Rest of Ireland Need recommendation for a good tax advisor ...

Hi,

I currently work part-time & husband works full-time.

We have 2 kids (in childcare), a home and a rental property.

I am trying to understand the various financial scenarios available to me - in order to understand if it makes sense for me (financially) to continue working - or if in fact I would be as well off if I was a SAHM.

Would be very interested in getting a recommendation of someone who could go through our financial details with us and help work out the best financial option for us.

Anyone got any recommendations (Leinster/midlands area)???


Thanks!

Well how's about you post up the figures on here and let the posters at it ! I cannot see that it is very complicated to work out. And presumably a lot of examples can be found on various accountants website, around the budget period there are normally plenty of scenarious worked out.

Alternatively you might buy Colm Rapples book, it's got it all laid out in simple terms. (no connection)

Hi Bronte,

Thanks for the reply - and sorry for not replying before now - I didn't realize I had a reply until over Xmas!

Our situation is that my husband earns in the region of 100k

I work 4 days per week (24hrs in total). Salary is approx 36k - plus bonus and healthcare.
I commute 8 hours a week (spending approximately €75 per week on travel costs).

We have 1 child in school and 1 toddler.
We spend approximately 1k per month on childcare.

We have a family home with a monthly mortgage repayment of approx 1200 per month.

My husband has a rental propery in his name that is not in negative equity.
We usually have a tax bill of between 1-2k a year for this property.

I have a rental propery that is not in negative equity.
I usually have a tax bill of between 1-2k a year for this property.

We are currently separately assessed for tax purposes.

If I have left anything out please let me know.
I would REALLY appreciate any advise that anyone can give on our situation.

My main question, is if it makes sense for me (financially) to continue working - or if in fact I would be as well off if I was a SAHM.
If I wasn't working, could I consider the rental income from my property as my income? (which I wouldn't have to pay much tax on, as it would be my sole income?)
Could my husband tranfer his rental property into my name - so that the rental income from that property could be my income also??


Thanks again for any help or advise that anyone can offer.


Mememe.

You might be better posting the details you just gave in the tax fourm : http://www.askaboutmoney.com/forums/tax.6/

You don't need a tax advisor to do the calculations here. Your employment tax is easily calculated using an online tax calculator. Just input the figures including/excluding your own salary and you will see the differential. Then deduct the weekly expenses from the total and the childcare costs. The BTL income will remain unchanged as this cannot be regarded as PAYE income to you. Exlude it from the calculations for simplicity purposes.
From my own experience this is not just a pure monetary decision. Clearly you will have a higher net income if you stay working. However you also need to factor in the differential in lifestyle for both you and your family if you decide to stay at home. primarily this is a decision that both you and uour partner will need to discuss. You may also be able to look at options such as a career break or plan a return to work in a couple of years.