Do I need to be qualified to do tax rebate for a payment?

summerluv261

Hi, I'm pretty good at filing the tax returns online on revenue myself and for my parents, I noticed companies charge people to do what they can realistically do themselves because they don't want the hassle of doing it, I'd happily do it for some money on the side and do it cheaper than them however I know in some countries you can't do so for payment unless you are qualified there doesn't seem to be anything up online about it when I've tried to research it. Anyone know if there would be any problems in me setting up my own website to do them?

Geuze

I wonder would you need a TAIN number?

https://www.google.com/search?q=TAIN+numder&rlz=1C1GCEU_enIE1040IE1040&oq=TAIN+numder&aqs=chrome..69i57j0i13i512j0i10i13i512j0i5i13i30l4j0i5i10i13i30j0i8i13i30l2.2119j0j7&sourceid=chrome&ie=UTF-8

summerluv261

https://www.boards.ie/discussion/comment/120986607#Comment_120986607

I'll send an email off there to them and ask if I can register. Thank you.

Alan_007_

https://www.boards.ie/discussion/comment/120986723#Comment_120986723

Can you do tax returns for other people in exchange for a fee without being qualified? - Yes

Should you do tax tax returns for other people in exchange for a fee without being qualified? - No

I don't mean to rain on your parade, but you don't know what you don't know. Dealing with other people's taxes can have disastrous consequences if you get it wrong.

Have you given any consideration to AML requirements or insurance?

Tow

Anyone can do it and anyone can register for TAIN number.

Mrs OBumble

https://www.boards.ie/discussion/comment/120992993#Comment_120992993

Sure. But the real question is what is required to get professional indemnify insurance?

And if someone thinks they can provide this service without having good PI insurance, then they aren't financially savvy enough to be doing anyone's taxes.

Tow

https://www.boards.ie/discussion/comment/120993459#Comment_120993459

There are plenty of auld wans doing bookkeeping services without insurance. At the end of the day they probably could get insurance no problem if they tried. In Ireland any mistakes end up the responsibility of the taxpayer. Are they going take their bookkeep to the high court if a mistake is made? Easy if they get free legal aid, another story if you have to pay the costs. We are talking about basic stuff here, not complex tax management for high net worth individuals.

relax carry on

Don't forget Section 864(3)(b) of the taxes consolidation act. Possibility of a fixed penalty of 3000 euro for "carelessly" getting a return wrong.

(3)Any person who—

(a)makes or delivers to the Revenue Commissioners, or

(b)knowingly or carelessly assists in or induces another to make or deliver to the Revenue Commissioners,

any incorrect account, declaration, information, particulars, return or statement, including by means of approved electronic communications (within the meaning of section 864A), in connection with any claim for exemption or for any allowance, credit, deduction, relief or repayment shall be liable to a penalty of €3,000.

Tow

If only I got a euro for evey careless mistake my customers make on returns to revenue...

Mrs OBumble

https://www.boards.ie/discussion/comment/120993726#Comment_120993726

All it takes is one begrudgerous customer who has a relative who is a lawyer, and you could easily be looking at a big legal bill - even if you did nothing wrong. That's fine if you're a renter who owns nothing, but a big problem if you own a house or other assets.

Alan_007_

I swear accounting/tax is one of the only fields where people think it's perfectly reasonable to charge money for services without being qualified or having experience.

If somebody who's only ever changed the oil in his own car asked about setting up as a mechanic in the motors forum he'd be ripped to shreds.

summerluv261

https://www.boards.ie/discussion/comment/120995967#Comment_120995967

I mean i'm only talking about a website like tax rebates ireland who legit make you do all the work yourself which is add up your medical receipts and send them on if you did everything they asked you on the revenue website you would be doing exactly what they asked of you of tax rebates ireland a 9 year old could do it.

Alan_007_

https://www.boards.ie/discussion/comment/121005022#Comment_121005022

So what would you be selling to your potential customers if they're the ones doing all the work?

What would you do if somebody came to you with something slightly more complicated like RSU shares?

Have you thought about PI cover? Or what you'll do about AML?

What if somebody gets a Revenue audit, would you be able to support them? Because in Joe Public's mind, you'd be his accountant.

I'm not trying to gatekeep, but if you don't have any experience in accounting or tax I think it'd be better to find another side gig instead of messing around with people's taxes.

Lenar3556

https://www.boards.ie/discussion/comment/121005022#Comment_121005022

Maybe consider trading as a limited company. It’s a good structure and professional indemnity insurance may be less relevant for the type of work you would be pursuing. With a little initiation you will be able to prepare the annual return and abridged accounts yourself, so the additional operating cost over sole trader would be small.

Then comes the capacity piece,and this really is of far more practical relevance than qualifications. If it’s something you are serious about, consider getting a job in an accountants office for at least six months as a prelude. You need to have a solid understanding of the fundamentals. Once you have that you can build on it with research.

Consider software, and the very significant changes that this has brought about in the accounting profession.

Best of luck,

What would your fee structure be for this business? Most PAYE tax rebate companies operate their fees by taking a % of the rebate. I've seen it range from 7% - 30% (30% being some crowd based in Cork who must be splitting their sides laughing at anyone who signs up to their service).

Would you undercut the 7% operator at 5%?

There's more work involved than you think, and getting back 5% of a standard tax rebate on some medical expenses is not worth the effort.

Sure, every so often you might stumble across somebody who hasn't filed a PAYE tax return for the full 4 years, and you can get a rebate on medical insurance relief, rent tax credit, home carer credit, medical expenses and do nicely for yourself, but those will be 1 in 1,000.

You need to be doing thousands of PAYE returns a year to make money from it.

Also bear in mind that the tax rebate companies get paid the rebates by Revenue into their own bank account, then do an EFT or write a cheque for the amount payable to the client (less the commission). Do not even consider doing this unless you have the requisite insurance and authorisation. Client money accounts are not to be messed with.