IOM Account

P

payeslave

Guest
Need help/advice pse - in '89 on the advice of my Bank Mgr I opened acn account inthe IOM (thru the North of Ireland), did not have a large amount of money in the account (9k) approx. Have now received a letter from the Bank advising me to contact my Tax advisor. Unfortunately I am in severe financial straits at the moment and cannot afford the potential 11k which appears to be what I owe - interesting to note that over the 12 years that I had the account I earned approx 5k in interest!

Can anybody advise on what is the procedure adopted by Revenue in such cases. I am prepared to make a disclosure but cannot afford to make the payment before May 29!

HHHEEEELLLPPP!!!
 
You may want to read this topic although I don't think that you'll find much in the way of good news or sympathy there I'm afraid:



Can anybody advise on what is the procedure adopted by Revenue in such cases. I am prepared to make a disclosure but cannot afford to make the payment before May 29!
Click to expand...

If you don't come clean and to some arrangement (assuming that you have outstanding liabilities) by the deadline then you will be in even deeper hot water:

[broken link removed]
 
You should get professional advice. While you will pay for this, you may actually end up saving money because a good advisor will help you to negotiate with the Revenue. For example, I have read that some individuals under some circumstances may be able to offset a portion of their liability against a retrospective pension contribution. Note that I have no professional experience in this field myself, but if I was in this position I would definitely seek out someone to advise me.
 
Thank you all for the advice. Thought that somebody out there would know more thatn me in this regard but it appears not. Was unsure as to whether the Revenue could accomodate a deferred payment schedule under the circumstances!.
I describe myself as a PAYE Slave 'cos since the age of 14 I have been paying my share of tax. Dont expect much sympathy for this but I have recently lost my son through suicide and this whole situation is now worrying me sick.
Having read in yesterdays paper that a certain Mr O'Reilly is to make approx 33m in profit from the flotation of Eircom (in which I invested my pension lump sum) and will not pay a penny in tax, I'm feeling a little sore.
When you cast out the net you will always pull in large as well as small fish. Unfortunately in this case, it appears that the larger the fish the more chance of escape.
 
Sorry for your loss. This must be a difficult time. I'm sure you will feel some relief on the financial side when you get the tax issue resolved.

As far as I know, Revenue will accomodate a deferred payment schedule, but will charge interest on the deferred payments. So you would probably be better off getting a loan yourself at a competitive rate to pay Revenue, and then repay the loan yourself.

I really don't see any relationship with Eircom shares to be honest. O'Reilly & co did a smart business deal - they bought at a low price and will sell at a higher price. Given that Eircom investors lost about 1/3rd of their money in the deal, you might still be able to use the remaining the 2/3rds repay the tax man.
 
Dont expect much sympathy for this but I have recently lost my son through suicide and this whole situation is now worrying me sick.
Click to expand...

I too am very sorry to hear of this tragedy. For what it's worth I found the following book a useful read when I suffered a family bereavement a while ago:



Also, in case you aren't already aware, there are some useful services available to people in your situation:




In my own case I found that the bereavement I experienced put other things in perspective so, while you should not worry unduly about the current tax situation, it would be prudent to sort it out as expediently and efficiently as possible so that it is not longer any sort of burden on you.
 
Can anybody advise on what is the procedure adopted by Revenue in such cases. I am prepared to make a disclosure but cannot afford to make the payment before May 29!
Click to expand...


I would be astonished if they weren't willing to accomodate you. As much as everyone hates paying taxes the Revenue Commissioners are not Monsters. They don't turn you upside down and shake the coins out of your pockets.

Get some professional advice. There are a number of things to think of here, it may be that you already paid tax on the money you put into the account (i.e. it wasn't hot money), so you'd only be liable for the tax on the interest plus some penalties. I think I'm right in saying that.

-Rd
 
You must log in or register to reply here.
Back
Top