Late Sending in Tax Returns

gabbo is coming

Hello,

I've been a bit slow to send in tax returns - namely 2004, 05, 06 in respect of some small rental income.

Accountant is quoting me 750 + VAT per year, wiping out any profit.

Is this something I can do myself? Or is the price quoted reasonable...?

Revenue have given me a 42 day deadline...

Happy Monday

Bet you surpirised by the quick response.

You could do the calculations yourself I'm sure.

Simply deduct allowable rental expenses from your rental income.

This is the amount that goes forward as taxable rental income.

EUR750 might be reasonable for the full service not for each year.

gabbo is coming

Many thanks for the quick reply. Self-service - in these lean times I might just do that...

Kinetic^

Try another accountant or DIY. It seems a bit excessive imo but I'm not shocked at what they quoted.

Mr. Presentable

Kinetic^ wrote: »

Try another accountant or DIY. It seems a bit excessive imo but I'm not shocked at what they quoted.

And get your returns in on time - tax revenues are down so they're doing a lot more audits than previously.

mkdon05

€250 per return is not expensive. What may be expensive is the interest you will pay for the late returns.
You will have to submit a form 11 for each year, this includes all income for the year, not just rental. Do you understand the difference between capital and revenue expenses. Can you calculate Capital allowances for each year. DO you know what is allowable and what is not?

My advice would be go with the accountant.

Mr. Incognito

750 + VAT per year,

Well,

it depends. If you only have PAYE employment income and rental income it's a straightforward comp. If you have share income or have self employed income it's a little longer to prepare.

However the fact that you are oblidged to file returns for prior years indicates to me that you are most likely self employed.

Let me put it this way, as they are all late you are going to incur interest (daily rate going back to 2004 even) and penalties (10%) on the tax that was due, now would you rather have someone who can reduce those penalties by claiming all relevant releifs and allowances or do it yourself where all you know really is sources of income and slapping as high a figure on it as possible.

Did you know that 07 is due before October 31 this year?

Shop around. You might get lower but it really depends on how much work is in the return. If you only have the rental income and self employed/PAYE income I'm sure you could get a much lower quote.

mkdon05

SetantaL wrote: »

750 + VAT per year,

My mistake,

This quote may be a bit excessive depending on how your records are. If a set of accounts need to be produced for a sole trader income you have then i reckon it could be very reasonable if there is any sort of volume in it.

Happy Monday

Hello again!

Let me explain - I am a qualified accountant working in industry not in practice anymore.

EUR750 for this service annually is excessive.

Effectively, the guy is repeating the same calculation four years in a row and submitting on return.

The poster above is right - shop around and you will be amazed with the value you can get.

But make sure you use an accountant - for example, you would be entitled to a deduction on the wear and tear of fittings in the house.

Good luck.

Mr. Incognito

But make sure you use an accountant

or an AITI qualified tax consultant perhaps?

:rolleyes:

Butch Harmon

Have you had any luck yet, if not get in touch............

750 per year is crazy money for a small rental income Computation...Steer Clear of this