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Hi all,
Im a self employed childminder. Only earning >15k per year. (If I earn below this I am tax exempt). Have been working since July 2010. Have kept track of all money coming in (generally paid cash from parents). Very few expenses, just childminding insurance and registration, plus PRSI. I would take it that accounts for this would be very simple to prepare? Is there any free software that would suit me? Or ones I pay for? Have no accounting experience. But dont want to have to pay a fortune to get accounts prepared when they would probably be very simple to do myself. Hoping to apply for a mortgage with my other half in a years time, so would like to get on top of things now. My uncle is an accountant so can sign off on accounts. (I think/hope). I do my tax returns myself since they are soo straight forward, just one figure goes in to the exempt income section, dont have to fill in any of the more difficult stuff. Any advice?
I would consider €500 very expensive for a simple return like yours. Maybe pay an accountant on a one off basis an hourly rate to give you advice on what expenses etc you can charge and if you are familiar enough with doing your own tax returns over the years then this one should be well within your abilities. Check your local enterprise board in case they run courses on this, I did one on how to fill your form online run by enterprise board.
No need for software. Add up your income if this is less than 15k your income is exempt from tax. Add up your business expenses - include some light and heat, phone, travel (estimate amount used for business). Total expenses. Take net profit (total income minus total expenses) and put in the relevant box on the tax return and submit return. Keep the details as you will need an accountant to certify this income (usually 3 years)when you go for your mortgage. Your uncle should be able to do it. Banks will not take self-certified income.
For a business earning less than 10k per year, is it necessary to have a bank account?
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