Sole Trader filing my own Income Tax Return?

MouseMan01

My accountant just sent me the bill for last year's Income Tax Return preparation with Revenue. I supplied the accounts, he did the Income & Expenditure and filed with Revenue. It cost me over €600. The business was a sole trader, part-time gig that didn't make a whole lot of profit. The accounts weren't very long.

Does this sound about right? I don't mind paying and I have no complaints with this guy's services.

Is it true that if I get a copy of the Income & Expenditure, I can fill it out myself this year pretty much? I know it's preferable to have an accountant do this. But, I'd like to cut costs to the bone - considering the current economic climate - with this being a part-time, sole trader business. I'm also about to stop trading with this business.

Any advice?

Xander10

https://www.boards.ie/discussion/2058265822/sole-trader-filing-my-own-income-tax-return

Price would be the going rate.

Anyone can file there own return. Are you going to be paying the accountant to prepare the I&E? How much might that cost? He might decide it's not worth his while and cease as agent.

MouseMan01

Thanks. Someone told me that you can just take last years Income & Expenditure, update it with this year's figures. And submit that?

For a small sole-trader business with not a whole lot of revenue. Is this a viable solution?

Gloomtastic!

Yes, use last year’s entries to fill in this year’s. It takes about 20 minutes and you’ll be delighted with yourself for saving €600!

MouseMan01

Excellent. Thanks Gloomtastic!

How do i get hold of last year's Income & Expenditure? Through Revenue or through my accountant?

Is the I&E posted on the ROS (Revenue Online Service) platform?

Gloomtastic!

Your accountant will have all the info they input into ROS so ask them for it. Revenue only get the totals.

Here’s a link to an Excel file for sole trader accounts that I’ve been using for about 15 years. There is a Tax Template sheet included. If they haven’t done so already, your accountant will have done something similar and used the totals to fill in the on-line Form. Ask him for that and you should be able to see the corresponding figures.

https://www.dropbox.com/s/5p32c5jo4cfybp2/Accounts%20Template%20with%20VAT.xls?dl=0

Good luck with it!

MouseMan01

That's great, thanks.

Dancing Obsession

Hi guys,

Do I need to file a tax return if I was self employed and stopped making money for 2020 and 2021, so it means I did not earn anything.

Please advise me on it.

Thank you

Gloomtastic!

I believe you have to file a return regardless of whether you made money or not.

in2dark

Do you need to submit an excel similar to the above together with you annual tax return?

I thought sole traders all they need is the annual electronic income tax return

Gloomtastic!

https://www.boards.ie/discussion/comment/120048866#Comment_120048866

No, the online form is all you need to complete and return. If Revenue have any queries with your return I’m sure they’ll let you know.

Furze99

https://www.boards.ie/discussion/comment/120048866#Comment_120048866

You need to keep a record of all your business related income & expenditure inc invoices, receipts etc. You total all these and enter summary figures in the online Revenue form. It's straightforward enough once you are organised. Two things to help: firstly at end of each month reconcile your bank account and gather up all receipts and related docs - I just use an A5 envelope. Don't skimp on this and fall behind. Secondly it helps a lot to use some basic accounting / book keeping software to track above. I use QuickBooks for many years but there are others. Once set up and figures entered at least monthly, then it's easy to generate the end of year reports needed for Revenue - like Profit & Loss and Balance Sheet etc. VAT also if applicable.