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But if you get your calculations wrong it may cost you more than the accountant's fee to get it right. I'm not an accountant by the way but would encourage the many people who are in the property business game but who seem to know very little about the relevant tax rules to get a professional on the job.Berlin said:If you employ an accountant, it may cost you more than a surcharge!
ClubMan said:If penalties are likely then all the more reason to get a good accountant/tax advisor on the case to do his/her best to help you mitigate any penalties.
Yes - but I have seen (here on AAM and elsewhere) some real clangers in terms of property investors fundamentally misunderstanding their liabilities and how to calculate them. Even geniuses may not know the ins and out of the relevant tax codes and rules in which case they could (should?) ask an accountant/tax advisor for assistance.Kiddo said:it doesn't take a genius to take the rental income for the year less allowable expenses and calculate 20%/42% of same...
The big guns are needed when there are tax planning issues or CGT/CAT...most places I have worked in would charge €300/500 for a simple rent comp and filing the return.
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