Form 11 Income Tax return query

D

Dustyman

Registered User
Messages
51
Hi,

My brother and I formed a company which never got off the ground or made any money.
There is no income or expenditure whatsoever. No assets etc.
We continued to work separately as PAYE workers.
Last year an accountant would have made the return for 2016, but at that time too there was no income from the company, no income or expenditure whatsoever.
We have no physical business it was just an idea which we registered for tax purposes for.
This year an accountant quoted us E500 plus tax to file the 2017 return (I know it is late).
My queries really are;

Do we really need to make a return when the company really does not operate at all and there is no income or expenditure? No 'physical' company assets etc. It was just an idea.
I feel that 98% of the form is basically not applicable to us. Basically all we need to fill in is our income from PAYE employment, interest on savings we have, LPT payments )I have an apartment I live in), and our medical expenses. We have no rental property, investments, etc etc.
How do we calculate the 5% late charge? Do we deduct that from our PAYE Gross salaries?
WE know we could just hand this form to an accountant but their going to charge us E550 + !!

Any advice greatly appreciated.

Thanking you,
J
 
Dustyman said:
Basically all we need to fill in is our income from PAYE employment, interest on savings we have, LPT payments )I have an apartment I live in), and our medical expenses. We have no rental property, investments, etc etc.
How do we calculate the 5% late charge?
Click to expand...
Are you doing tax returns for? yourself, or for the company, or both?
Its difficult to make out from your post.
 
If you are not going to use the company you should cancel the company registration with Revenue - there is a form on their site called Tax Registration cancellation. I don't know about the 5% late charge fee but if you have a claim for medical expenses you may not owe them anything on your personal account. You could ring their help line and explain that the company never got off the ground and see where it goes from there.
 
Hi,
Thanks for your reply. We're going to keep the company registered as maybe in the future it might get off the ground.
 
You must log in or register to reply here.
Back
Top