2. You should claim 12.5% over 8 years.
You can include travel expenses as part of the management fee (this will cover all incidental expenses like travel etc). Mgt fee must be realistic though, upto you what you decide to include. If your 'unlucky' enough to get a revenue audit, they will ask you to justify.
As I am currently working on 2001 at that time the Wear&Tear rule was 20%per year for 5 years - Should I use the Wear&Tear calculation that was "active" at that time or does the 12.5% over 8 years supersede that now that that is the live rule ?
I understand I will encounter penalties & fines for my late returns and am prepared for this. My goal is to get my situation regularised and go from there - whatever that requires fine\penalty wise
Again if you don't mind me saying so, I think that you're crazy to be doing this unless you fully understand all the issues. If you were just completing a current return fair enough, you pays your money and you takes your chances, but where 6 years arrears are involved, someone in the Revenue will have to intensively review your returns for all years if they contain errors. There is a risk in this scenario that the combination of late filing and eventual underpayment could trigger an audit or even prosecution proceedings.
This risk will be minimised if you ensure 100% that your returns are correct before filing. Engaging a professional to do this will also mean that they will be able to advise you how to minimise the risk of fines and interest and also handle any subsequent queries, thus minimising the risk of unpleasant consequences.
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