Tax Returns

Cordner

I know these are basic questions- but you know what its like when you cant see the wood for the trees....

OK so someone is registered as a Ltd company. They are Audit Exempt (because earnings less than specific threshold).
So- can they 'return' their own corp tax? Or does a qualified accountant have to do this?

If they have taken drawings of wages- and paid payroll tax on these wages- then I assume the wages & P30 tax are an allowable expense?
If they have NOT paid payroll tax on drawings of wages- are these allowable as an expense?

Thanks in advance

Dan Chipowski

You don't need an accountant if you can make the CT1 return yourself. Given the accounts don't need to be audited, you could do them yourself also if you wanted.

The wages do go through as a normal allowable expense, along with the associated PAYE/PRSI on these wages no matter how it is paid.

Cordner

Thanks Dan- I thought as much, but I just needed clarification.

Dan Chipowski

No problem.

Obviously in relation to point 1, given CRO as well as Revenue obligations/requirements it's probably more desirable to have an accountant, unless you have a very good handle on things yourself.