Form11 query

Tax_baffled

I am trying to make my tax return for 2019 (Have always had an accountant do it but they let me down this year). I am absolutely useless at this stuff and am fumbling in the dark trying to learn from last years return. Have a million questions but firstly
1. Last year I was in receipt of carers benefit of 220pw, totalling €11440 in the year 2019. In the section 'Other taxable Social Welfare Payments, Benefits or Pensions (State Pension, Illness Benefit, Occupational Injury Benefit, Jobseeker’s Benefit, Pre-Retirement Allowance, Maternity Benefit, Paternity Benefit, Adoptive Benefit/Health & Safety Benefit) - do I put that full figure there?

Edit to add, I am jointly assessed with my husband.

Dell2009

Hi ,
Carer's Allowance paid by DEASP has a separate box in the 2019 F11. Its two boxes above the Other Taxable Social Welfare box but putting it in here would not be a hangable offence.

Tax_baffled

Thanks Dell2009. Do I submit the total amount awarded in 2019?

Tax_baffled

Oh jesus another question....is the 'Amount of adjusted net profit for accounting period' not the same as 'Net Profit per Accounts'?

tax_tutor1

Usually no.
The tax rules and accounting rules for expenses are different. You start with the accounts net profit and add back the expenses in the accounts that the tax rules disallow I.e depreciation charge, private element of motor, phone etc.
Any possibility you could get a copy of last years workings from the accountant?

Tax_baffled

tax_tutor1 wrote: »

Usually no.
The tax rules and accounting rules for expenses are different. You start with the accounts net profit and add back the expenses in the accounts that the tax rules disallow I.e depreciation charge, private element of motor, phone etc.
Any possibility you could get a copy of last years workings from the accountant?

Thanks for that. No, I just cannot get hold of him. I'm working of the figures that have preloaded into the form11 from last year. I just don't understand where he got them from.

If you don't mind, I'll explain what I'm claiming.
Turnover/Earnings -9600
Motor/Travel/Subsistence-950
Repairs/Renewals-150
Other expenses-350
therefore net profit of 8140. I have no idea what to put for the adjusted net profit though.

Tax_baffled

Going by your username, I'm guessing you know a thing or two about tax. Do I list the total amount of carers benefit (I previously called it allowance in error) I received over the 2019 year?

tax_tutor1

Was the net profit and adjusted profit figures the same in last years figure? If not how much of a difference?

Tax_baffled

tax_tutor1 wrote: »

Was the net profit and adjusted profit figures the same in last years figure? If not how much of a difference?

Almost. €118 different

tax_tutor1

Probably a % of motor expenses figure in accounts. You could add 10% of the 950 to accounts net profit figure to get the adjusted profit figure for the tax.
Are you happy you have included all the business expenses in the accounts, some light and heat, stationary and postage, bank charges , training costs, trade/professional subscriptions etc.
Where there any capital allowances claimed last year?

Dell2009

Yes, put the total carers allowance €11,400 in form.

With regard to adjusted profit i suspect that your accountant may have added back a small amount of motor expenses, maybe 10%. Therefore your net profit will be €8,140 and your adjusted profit will be €8,250 (€8,140 + (€950 * 10%))

Tax_baffled

Huge thank you to you both. Really grateful... think I'm there now!