Income Tax Returns

Sami23

Seen as tomorrow is the deadline just wondering do most of ye do the tax returns yourselves or get an accountant to do them for you.

And if you do get an accountant what are they charging you for doing the yearly returns.

I'm currently in the process of taking over the family farm so just looking for opinions on what others are doing regarding income tax. i.e. would you recommend getting an accountant or not. Thanks

razor8

my guy charges 550 for yearly tax returns and bi-monthly vat returns.

loveta

razor8 wrote: »

my guy charges 550 for yearly tax returns and bi-monthly vat returns.

That seem's VERY cheap esp when he has vat to do for you also,
get an accountant to do mine over 1800 last year and no vat being taken for a ride i think as alot of the guys i know are round the 650-800 mark through IFAC

razor8

loveta wrote: »

That seem's VERY cheap esp when he has vat to do for you also,
get an accountant to do mine over 1800 last year and no vat being taken for a ride i think as alot of the guys i know are round the 650-800 mark through IFAC

I leave everything handy for him, all invoices scanned and emailed and draft of tax returns drawn up

Wasn’t that happy with him this year as thought I should have got a lot more tax back after all extra expenses of bad year

Lakill farm completes them here I’ve heard

Sam Kade

loveta wrote: »

That seem's VERY cheap esp when he has vat to do for you also,
get an accountant to do mine over 1800 last year and no vat being taken for a ride i think as alot of the guys i know are round the 650-800 mark through IFAC

Not the same IFAC I'm dealing with:mad:

simx

Sam Kade wrote: »

Not the same IFAC I'm dealing with:mad:

Nor me, waiting on iakill to get back to me so hopefully wont be an ifac man next year

viztopia

Sami23 wrote: »

Seen as tomorrow is the deadline just wondering do most of ye do the tax returns yourselves or get an accountant to do them for you.

And if you do get an accountant what are they charging you for doing the yearly returns.

I'm currently in the process of taking over the family farm so just looking for opinions on what others are doing regarding income tax. i.e. would you recommend getting an accountant or not. Thanks

Remember if your filing returns online you have until 14 November to pay and file online.

viztopia

simx wrote: »

Nor me, waiting on iakill to get back to me so hopefully wont be an ifac man next year

What part of the country are you basrd in?

loveta

razor8 wrote: »

I leave everything handy for him, all invoices scanned and emailed and draft of tax returns drawn up

Wasn’t that happy with him this year as thought I should have got a lot more tax back after all extra expenses of bad year

Lakill farm completes them here I’ve heard

My accountant told me if i wrote up all my incomes/outputs on an excel and copied onto a memory stick they would do it for the "very special" price of a grand plus vat :eek:

loveta

Sam Kade wrote: »

Not the same IFAC I'm dealing with:mad:

What kinda service do you guys feel ifac offer??

Sharpshooter82

razor8 wrote: »

I leave everything handy for him, all invoices scanned and emailed and draft of tax returns drawn up

Wasn’t that happy with him this year as thought I should have got a lot more tax back after all extra expenses of bad year

Lakill farm completes them here I’ve heard

yeah lakill does mine

simx

loveta wrote: »

What kinda service do you guys feel ifac offer??

ok service but pay themselves very well for it

Sam Kade

loveta wrote: »

What kinda service do you guys feel ifac offer??

Very poor last year when my tax was due I wanted to make an appointment with the accountant, when I rang the secretary she said he's very busy maybe I can help :mad: I have since found out as they admitted it the secretary does my accounts and the accountant gives a quick look over it before they send it off. The secretary is not a qualified accountant. The one time I can get an appointment with the accountant is when the bill is due no problem then. If I put any awkward question to him he will not give a straight answer like a politician :rolleyes: He always post dates the cheque by a month though This year he asked if I wanted the cheque post dated I said yes with the difficult spring and all no problem he says he. I never even looked at the date on the cheque as I trusted him then when the next bank statement arrived I saw a big payment and was wondering what it was until I realized it was IFAC :mad: He never post dated the cheque and cashed it the following day. They send out a recorder every 3 months and charge €500 for the privilege even though the recorder has often skipped visits even after reporting her. He never gives advice about finance all that's done is the tax return He will be getting the road shortly. I reckon the longer you spend with them the more they take you for granted that's 23 years in my case

Conmaicne Mara

my accountant is getting road this year too, he never answers questions, just does return and gives me the bill. I'm not his only client saying that either.

KCTK

Conmaicne Mara wrote: »

my accountant is getting road this year too, he never answers questions, just does return and gives me the bill. I'm not his only client saying that either.

