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Income Tax - Yikes !!

  • 29-09-2014 7:08pm
    #1
    Poncke
    Registered Users, Registered Users 2 Posts: 956 ✭✭✭


    Hi all,

    Not here to ask for legal advice, just to get some insights. Hope thats allowed.

    I have recently done my Form 11 online but it seems the form is not deducting my cost.

    Balance for 2013:

    Sales Total
    €5,534.47

    Cost Total
    €5,497.49

    Profit / Loss
    €36.98


    The form is just adding the 5 grand to my day job income, and not deducting the cost for running my business. I need to pay an extra 2500 euro or so in tax. That cant be right on a 36 euro profit.

    I must have done something wrong and I think its best to have an accountant look at my numbers. Last year I got quoted 300 euros to do my tax return. I find that a bit steep.

    Does anyone know a good and affordable accountant who can help me with my Form 11?

    Thanks
    Ronald


Comments

  • #2
    Gard1
    Registered Users, Registered Users 2 Posts: 90 ✭✭Gard1


    It sounds like you haven't filled in the relevant sections in the form 11 correctly.
    The Assessable profit is filled at the top and again down the bottom just before the write backs for motor light and heat this figure should read the 36 quid.

    €300 might seem like a lot for advice from an accountant but if you treat some items incorrectly it can cost you more in the long run.

    It can be hard for an accountant to quote for 1st years accounts as they don't know what time they will spend on accounts.

    If you need any advice pm me and ill try to assist


  • #3
    Poncke
    Registered Users, Registered Users 2 Posts: 956 ✭✭✭Poncke


    I have been fiddling around with the numbers but it is not deducting any of the cost. It is only adding the income. I have mostly foreign income, royalties, and that number is fully added to my day job income. Any cost I enter is not deducted from that income. When I remove the extra income, my taxes are spot on. I find it very weird, but I am not going to resolve this without help. So I will need to get onto someone to help me, but first I will call Revenue to see if they can sort it out.

    Thanks for the help and the PMs I received. It is appreciated.


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