Tax accountant

G

Gasky

Guest
I am a qualified accountant of ten years but work in financial services. My husband is starting his own business and I intend to do the accounts. I'm considering doing a tax qualification to get up to date with what is/not allowable, etc. Basically I'd like to know if anyone has gone this route before. I know it's always recommended to get an experienced accountant but I feel this is more cost effective in the long run. I'd definitely considering using such an accountant for the first years returns anyway.

Also is the tax technician qualification rated in this instance?
 
the technician course would be sufficient if your sole aim is to look after your husbads affairs.

its a serious committment and you would need to ask yourself if your time woudl be better spent supporting your husband in another way in the business where you could contribute more than €1,500 worth a year, or even earn more than €1,500 per anum in overtime in your own job or through your own job.

If all you need is a refresher in certain areas of taxation then you could consider alternative sources of information form the taxation institute or the revenue commissioners themselves.
 
I, being an accountant, am always somewhat downhearted by such views. It seems to be a very common perception that accounting/bookkeeping/taxation advice is a cost to be minimised. I can honestly say from years of experience that a good accountant can help your business in many ways; identifying and recommending areas where you cut costs or improve profitability, helping reduce taxation, planning for the future, etc. If you have an experience of an accountant who doesnt offer these - you have the wrong accountant. There are loads out there that do!!
 
A tax qualification will not in itself equip you to do your husband's accounts or tax returns, unless you already have considerable experience of handling the issues that you will face in doing this work. You will find that anything up to 90% of what you will learn on an academic course will be of zero relevance to your husband's situation. Much of what you will need to know (for example how to arrange tax registration)won't be covered on any academic course. I don't know how it could be cost-effective for you to subject yourself to a programme of study, which will invariably involve paying fees, buying textbooks, travelling to lectures etc over a period of time, as a replacement for professional advice on issues that by their very nature evolve on a continuous basis, sometimes at very short notice.
 
Don't forget that tax legislation will change every year. You will have to keep up to date with it. Do you want this hassle ?
As your husband will be self employed, he really needs someone experieneced in knowing the most tax efficient method of extracting cash from the business/retirement planning etc. This is where experienced tax accountants come in.
Independent tax person is also preferable in case of revenue audits.
And of course, if your advice is not correct it will not be a happy house.
 
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