I really have to wonder what world some of these guys live in? No direction given to clients, just throw a quick set of accounts together, tax figure falls out, tell client pay revenue and accountants bill and see you next year!!! That would be bad enough but some of the basic things some of these guys overlook which costs clients big amounts of tax is unreal too down on top of it.
I had no plans of doing accounts and tax once I went at d dairy but with some of the horror stories people have come to me with due to lazy accountants I have ended up with some clients this year without telling anyone I was going to do this kind of work so now thinking of actually setting up something a bit more substantial next year. But dont worry Lakhill I ain't going to be trying to get to your scale of operation or d cows would never get milked!!

loveta

I dont think its that rare that accountants will NOT give ya straight answers when guys push them on what to do re planning to reduce there tax bill answers like "what ever you think yourself" BS esp if your with them a long time they really take ya for granted a guy give me some excellent advice about merchants one time but it applies to all guys you give your biz to, "the only time a rep shows you 100% respect is when you tell them your leaving them"

tabby aspreme

Was paying €1500 for accounts for years till i rang one Friday evening to be told Accountant was on holidays and nothing was done with my accounts, got a call the following Monday morning to say return was made Accountant was still on hols, €1500 for 2 hours work by one of the staff .

Conmaicne Mara

KCTK wrote: »

I really have to wonder what world some of these guys live in? No direction given to clients, just throw a quick set of accounts together, tax figure falls out, tell client pay revenue and accountants bill and see you next year!!! That would be bad enough but some of the basic things some of these guys overlook which costs clients big amounts of tax is unreal too down on top of it.
I had no plans of doing accounts and tax once I went at d dairy but with some of the horror stories people have come to me with due to lazy accountants I have ended up with some clients this year without telling anyone I was going to do this kind of work so now thinking of actually setting up something a bit more substantial next year. But dont worry Lakhill I ain't going to be trying to get to your scale of operation or d cows would never get milked!!

The world of handy money. Another of his clients knows he's no good but will stay with him because his father is with him.

My fiancee is doing a masters degree at the moment, hoping to become an accountant in due course. She was horrified my accountant didn't even send off my form for me, he could afford the price of a stamp out of what he charges me (which isn't much, but I don't make much to begin with).

I am interested in exploring a couple of other income streams besides the sheep, one to do with SFP entitlements and the other is to do with a separate business on the land. Disinterested mutterings is all I got.

There are some "professionals" not fit for purpose around here from accountants, to vets, to solicitors.

Starting to think this area is a bit of a dumping ground!

Sam Kade

tabby aspreme wrote: »

Was paying €1500 for accounts for years till i rang one Friday evening to be told Accountant was on holidays and nothing was done with my accounts, got a call the following Monday morning to say return was made Accountant was still on hols, €1500 for 2 hours work by one of the staff .

What are you paying now?

lakill Farm

Thats alot of mixed sorries ladies and gents.

Its like alot of professionals, you get what you put in. I started doing private accounts as a favour 8/9 years ago. Then it took off. I answer emails, phone calls etc 7 days a week, not because i want to but i feel I have to. And most calls end up talking 20 minutes cattle/silage etc and 1 simple question. End of the day a happy client will almost always pay . And to be honest there is nothing nicer than a referal for us.

lakill Farm

simx wrote: »

Nor me, waiting on iakill to get back to me so hopefully wont be an ifac man next year

Pm sent

tabby aspreme

Sam Kade wrote: »

What are you paying now?

Did it myself since and get on ok, revenue on line is handy enough
to operate and it calculates for you and staff are helpful if you have any queries , accounts here fairly straightforward, sheep farm, paye, and some house rental income

lakill Farm

tabby aspreme wrote: »

Did it myself since and get on ok, revenue on line is handy enough
to operate and it calculates for you and staff are helpful if you have any queries , accounts here fairly straightforward, sheep farm, paye, and some house rental income

ROS offline is fine but it doesnt give you a chance to do tax planning though. YOu have it submitted before you truely know the tax figure.

td5man

Sharpshooter82 wrote: »

yeah lakill does mine

+1

bob charles

lakill Farm wrote: »

Thats alot of mixed sorries ladies and gents.

Its like alot of professionals, you get what you put in. I started doing private accounts as a favour 8/9 years ago. Then it took off. I answer emails, phone calls etc 7 days a week, not because i want to but i feel I have to. And most calls end up talking 20 minutes cattle/silage etc and 1 simple question. End of the day a happy client will almost always pay . And to be honest there is nothing nicer than a referal for us.

