TAX ADvice

Randyleprechaun

Hi,

I'm a sole trader since March last year so will be filing a tax return this year. Just looking for some advice from those who've done it before.

I've done all my own VAT returns up to now, I'm registered with ROS and have been using SAGE ONE accounts package so haven't needed the services of an acountant thus far.

I'm happy that my accounts for last year(up to DEC 31 2013) are accurate in my accounts package.

I'm just wondering what steps I should be taking now as follows:

1. Am I obliged to employ the services of an accountant to do my tax return.
2. If not, would it be advisable to employ one so as to minimise the TAX I pay, not through any illegal means but just any bit I can save on here and there from their better knowledge
3. Typically, what would an accountant charge for this, as said above my accounts are in good shape ie. I have records of everything, everything filed neatly & accurately and all information in the SAGE ONE package.
4. Who calculates what I've to pay....me/an accountant/Revenue.
5. Can I pay anytime or have I to wait until a certain time.

Any other advice appreciated.

Thanks

CIARAN_BOYLE

Randyleprechaun wrote: »

Hi,

I'm a sole trader since March last year so will be filing a tax return this year. Just looking for some advice from those who've done it before.

I've done all my own VAT returns up to now, I'm registered with ROS and have been using SAGE ONE accounts package so haven't needed the services of an acountant thus far.

I'm happy that my accounts for last year(up to DEC 31 2013) are accurate in my accounts package.

I'm just wondering what steps I should be taking now as follows:

1. Am I obliged to employ the services of an accountant to do my tax return.
2. If not, would it be advisable to employ one so as to minimise the TAX I pay, not through any illegal means but just any bit I can save on here and there from their better knowledge
3. Typically, what would an accountant charge for this, as said above my accounts are in good shape ie. I have records of everything, everything filed neatly & accurately and all information in the SAGE ONE package.
4. Who calculates what I've to pay....me/an accountant/Revenue.
5. Can I pay anytime or have I to wait until a certain time.

Any other advice appreciated.

Thanks

1 no
2 yes they might be able to save you money or you might be paying too little because you are claiming a disallowable expense
3 don't know depends on the time taken
4 you or an accountant calculates a liability and aggrees it to revenues calculation based on info in your return
5 you can pay anytime you want before 30 of October

By the way if doing it yourself don't forget preliminary tax

Randyleprechaun

Right Thanks.

Do let's say I decide to do it myself. What's my next step or best way to do it. Is there something I can fill out on ROS or how do I calculate my liability

Thanks

CIARAN_BOYLE

Randyleprechaun wrote: »

Right Thanks.

Do let's say I decide to do it myself. What's my next step or best way to do it. Is there something I can fill out on ROS or how do I calculate my liability

Thanks

Do you have the sage one accounts version?

If so generate your accounts for 2013.

Take your net profit, add back any non deductable expenses subtract any capital allowances and you will have adjusted net profits.

From taxable income apply your credits and tax bands, subtract any medical expenses (at 20%) and then you have your liability.

Then you want to fill out your F11 on ROS and see if revenue come out with the same liability.

Randyleprechaun

CIARAN_BOYLE wrote: »

Do you have the sage one accounts version?

If so generate your accounts for 2013.

Take your net profit, add back any non deductable expenses subtract any capital allowances and you will have adjusted net profits.

From taxable income apply your credits and tax bands, subtract any medical expenses (at 20%) and then you have your liability.

Then you want to fill out your F11 on ROS and see if revenue come out with the same liability.

I have sage one yes.

What would non deductable items be. I'm an electrical contractor and would only be claiming stuff like diesel, goods for resale, insurances, motor tax, van maintenance costs, tools, membership of regulatory bodies, advertising, phone, some esb etc.

What are capital allowances.

I don't have anything that v tells me my tax credits or bands or anything for 2013. Where can I get this info.

Thanks for the info

CIARAN_BOYLE

Randyleprechaun wrote: »

I have sage one yes.

What would non deductable items be. I'm an electrical contractor and would only be claiming stuff like diesel, goods for resale, insurances, motor tax, van maintenance costs, tools, membership of regulatory bodies, advertising, phone, some esb etc.

What are capital allowances.

I don't have anything that v tells me my tax credits or bands or anything for 2013. Where can I get this info.

Thanks for the info

Non deductible items are stuff like depreciation which may appear in accounts but aren't claimable for tax purposes

Capital allowances is how you claim capital items over 8 years

Generally your accountant would figure it out for you, assuming you are single and don't have any unusual credits you have 1650 personal tax credits and 32800 standard rate bands

Randyleprechaun

CIARAN_BOYLE wrote: »

Non deductible items are stuff like depreciation which may appear in accounts but aren't claimable for tax purposes

Capital allowances is how you claim capital items over 8 years

Generally your accountant would figure it out for you, assuming you are single and don't have any unusual credits you have 1650 personal tax credits and 32800 standard rate bands

Thanks again.

I'm married but our tax affairs have always been seperate so does the tax credit and band you have mentioned stay the same.

CIARAN_BOYLE

Randyleprechaun wrote: »

Thanks again.

I'm married but our tax affairs have always been seperate so does the tax credit and band you have mentioned stay the same.

Yes assuming nothing unusual

Randyleprechaun

CIARAN_BOYLE wrote: »

Yes assuming nothing unusual

Cheers.