Therefore evidence to support it is 5 years of receipts...which I had.
They didn't copy them. But did copy my excel document which summarised my 2009 expenses.
They did want to look at the account the tenants lodge the rent to.


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## Bronte (9 Feb 2011)

Thanks for that. Sounds like a spot check. Also sounds like the sight of you with all your boxes put them off delving further.  I'll bear that in mind if they ever call me in.  Well done on doing the accounts yourself.


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## T McGibney (9 Feb 2011)

Bronte said:


> Well done on doing the accounts yourself.




A strange comment


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## Bronte (9 Feb 2011)

Sorry, it was because not everybody is able to do their rental accounts so I thought it great someone could do them without an accountant.  A further saving on costs.  Not many people are able to deal with revenue so well either.  I'd be terrified of an audit and I have an accountant and think I've everything done right.


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## T McGibney (9 Feb 2011)

Bronte said:


> Sorry, it was because not everybody is able to do their rental accounts so I thought it great someone could do them without an accountant.  A further saving on costs.



Costs are saved only if the person is sufficiently informed to (1) claim all their entitlements in terms of deductions, allowances etc; and (2) avoid incorrect claims for items that might later cause hassle with Revenue and tax liabilities.


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## kennyb3 (9 Feb 2011)

Mommah said:


> They queried my claim for capital allowances as well as my calculation for profit from rentals.
> That amount is cumulative over the 5 yrs I have been renting the property.
> Therefore evidence to support it is 5 years of receipts...which I had.
> They didn't copy them. But did copy my excel document which summarised my 2009 expenses.
> They did want to look at the account the tenants lodge the rent to.


 

Cant believe nobody has asked the obvious yet. Have you got your PRTB registration up to date for all years and on time? If not they are going to take away your interest relief.


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## Mommah (9 Feb 2011)

Thanks for the reassuring input Kenny.
But yes...I am.


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## Bronte (10 Feb 2011)

Don't know where you're coming from TMcG but sounds like you think that only accountants can do accounts correctly.  This is not true.  

Mommah did revenue not ask you about the PRTB registrations?


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## T McGibney (10 Feb 2011)

Bronte said:


> Don't know where you're coming from TMcG but sounds like you think that only accountants can do accounts correctly.  This is not true.



Please don't try to put words in my mouth. My comments stand. If you want to debate them, fine. Please *don't *debate or infer comments I didn't make.


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## Mommah (10 Feb 2011)

Bronte said:


> Mommah did revenue not ask you about the PRTB registrations?


 
No not mentioned.

And I didn't have boxes of stuff I had one folder.
Each year of my receipts fits into a plastic sleeve.
But it would have been a PITA to photocopy all 5 years worth and send them in. The didn't check the receipts either, but they did take a copy of the excel overview of 2009.

And to TMcG

Although I am making a paper profit from these rentals, I am in negative cashflow. So I we do whatever we can outselves including the accounts.

My dh reroofed the flat roof after watching a few youtube videos!!!

I found the form 11 reasonably user friendly and triggers most of your deductables. The Revenue Guide to Rental income is pretty comprehensive also.

Also it is very difficult to figure out who's who when it comes to financial advisors.


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## mandelbrot (11 Feb 2011)

Bronte said:


> Mommah did revenue not ask you about the PRTB registrations?



Revenue don't need to ask the taxpayer this question - they have access to the PRTB register so they already know. (Although I would still ask the question, just in case there's an error in the data).


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## T McGibney (11 Feb 2011)

Mommah said:


> And to TMcG
> 
> Although I am making a paper profit from these rentals, I am in negative cashflow. So I we do whatever we can outselves including the accounts.
> 
> ...



Hi Mommah,

That's grand, you pays your money and you takes your choice. 

If you're looking for an accountant or tax specialist ('financial advisors' are a different kettle of fish altogether) your best bet is recommendations from friends or family.


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## Cmax (12 Feb 2011)

Hi Folks!
Just got the same kind of letter in post yesterday!! All about rented house for three years. Hope all is ok need to look through it again.


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## z107 (12 Feb 2011)

> If you're looking for an accountant or tax specialist ('financial advisors' are a different kettle of fish altogether) your best bet is recommendations from friends or family.


Why?

Would you not get a better accountant by making a selection based on cost and qualification?


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## T McGibney (12 Feb 2011)

umop3p!sdn said:


> Why?
> 
> Would you not get a better accountant by making a selection based on cost and qualification?



I still think that if an accountant, or indeed a number of accountants, are recommended by your friends/family/colleagues on the basis of good customer experience, that is a very good basis for ensuring that you end up with someone good. Blindly picking someone on the basis that they're the most qualified/cheapest/dearest is, in comparison, a total lottery in regard to customer service experience. 

The same goes for selecting any professional or personal service provider.


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## Mommah (13 Feb 2011)

Cmax said:


> Hi Folks!
> Just got the same kind of letter in post yesterday!! All about rented house for three years. Hope all is ok need to look through it again.


 
I did an over view spreadsheet of my 2009 claim with more details about the totals.
I didn't break down the previous years capital allowance claims but did bring the receipts and was prepared to do it if they asked.

They just copied the excel sheet.
The capital allowance deduction is of course cumulative over the 3 years.
So I did bring in my 2008 form 11 to show that the total = 2008 + 2009's claim.

Good luck with it.
They were very pleasant, although it did have that Columbo interviewing you in one of "The Bill" interview rooms feel to it.


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## Cmax (14 Feb 2011)

Thanks Mommah,
they looking for 2007, 2008 and 2009. Should be ok anyway but need to run through incase i  made a totting misstake or anything. I have all receipts kept anyway and all income lodged to rent account. only have one house. Do you think it was only a spot check and did it take long? Just wondering will i need to take full day off-am working in Gal tax assessed in Castlebar!


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## Mommah (14 Feb 2011)

We were definitely less than an hour.
But it feels stressful enough without stressing about getting somewhere else on time.
I'd give yourself time for a coffee afterwards!

Good luck


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