Thats the farmer breaking out on you, 10mins into my convesrsation with accountant he says there isnt a hope and hell he can do them for last years price so he is sticking on an extra €300, and another extra €300 on top next year. In my own mind I was saying it was nice of him to be jacking up next years price - I think he counted his chickens before they have hatched with getting my 13 accounts

KCTK

bob charles wrote: »

Thats the farmer breaking out on you, 10mins into my convesrsation with accountant he says there isnt a hope and hell he can do them for last years price so he is sticking on an extra €300, and another extra €300 on top next year. In my own mind I was saying it was nice of him to be jacking up next years price - I think he counted his chickens before they have hatched with getting my 13 accounts

Did he give you reason for why next years will be up also or was it just a case of sure I'll add it to your bill anyway!!!

Sharpshooter82

tabby aspreme wrote: »

Was paying €1500 for accounts for years till i rang one Friday evening to be told Accountant was on holidays and nothing was done with my accounts, got a call the following Monday morning to say return was made Accountant was still on hols, €1500 for 2 hours work by one of the staff .

thats pure madness tabby

Sharpshooter82

lakill Farm wrote: »

Thats alot of mixed sorries ladies and gents.

Its like alot of professionals, you get what you put in. I started doing private accounts as a favour 8/9 years ago. Then it took off. I answer emails, phone calls etc 7 days a week, not because i want to but i feel I have to. And most calls end up talking 20 minutes cattle/silage etc and 1 simple question. End of the day a happy client will almost always pay . And to be honest there is nothing nicer than a referal for us.

Dont forget the farm tour aswell Lakill

tabby aspreme

Sharpshooter82 wrote: »

thats pure madness tabby

Ya the boll##ks is a smooth operator anytime I spoke to him he was always talking about audits, trying to put the frightners on people and the worst of it is he blows it all on the nags

whelan1

i had an audit, was accountants fault, then the next year he put my tax through twice:eek::eek::eek: i near had a heart attck, luckilly milk cheque came in same day as they took extra money, rang boss of firm, i was livid, got a reduction in my fees and i dont deal with the other accountant anymore edited to say you have absolutely nothing to fear if you have an audit, if everything is above board and you are straight with them theres no problem.... cant understand this total fear of an audit

Sam Kade

whelan1 wrote: »

i had an audit, was accountants fault, then the next year he put my tax through twice:eek::eek::eek: i near had a heart attck, luckilly milk cheque came in same day as they took extra money, rang boss of firm, i was livid, got a reduction in my fees and i dont deal with the other accountant anymore edited to say you have absolutely nothing to fear if you have an audit, if everything is above board and you are straight with them theres no problem.... cant understand this total fear of an audit

If there is a receipt missing for a cheque they will not put it down as a cost :mad:

KCTK

whelan1 wrote: »

i had an audit, was accountants fault, then the next year he put my tax through twice:eek::eek::eek: i near had a heart attck, luckilly milk cheque came in same day as they took extra money, rang boss of firm, i was livid, got a reduction in my fees and i dont deal with the other accountant anymore edited to say you have absolutely nothing to fear if you have an audit, if everything is above board and you are straight with them theres no problem.... cant understand this total fear of an audit

I often hear the one where people are under the impression that if you change your accountant then you'll get a revenue audit, total bull, and as you say whelan if things have been done correctly then no fear of an audit anyway

Sam Kade

tabby aspreme wrote: »

Ya the boll##ks is a smooth operator anytime I spoke to him he was always talking about audits, trying to put the frightners on people and the worst of it is he blows it all on the nags

Same as my accountant when I question his fees he says if you had an audit :mad: As if he would sort things out for no extra charge if I did have an audit :rolleyes:

whelan1

Sam Kade wrote: »

If there is a receipt missing for a cheque they will not put it down as a cost :mad:

My audit lasted ten minutes. Got a month's notice in which I didn't know what they wanted. Enough hassle in my life at the time with a newborn baby . Went in accountant had made an error I was fined around 500 euro . All they had to do was send a letter outlining what the problem was rather than having us guessing for a month

Sharpshooter82

whelan1 wrote: »

i had an audit, was accountants fault, then the next year he put my tax through twice:eek::eek::eek: i near had a heart attck, luckilly milk cheque came in same day as they took extra money, rang boss of firm, i was livid, got a reduction in my fees and i dont deal with the other accountant anymore edited to say you have absolutely nothing to fear if you have an audit, if everything is above board and you are straight with them theres no problem.... cant understand this total fear of an audit

nothing worse than a bad accountant..... seen that one year with the FIL

whelan1

Sam Kade wrote: »

Same as my accountant when I question his fees he says if you had an audit :mad: As if he would sort things out for no extra charge if I did have an audit :rolleyes:

fbd will cover the accountant fees for an audit

td5man

whelan1 wrote: »

fbd will cover the accountant fees for an audit

Afaik aviva do as well.

