Sole Trader Nov 15th Tax return

G

gmcg

Guest
HI,
Im looking for abit of advise on making my tax return for Nov 15th. A friend of mine said he will make it for me as he is registered for online filing.
Firstly im a sole trader that set up in sept 05'. I have a full time job also where i work 9-5. I wouldnt have a large turn over prob about 20K from sept 05 - dec 06. I need to find out what i need to submit to my friend inorder for him to give me a figure of what i need to pay the revenue.

Is the return based on total sales or sales less purchases and expenses??
Also what other things can i include to reduce the total payable as my registered address for the business is my apartment can i include any expences relating to this??

Thanks,

G.
 
gmcg said:
HI,
Im looking for abit of advise on making my tax return for Nov 15th. A friend of mine said he will make it for me as he is registered for online filing.
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Surely YOU must be registered with ROS in order to avail of the 15th November deadline otherwise you must have it in by 31st October.
Firstly im a sole trader that set up in sept 05'. I have a full time job also where i work 9-5. I wouldnt have a large turn over prob about 20K from sept 05 - dec 06. I need to find out what i need to submit to my friend inorder for him to give me a figure of what i need to pay the revenue.

Is the return based on total sales or sales less purchases and expenses??
Also what other things can i include to reduce the total payable as my registered address for the business is my apartment can i include any expences relating to this??
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I suspect that you need an accountant.
 
agreed Joe and to my mind this pay and file just moves the goalposts for the self employed as the accountants are so busy you can effectively rule out a month or so for tax planning before the pay and file date. I am sure that there is a load of money that is paid in tax that could have been saved for all taxpayers due to the revenue putting accountants under so much pressure at this time. any views?
 
Joe1234 said:
I agree, but I doubt if you would even get to see an accountant before 15th November, never mind get a tax return filed.
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Not necessarily...although seeing an accountant for a short consultation and having the work completed & returns filed by 15/11 are two different things.
 
markowitzman said:
agreed Joe and to my mind this pay and file just moves the goalposts for the self employed as the accountants are so busy you can effectively rule out a month or so for tax planning before the pay and file date. I am sure that there is a load of money that is paid in tax that could have been saved for all taxpayers due to the revenue putting accountants under so much pressure at this time. any views?
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The deadline, is just that, a deadline. You can make your return from January 1st to October 31st. To make sure you get the best of advice for tax planning purposes you should be sending it in as soon as you have your information ready!!
 
markowitzman said:
agreed Joe and to my mind this pay and file just moves the goalposts for the self employed as the accountants are so busy you can effectively rule out a month or so for tax planning before the pay and file date. I am sure that there is a load of money that is paid in tax that could have been saved for all taxpayers due to the revenue putting accountants under so much pressure at this time. any views?
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IMO it is not the revenue that puts accountants under pressure it is clients who do not provide their information in time. IMO from 1 January to 15 November is adequate time to deal with your affairs. It is an Irish thing to leave things to the last minute. You are right that filing late means more errors and insufficient planning : OVERPAYMENT OF TAX. Fools.
 
simplyjoe said:
IMO it is not the revenue that puts accountants under pressure it is clients who do not provide their information in time. IMO from 1 January to 15 November is adequate time to deal with your affairs. It is an Irish thing to leave things to the last minute. You are right that filing late means more errors and insufficient planning : OVERPAYMENT OF TAX. Fools.
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Fully agree with this - Isnt the deadline in the US mid April? So only 3 and a bit months to get your return done
 
ubiquitous said:
Not necessarily...although seeing an accountant for a short consultation and having the work completed & returns filed by 15/11 are two different things.
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Ok will rephrase my previous post - because accountants are so busy at this time of year, it is unlikely that you would even get a short consultation before 15/11. I would imagine that the diaries of most accountants are fully booked up with existing clients between now and 15/11, and very few, if any, would be willing to waste precious time meeting someone for whom there was no chance of having a return filed by 15/11.
 
Joe1234 said:
I would imagine that the diaries of most accountants are fully booked up with existing clients between now and 15/11, and very few, if any, would be willing to waste precious time meeting someone for whom there was no chance of having a return filed by 15/11.
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That may be the case for some, but it isn't the case for all. As a practising accountant myself, I have learned over the years to leave at least some diary space open in the final weeks running up to 31 Oct and especially the Nov deadline. Otherwise it is difficult to provide a decent level of service when a client has an unforeseen problem during that period. If no such problems arise with existing clients, it can be nice to be in a position to occasionally facilitate new clients in that period, although it is impossible to give any new clients any guarantees that work will be done in advance of the applicable deadlines
 
ubiquitous said:
That may be the case for some, but it isn't the case for all. As a practising accountant myself, I have learned over the years to leave at least some diary space open in the final weeks running up to 31 Oct and especially the Nov deadline. Otherwise it is difficult to provide a decent level of service when a client has an unforeseen problem during that period. If no such problems arise with existing clients, it can be nice to be in a position to occasionally facilitate new clients in that period, although it is impossible to give any new clients any guarantees that work will be done in advance of the applicable deadlines
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Good for you! Wish we were that organised in the firm I work for. Ah well, there is always next year! :)
 
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