Price for accountant to do rental income returns

S

Saff

Guest
Hi

Would anyone know what a reasonable price is for an accountant to do tax returns for rental income?

We are 2 PAYE workers who let out one house. Ive never engaged an accountant before but after having trouble trying to do the returns myself I thought it the best way to go.

Would a price of around €300 for the years 06 & 07 seem reasonable?

Thanks
 
Is this quote for each year or total for the two ?

If each, yes.

If total for both, extremely reasonable.
 
Quote is very good. Most places start out at about €500 for PAYE and one rental property, then €150 per each extra rental property + VAT.

That's just a rough guide.
 
A side issue I know but is there any particular reason to believe that engaging an accountant to do ones form12 returns leaves one as a landlord any less exposed to revenue attention ?

regards,

Westgolf
 
Westgolf said:
A side issue I know but is there any particular reason to believe that engaging an accountant to do ones form12 returns leaves one as a landlord any less exposed to revenue attention ?

regards,

Westgolf
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As an accountant myself, I might not be the best person to ask but the answer is probably no, unless Revenue find in general that returns prepared by accountants are more accurate than those prepared by individuals. It is anyone's guess as to whether this is the case. My own guess is that it is probably highly unlikely. Others may disagree. That said if a Form 11 or Form 12 is prepared incompetently and submitted to Revenue showing basic inconsistencies or irregularities, its would be hard to believe that the Revenue would not take these into account when assessing and categorising the return.

The main benefit of using an accountant should be in helping to ensure that basic mistakes are avoided in the computation of rental profit/loss and tax liabilities, that would otherwise have led to underpayments or overpayments of tax. Tax underpayments can be painful and costly if they come to light in the course of a Revenue Audit. Overpayments can be difficult to recoup at the best of times and automatically become impossible to recover after 4 years have passed.
 
Iceman732 said:
Quote is very good. Most places start out at about €500 for PAYE and one rental property, then €150 per each extra rental property + VAT.

That's just a rough guide.
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Sounds like Dublin prices! Definitely cheaper quote to be got in the regions. Do it by post/email/scanner, etc..
 
I'm surprised you're even being quoted. I asked an accountant in Dublin to meet and get a quote and was told he "would not be interviewed" to handle my accounts and promptly hung up.
 
wheels said:
I'm surprised you're even being quoted. I asked an accountant in Dublin to meet and get a quote and was told he "would not be interviewed" to handle my accounts and promptly hung up.
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I would hope that this is an isolated occurrence rather than any indication of accountants in general. If an accountant is not in the market for new clients then it is easy enough just to state so without being obnoxious to the caller. As has been mentioned on AAM before though, personal recommenation outstrips cold calling any day.
 
Cold calling is a generally a waste of time. Can you imagine a doctor or dentist putting their clinics on hold in order to take calls from members of the public enquiring about charges etc. As Graham says, its hard to beat personal recommendations.
 

It wasn't a cold call, he was recommended by a user from this site.
 
ubiquitous said:
That's very strange so.

Btw, did you get a chance to mention that he was recommended to you?
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Yes, it was my first dealings with an accountant two years ago and I was anxious to get the right one. The reason I wanted to meet was because I needed one that could handle me as self employed person but had been turned down by various accountants because my situation was fairly unique (I'm a mix of PAYE and Invoicing).

In the end I found a fantastic BIG firm to take me on and they cut me an excellent deal in that one of their more junior members looks after me while and while being overseen by the senior ones.
 
wheels said:
In the end I found a fantastic BIG firm to take me on and they cut me an excellent deal in that one of their more junior members looks after me while and while being overseen by the senior ones.
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Glad that you got sorted and that it's worked out for you.
 
Slightly off the point, but does anyone know where I could get a copy of sample rental returns made to the revenue. I'm in the same boat myself (first rental returns due at end of year). I'll like to do the returns myself but I'm not exactly sure of how detailed the accounts need to be.
 

Take a look at the self-assessment [broken link removed]page 8 part C. That's what they basically want.
 

thanks ubiquitous, makes sense when you put it like that

regards

westgolf
 
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