Submit taxation without using accountant?

Mikebyrne

Hi,

I run a small business (Self Employed), I've done the P&L myself and have a total sales of just under €4,000.

Can I submit this myself to revenue without being charged by an accountant and is it east to do??

Any advice would be great!

BrianBoru00

Very easy. Sign up for a ROS account on revenue.ie and you can complete all of your returns online and submit payments as well.

Mikebyrne

Its more the "complete all returns online" I'm worried about!

I'll sign up and give it a go

L.Jenkins

Mikebyrne wrote: »

Its more the "complete all returns online" I'm worried about!

I'll sign up and give it a go

I'm working as a trainee Accountant for the last month, and I can tell you, online filing it quite simple.

Mikebyrne

L.Jenkins wrote: »

I'm working as a trainee Accountant for the last month, and I can tell you, online filing it quite simple.

I can't even register!

Trying to get RAN, select "Individual or Company", tax type "Income Tax" use my PPS number for Registration number but it wont let me

Gives me the error: "Invalid registration number format"

BrianBoru00

You probably entered the number incorrectly I remember having the same problem and doing it again and again but I eventually realised I was reversing two of the digits in my number...

Mikebyrne

BrianBoru00 wrote: »

You probably entered the number incorrectly I remember having the same problem and doing it again and again but I eventually realised I was reversing two of the digits in my number...

Correct!

Im now getting "The ROS application process has already been started. Please proceed to Step 2"

Im assuming they post RAN out to me?

BrianBoru00

Yeah - its a bit of a pain having to wait but its worth it for handiness sake in the end..

Mikebyrne

Cheers!

L.Jenkins

Mikebyrne wrote: »

Cheers!

If you're experiencing some confusion with respect to filing, then check back in and let us know.

Mikebyrne

L.Jenkins wrote: »

If you're experiencing some confusion with respect to filing, then check back in and let us know.

Will do! Thanks for all the help so far

Mikebyrne

How long does it usually take to post out? I'm still waiting

The_Chap

Mikebyrne wrote: »

How long does it usually take to post out? I'm still waiting

Not this long, give the helpline a call and they'll sort you out

Mikebyrne

The_Chap wrote: »

Not this long, give the helpline a call and they'll sort you out

I'll give them a shout this afternoon. Thanks

Mikebyrne

Arrived today and have it setup!

Quick question though. Form 11 or 46G?

paul71

Mikebyrne wrote: »

Arrived today and have it setup!

Quick question though. Form 11 or 46G?

Form 11 is your annual tax return]

A 46g is a form you are obliged to submit for payments over certain to people for services (not goods)

I don't recall what the minimum is but sine your profit is less than €4000 I would be fairly confident that you do not exceed to limit for anyone you pay and therefore you are not required to submit one

Mikebyrne

Ok, I'm a small bit confused as to where everything goes...

I've Sales of 3,900, Purchase of 3,000 and drawings of 1,566

Any help would be great!

ebbsy

Mikebyrne wrote: »

Arrived today and have it setup!

Quick question though. Form 11 or 46G?

I think if you don't know that bud I would find an accountant to help you. It won't cost that much.

Problem you would have is if you make a balls out of part of it or get a revenue audit you won't be able to help yourself.

Anyway good luck with it.

BrianBoru00

Mikebyrne wrote: »

Ok, I'm a small bit confused as to where everything goes...

I've Sales of 3,900, Purchase of 3,000 and drawings of 1,566

Any help would be great!

SO you have sales of 3900 and purchased 3000. . . How can you have drawings of 1566?

Mikebyrne

BrianBoru00 wrote: »

SO you have sales of 3900 and purchased 3000. . . How can you have drawings of 1566?

Drawings is in with the 3000, just singled that figure out because I seen it on one of the section of the form

Mikebyrne

Mikebyrne wrote: »

Drawings is in with the 3000, just singled that figure out because I seen it on one of the section of the form

I'm nearly sure if you are a paye worker or if your OH is and you are jointly assesed you can just declare your profit if its under €5000. I think it's done through my accounts on revenue.

Alot easier as they only want one figure. Some one here might know what I'm on about.

BrianBoru00

As Suresanders says you can make a declaration under your paye but Im not sure of where that goes.
Basically On the Form 11 (It is quite tedious clicking through the screens but the second screen is the "Self employed income" so scroll down to "Profit assessable in 2016.

So you've sales of €3900 and basically costs of €1434 (3000-1566)
So you've got €2466 - This figure should go into "Profit Assessable in 2016" (or whatever year your doing it for.....

Scroll down now to "Income" and enter the €3900 in the "Sales" box.
Enter the profit before your drawings in "Gross Trading Profits" [ I assume this is the €3900 - €1434 = €2466]

Don't think you put in drawings as your self employed and not a company.
Then scroll down to "Extracts from Adjusted Net Profit/Loss Computation" and enter your profit figure again [€2466].
Thats basically it. Assuming you have PAYE income you fill that section in as per your P60 .
I'd be in similar situation and thats what I would have done - I have gotten advice from an accountant about it when doing it and thats what he explained - just retain all documents so that you can back up those figures in the event of an audit

ebbsy

Also you would have to add back depreciation etc if any to get your adjusted profit.

Go get some proper advice.