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Accountant question

  • 28-03-2018 9:37pm
    #1
    lardarse
    Registered Users, Registered Users 2 Posts: 121 ✭✭


    Hi All,

    Just looking for a little bit of advice.
    I`ve been an IT contractor for the last 10 years, and had my own limited company, with my taxes etc done by an accountant firm. In August last year my accountant ran up my P30 for the third quarter and also wrote up the P30 for the final quarter (but of course didn`t pay it then), as we where both expecting the contract to renew. During September i was told my contract wouldn`t be renewed, but i wasn`t too worried as i was able to walk into a new permanent job. So asked my account to close down my company which he did do. So my last invoice was in the middle of September and i started my new job at the start of October.
    Took a little bit of time to get my P45 and to submit it in, so i was on emergency tax for 2 months, in December i was expecting to get a good chunk back, but was shocked to find i didn`t and in fact i had paid nearly 50% in stoppages for the 3 months. I then realised that my accountant had put in the P30 for the 4th quarter, when i asked about this and explained about the 50% in stoppages and i thought i shouldn`t have paid that full P30, they came back twice saying no everything was right and the tax was correct for that year. I tried to explain, yes it might have been right if i had kept on working for my limited comapny, but i`m getting nowhere with them.
    So should i have had to pay the last quarter P30 even though i had no incoming for that time and i wasn`t taking any money out, only the money that was already owed to me, from the closure of the company.
    Any advice on this would be great.

    Thanks in advance


Comments

  • #2
    EamonOSullivan
    Registered Users, Registered Users 2 Posts: 101 ✭✭EamonOSullivan


    OP it might break the logjam if you filed an Income Tax Return for 2017 so Revenue could see all your sources of income - your P45 from the limited company and your P60 from your new employment. They will then issue you with an assessment for 2017 and that should have a refund on it if you are right. You need to ensure that you give them a bank account to transfer that refund to.

    This makes a few assumptions:
    1. Your accountant filed a Nil P30 for the last quarter of 2017, and this was correct.
    2. Your P45 was correctly treated by your new employer
    3. Revenue did not issue a new tax free allowance to you for 2017 for your new employer thereby forcing your employer to use emergency tax provisions.


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