Sam Kade

whelan1 wrote: »

fbd will cover the accountant fees for an audit

What insurance do you need for that? Do you need a certain accountant also?

whelan1

Yup they don't cover the fine as no one would pay their tax if they did

KCTK

Sam Kade wrote: »

Same as my accountant when I question his fees he says if you had an audit :mad: As if he would sort things out for no extra charge if I did have an audit :rolleyes:

A non farm guy came to me with a vat query on his business last year, I told him he should be paying at 13.5% on his business, his accountant had it at 23% since he started d business nearly 5 years ago.
He went back to his Accountant with this info, accountant looked into it and agreed, then re done his vat returns for d last few years resulting in refund of over €23k, all good, until accountant billed for € 17k for the work correcting what was his mistake from laziness in d first place and I'm sure some trainee who's not even paid 17k a year done all the work recalculating the returns!!!

whelan1

Sam Kade wrote: »

What insurance do you need for that? Do you need a certain accountant also?

It's just in your normal farm multiperil policy. I didn't know I had the cover til someone mentioned it a while after the audit

td5man

Sam Kade wrote: »

What insurance do you need for that? Do you need a certain accountant also?

Its to pay for the accountants time going through everything with the revenue usually in the accountants office.

Sharpshooter82

KCTK wrote: »

A non farm guy came to me with a vat query on his business last year, I told him he should be paying at 13.5% on his business, his accountant had it at 23% since he started d business nearly 5 years ago.
He went back to his Accountant with this info, accountant looked into it and agreed, then re done his vat returns for d last few years resulting in refund of over €23k, all good, until accountant billed for € 17k for the work correcting what was his mistake from laziness in d first place and I'm sure some trainee who's not even paid 17k a year done all the work recalculating the returns!!!

holy s**t, 17K

td5man

Sharpshooter82 wrote: »

holy s**t, 17K

Its no wonder there always building sheds. ;-)

KCTK

Sharpshooter82 wrote: »

holy s**t, 17K

Ya, what a d!ck, unbelievable

Sam Kade

KCTK wrote: »

A non farm guy came to me with a vat query on his business last year, I told him he should be paying at 13.5% on his business, his accountant had it at 23% since he started d business nearly 5 years ago.
He went back to his Accountant with this info, accountant looked into it and agreed, then re done his vat returns for d last few years resulting in refund of over €23k, all good, until accountant billed for € 17k for the work correcting what was his mistake from laziness in d first place and I'm sure some trainee who's not even paid 17k a year done all the work recalculating the returns!!!

Some nerve, did he challenge him on his fees?

Sharpshooter82

Sam Kade wrote: »

Some nerve, did he challenge him on his fees?

i hope to god he did, for that amount of money anyway....pure robbery

KCTK

Sam Kade wrote: »

Some nerve, did he challenge him on his fees?

He got the usual clock and bull about hours worked, investigating that his business really was 13.5% etc. I told him make a complaint to the accountants govering body, think he is ACCA, he hasn't heard back from them yet but probably be a dead end as accountant can probably produce some time sheets to say all the time he spent recreating the accounts, when intact a quick spreadsheet could do 95% of the calculations in a few hours

moy83

Sam Kade wrote: »

Some nerve, did he challenge him on his fees?

Challenge him on the fees ??? 23k going back a few years could have earned him a few bob along the way since then , he should nearly be looking for compensation for being out of pocket that long :eek:

Sam Kade

KCTK wrote: »

He got the usual clock and bull about hours worked, investigating that his business really was 13.5% etc. I told him make a complaint to the accountants govering body, think he is ACCA, he hasn't heard back from them yet but probably be a dead end as accountant can probably produce some time sheets to say all the time he spent recreating the accounts, when intact a quick spreadsheet could do 95% of the calculations in a few hours

Even when it was the accountants mistake. I would hound the b@stard if he gets away with it :mad:

Sharpshooter82

Sam Kade wrote: »

Even when it was the accountants mistake. I would hound the b@stard if he gets away with it :mad:

and we wonder why the country is on its knees