Post Retirement Tax Returns

[Ann G]

We retired 2 years ago - my husband from a small business which was sold and myself from Civil Service. All transactions regarding sale of business - capital gains tax etc were settled last year. An accountant dealt with all this for us and we submitted all cheque details, and other expenditure to him.

Our sole means of income now is my pension and we have a nest egg kept from the business. In the past year our only major transaction was to sell some land and pass on the sale price to one of our children.

To minimise our expenditure now can we fill in our own tax returns and is a detailed account of our expenditure now necessary?

 

[Tommy]

If you sold land in the past year, you will presumably need professional advice on how to handle the various Capital Gains Tax issues that may be relevant?

 

[Ann G]

Tommy
Thanks for your prompt reply to my query. I would be grateful for your help with two further points.

I understand that land sold must be declared to Revenue for CCT before end October. The land was sold for 180,000 euros and cheque was given over to our son intact by our solicitor. In that case which of us notifies the Revenue of the transaction.

Secondly, when that transaction is complete, is it then necessary for a retired couple to engage services of an accountant? As I said our only income then is a pension and savings on which we have already paid our taxes.