I have not submitted tax returns in 5 years but I wish to regularise this now. I have met with an accountant and to do the returns he is quoting 2500+VAT. This includes all liasion with the tax office filing all returns etc. Plus some financial advice on mortages etc. Is this quote about right or could I get this at a better price? I have most of the documentation in place paperwork filed etc just do not have the time to do it myself and parts are complicated so need some one in the know to figure it out for me ? Sometimes I think I could do it myself especially when I saw the quote ? Also can accountant's fees be used as an expense for tax purposes. ?
Cost of Accountants Fees for Personal Tax Returns ?
- Thread starter Laura
- Start date
Even PAYE income tax?
Or do you mean other taxes (e.g. CGT) or only for self employed etc.?Sorry - I was jumping to conclusions above. Are you PAYE or self employed?
That is actually 6 tax returns - 5 overdue years, and the current year.
Even PAYE income tax?
Self employed only AFAIK.
I was in a similar position to Laura a couple of years ago. Having been ill couldn't face the form filling. Like Laura I had always been taxed via PAYE and due to unclaimed amounts (which greatly exceeded what was owed) I sought professional assistance. A full year and a half later I found no returns had been made to Revenue. I ended up paying almost €2,000 for a job that was only half done and after an undue length of time.
My advice is she should make the returns herself. All she needs is a Form 12 and Med 1 for each year which can be requested from Revenue or even downloaded. All the information required is on the P60 for each year. The "professional" also filled in a Form 11 which seems to be an unofficial form and sets out everything in detail. I would be happy to PM a copy of that form if it helps. I also found Karl Grabe's calculator very helpful when it came to working out tax rates for each year. Tax credits are also shown for each year on K.G.'s calculator.
On the positive side, at least the years Laura mentions are post the tax year change over from April to January and the change from I£ to Euro but I'm not positive on that. Good luck and have a good holiday on the money saved. If I could do it, anyone could! I forgot to say the people at Revenue are really helpful. Just write to them or phone.
My advice is she should make the returns herself. All she needs is a Form 12 and Med 1 for each year which can be requested from Revenue or even downloaded. All the information required is on the P60 for each year. The "professional" also filled in a Form 11 which seems to be an unofficial form and sets out everything in detail. I would be happy to PM a copy of that form if it helps. I also found Karl Grabe's calculator very helpful when it came to working out tax rates for each year. Tax credits are also shown for each year on K.G.'s calculator.
On the positive side, at least the years Laura mentions are post the tax year change over from April to January and the change from I£ to Euro but I'm not positive on that. Good luck and have a good holiday on the money saved. If I could do it, anyone could! I forgot to say the people at Revenue are really helpful. Just write to them or phone.
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I guess the reason I went to the accountant was that I had put it on the long finger for so long that it would force me to move it along. I'm confused now - tempted to do it myself but know that it could well go on the long finger due to work & family commitments but I won't be happy til I have it sorted !
Also another thing to add I thought that perhaps a professional accountant would be more savvy than in matters taxing and therefore could possibly find ways of reducing my tax liability that I may overlook. Am I being chicken - should I just make an appointment direct with the revenue ?? Or should I just get the forms myself and fill them out and go through that pain ... as it is I have all the receipts etc - its just I'm suffering from time poverty ...
http://www.jeacle.ie/mortgage/ie/
It also comes with instructions:
http://www.jeacle.ie/mortgage/instructions.html
In case of confusion, this is the (tax) calculator I had in mind:
[broken link removed]
As they say, no pain, no gain! It's really up to you (Laura). But don't let me put you off, I know how it can weigh until it's done, so go for it if you feel that's the best choice for you.
There was nothing complicated in my tax returns but since your main concern seems to be about rental income, here's a link to Revenue which sets out reliefs that are allowed: http://www.revenue.ie/ Then put IT 70 into the Search box and you should get this: IT 70 - A Revenue Guide to Rental Income. It seems to be pretty comprehensive but you can always ask Revenue if you've left anything out. Based on my experience once you've done the first year, the rest is duplication apart from changing the figures as shown on P60 etc etc.
If you really don't feel up to it, it might be worth your while to check out Domo's link [broken link removed] Remember, no matter how professional, you won't be able to claim anything that you are not entitled to; I feel sure Revenue would help with that also. Think of this as a "learning curve" - it's very satisfying once it's done.
PS Just read this on IT 70 (Deductable expenses). So maybe you can have it both ways!
Accountancy fees incurred for the purposes of preparing a rental income account.
[broken link removed]
As they say, no pain, no gain! It's really up to you (Laura). But don't let me put you off, I know how it can weigh until it's done, so go for it if you feel that's the best choice for you.
There was nothing complicated in my tax returns but since your main concern seems to be about rental income, here's a link to Revenue which sets out reliefs that are allowed: http://www.revenue.ie/ Then put IT 70 into the Search box and you should get this: IT 70 - A Revenue Guide to Rental Income. It seems to be pretty comprehensive but you can always ask Revenue if you've left anything out. Based on my experience once you've done the first year, the rest is duplication apart from changing the figures as shown on P60 etc etc.
If you really don't feel up to it, it might be worth your while to check out Domo's link [broken link removed] Remember, no matter how professional, you won't be able to claim anything that you are not entitled to; I feel sure Revenue would help with that also. Think of this as a "learning curve" - it's very satisfying once it's done.
PS Just read this on IT 70 (Deductable expenses). So maybe you can have it both ways!
Accountancy fees incurred for the purposes of preparing a rental income account.
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fatmanknows
Registered User
- Messages
- 53
Laura, What u are being quoted is very top heavy. Ring around and get an alternative quote -: €1,200 - €1,500 is absolutely ample for five/six simple tax returns. Prepare the following rental info for the next accountant and tell him/her you have the following in order - :
For Each Individual Tax Year -:
Summary of Gross Rent received in the year
Summary of Loan Interest Paid on Rental Property from Bank
Summary of All expenses you incurred - Insurance, Agents Fees, Repairs, Electricity, Gas, Gardening etc..
Schedule of any furniture/ fixtures you purchased for the property.
Any half self- respecting accountant will ensure/advise that u claim all that is allowawable which u incurred.
If u have all you info in order the returns should not take more than half a day to complete and file. €1200 for a half a days work should satisfy most accountants.
€200 - €300 including VAT for a rental income tax return seems quite low. I would imagine maybe €300 + VAT per year would be the lowest an accountant would charge.
Ham Slicer
Registered User
- Messages
- 463
2.5K seems a bit steep alright.
Although an individual tax return would cost you c300 + vat, getting five done together would only cost you in the region of 1K - 1.2K + vat.
Although an individual tax return would cost you c300 + vat, getting five done together would only cost you in the region of 1K - 1.2K + vat.