Warning from Revenue re '07 returns

carolinei

I just received a warning from the revenue in relation to my '07 tax returns. I didn't make any returns as I made a huge loss and couldn't afford to pay an accountant to do them for me.

Do I have to get an accountant to do the returns for me now at this stage or can I explain this to the revenue - I know I'm an idiot.

Thanks for any help

Squor

Hey well firstly ya aint an idiot, Tax forms, forms 11 etc can be a bit daunting. Ya dont need to get an accountant to do your returns, you should perhaps try going into a Revenue public office and they should help ya. If ya made a huge loss or that there should be no penalty for late submission as the penalty is calculated on the tax liability on the return

dbran

Hi

If you are subject to self assessment the penalty is calculated on the total tax liability and not just the remaining balance.

If you have made a loss you can set it off against other income and perhaps get a refund which may cover the penalty.

You might be able to contact the revenue and explain the situation, appeal the penalty and they may waive it.

DB

Ticktactoe

First of all, dont be worrying!!
Secondly, go into your local tax office as soon as you can and explain the situation to them. They will note on file that you came in and at least that date will become your first time of contact with them regarding your return.
Thirdly, they will explain what you need to do and give you guidelines on how to go about completing the form. They will also have a booklet on how to fill out 07 returns. This booklet is also quite handy.
And last but not least - avoid getting an accountant if you already have losses! Revenue will point you in the right direction as regards completing the form.

The Blonde One

The Form 11 looks reallly daunting, but there's only a few sections that have to be filled in..bottom line, they wanna know profit/loss - gross income, and what expenses/costs you had to arrive at that loss/profit. I'm sure your local tax office will mark what sections you need to complete, then it's juat a matter of looking up your own books and transferring the figures.

carolinei

Hi all,

Thanks for the responses. I phoned the next day, spoke to a really nice woman who basically confirmed everything you guys just said. I told her the truth that I made a loss and didn't think I needed to fill it in.

She has sent me the form and I am going to photocopy it, fill it in, make sure everything is correct and then transfer the figures to the correct one and send it across.

She gave me an extension until the end of August as I am away for 3 weeks with my new job and won't be able to fill it in.

Thank you all for the responses I feel alot better now.

Rgds

Carolinei