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Farm taxes question

  • 28-05-2021 11:46am
    #1
    Registered Users Posts: 6,561 ✭✭✭ JJayoo


    When handing in receipts/payments to the accountant do you also have to give them bank statements?


Comments

  • Registered Users Posts: 1,771 ✭✭✭ Jb1989


    JJayoo wrote: »
    When handing in receipts/payments to the accountant do you also have to give them bank statements?

    I do, they need access to them one way or another.


  • Registered Users Posts: 476 ✭✭ jntsnk


    JJayoo wrote: »
    When handing in receipts/payments to the accountant do you also have to give them bank statements?

    Yes. Everything must be accounted for.


  • Registered Users Posts: 6,561 ✭✭✭ JJayoo


    Thank you for the replies, since I don't receive any other form of income I didn't think there was a need to hand in a full years worth of bank statements.


  • Registered Users Posts: 1,771 ✭✭✭ Jb1989


    JJayoo wrote: »
    Thank you for the replies, since I don't receive any other form of income I didn't think there was a need to hand in a full years worth of bank statements.

    You have to prove you weren't lodgeing cheques or cash from private jobs or sales, like drawing in bales or selling firewood.


  • Registered Users Posts: 476 ✭✭ jntsnk


    JJayoo wrote: »
    Thank you for the replies, since I don't receive any other form of income I didn't think there was a need to hand in a full years worth of bank statements.

    You know that but revenue don’t , so everything has be accounted for with bank statements and receipts


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  • Registered Users Posts: 13,230 ✭✭✭✭ Bass Reeves


    JJayoo wrote: »
    Thank you for the replies, since I don't receive any other form of income I didn't think there was a need to hand in a full years worth of bank statements.

    Your accountant needs to account for all your spending. Down the line you may want to introduce capital from your personal account into a business. If you don't give all the account details at the start in 5-10 years time when this happens you need to prove that this money was not taxable. If you every get am audit revenue will access these bank accounts anyway. It a good idea to give them your spouse's bank accounts as well and details of there earning as they can get an tax rebate due at this stage

    Slava Ukrainii



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