Anyone doing their own tax returns?

Username John

Hello,

Insurance is due here this week, which would be one of the bigger expenses - I worker have a massive turnover...

But it made me think of the bigger expenses I have annually - and one of them is an accountant...

Now - was always of the opinion that an accountant pays for themselves. But my bill from them last year was higher than I'd like...
It's not that I will move away from the accountant altogether - but I'd like to understand what it is they do exactly, or how complicated farm accounts are to do...

So
- does anyone here do their own accounts?
- is it this form you submit - http://www.revenue.ie/en/tax/it/forms/form11.pdf

In my googling, I also came across this crowd - http://www.myfarmtax.ie/
Anyone ever used them? (I dunno if I would just uploaded everything to a faceless website to be honest) but interested in hearing people's feedback if any...

Thanks.

Cherry Blossom

There are a lot of allowances and tax exemptions available specifically to farmers. You would really need to be up to date with these. I have a degree in Accounts and I was always told to avoid farm accounts like the plague. My dad, and after his passing my mum and brother run an arable farm. At no stage would I have felt comfortable doing thier accounts due to additional complexities. My sister is Acca qualified and she hasn't either. Farm accounts are a bit of a specialist area.

Username John

adrenalinjunkie wrote: »

There are a lot of allowances and tax exemptions available specifically to farmers. You would really need to be up to date with these. I have a degree in Accounts and I was always told to avoid farm accounts like the plague. My dad, and after his passing my mum and brother run an arable farm. At no stage would I have felt comfortable doing thier accounts due to additional complexities. My sister is Acca qualified and she hasn't either. Farm accounts are a bit of a specialist area.

Thanks adrenaline - I don't know if I would do them myself, but like I say, I'd like to understand what's involved...

If you had any info or links to where I could start that would be great.

As much for info, and maybe feeling better about handing over the money to the accountant as anything else

Thanks...

Muckit

If you do them yourself in the kitchen you can cook the books!! Sorry bad joke!

Your local tax office can be very helpful. Take a half day off and call in. And best bit is it's free.

Part time farming accounts can't really be rocket science. Keeping all receipts is the main one.

MickeyShtyles

Muckit wrote: »

If you do them yourself in the kitchen you can cook the books!! Sorry bad joke!

Your local tax office can be very helpful. Take a half day off and call in. And best bit is it's free.

Part time farming accounts can't really be rocket science. Keeping all receipts is the main one.

Seperate bank and card is also helpful.

Cherry Blossom

Hi OP, you would at the very least need a basic understanding of accounting and the Irish tax system. Accountants and tax specialists stay current by checking the revenue website and paying attention to the budget every year but they are just updating their knowledge. To gain a basic understanding you would need some sort of course. Sometimes enterprise Ireland or the chamber of commerce and bodies like that run start your own business type courses that sometimes cover accounting and vat basics for business owners, something like that might be a good starting point and they can guide you if you want to look into it more after that. It's not something you can really grasp by reading about on the internet as a lot of process and procedure and calculation is involved.

newacc2015

An accountant can tell you within 5 mins if you have missed obvious tax reliefs or allowances. I know self-employed people who refuse to use an accountant. If you speak to them, you learn pretty quickly they are not expensing tons of things they are entitled to write off against their taxes eg mobile phone, stationary, their insurance etc

OP you sound like you need to change accountant. My parents switched accountant and the new one is better than the old once. Yet she is half the price. Generally if you get your taxes well in before the deadline, the accountant will be more flexible on price

visatorro

Yeah bit of a boo boo made here, doing 2014 accounts!

Sam Kade

newacc2015 wrote: »

An accountant can tell you within 5 mins if you have missed obvious tax reliefs or allowances. I know self-employed people who refuse to use an accountant. If you speak to them, you learn pretty quickly they are not expensing tons of things they are entitled to write off against their taxes eg mobile phone, stationary, their insurance etc

OP you sound like you need to change accountant. My parents switched accountant and the new one is better than the old once. Yet she is half the price. Generally if you get your taxes well in before the deadline, the accountant will be more flexible on price

Not every accountant is that sharp though. My last accountant had the secataries doing my accounts and he gave a quick look over them before they were sent off, not good enough.

huey1975

Where is lakill when you need him?

MickeyShtyles

huey1975 wrote: »

Where is lakill when you need him?

Mixing cement....

Sam Kade

huey1975 wrote: »

Where is lakill when you need him?

Why do you need him if the thread is about doing your own returns?

Farrell

Sam Kade wrote: »

Not every accountant is that sharp though. My last accountant had the secataries doing my accounts and he gave a quick look over them before they were sent off, not good enough.

Sadly allot of that & listening to lads the accountant is just doing the motions/ what they're asked to do, & any sort of relief, you have to mention it & then the accountant will review

Username John

To be fair - I don't think my accountant is bad at all, and always seems to do a good job...

It's a cost tho, and a major one.

The reality is - I have a hobby farm. My biggest expense every year is insurance, second is accountant.
Because I have a small turnover the accountancy cost makes up a very large % of it...

I understand there is a lot to grasp, and a lot of different reliefs, rules, etc...
But for me, the farm isn't turning over a massive amount, often doesn't make a profit and the costs are generally the same year on year.

So, for me, it's
- understanding what goes into the accounts
- asking does anyone do them themselves, and their feedback on how difficult it is

I'm not suggesting people don't use accountants, or that anyone can do or should do their own farm accounts.
Just for me and my little hobby farm, I'm trying to work out if it's an expense I can justify 'outsourcing' or if it's something I could do myself...