ROS Self assessment

D

Declanxxx

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I have been self employed for 9 years and have always used an Accountant to do my tax return. I cannot afford to pay an accountant this year.I am hoping to do it myself with ROS. My accounts are quite simple in that I do not turn over enough to have to register for VAT.So I have a "money In" column and "money out column".
My question is,can someone recommend a book that may give me some guidance as to how to do this online.I searched Amazon and Easons however I cannot find any publications relevent to Ireland.
Thank You.
 
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Try your local Enterprise Board, some run one day courses to show people how to fill Form 11 online, they are heavily subsidised so quite reasonable. There is also CAVA which you can access through Citizens Information, set up to help people who need an accountant and can't afford one. If you were shown once how to do it you would probably be able to do it fine in future.
 
Good suggestions by wbbs. I'd also suggest getting a copy of last years tax return from your accountant including the income and expenditure account. As every accountant would tell you the starting point for this year's tax year is last years.

Note that you don't need to prepare a balance sheet for individuals as sole traders on ROS.
 
Revenue's own rules. You can file a Case I tax computation on ROS without a balance sheet.
 
@dublin66, while you are absolutely correct that taxpayer can complete a case I computation without a balance sheet but how would they complete the balance sheet section of the "Extract from Accounts" which is becoming a more important feature of the return.

While there are only a few required fields it seems Revenue would like them all to be filled in.
 

+1

Taking the lazy way out can increase the likelihood of bringing scrutiny of audit/compliance areas of Revenue on the taxpayer.

From Revenue.ie (I can't find a hard link to the pdf that I've copied & pasted from):

"Completion of ‘required’ fields only​
Although only certain of the 'Extracts from Accounts' fields in ROS are ‘required’ fields, this should not be taken to mean that it is sufficient only to complete these fields. On the contrary, customers are obliged to complete each section that is relevant in accordance with entries in​
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the accounts. Not completing some or all of the required fields may, however, increase the risk ranking assigned to a particular taxpayer by the REAP system."​

 
look at the starting point here - income below the vat threshold. If REAP is selecting this case for review solely because of no balance sheet then it will waste a large amount of resources.

It is not a question of being lazy - income and expenditure are very simple and a balance sheet is not. I answered the question and didn't set out to reguritate Revenue propaganda and "guidance". This stuff is not law and accoutants should remember this.
 

REAP doesn't select the case for review, it fires risk rules. Audit managers select the cases for review, based substantially on risk. So, not filling in the accounts extract fully will increase the risk score (as it indicates sloppy returns compliance), and hence the likelihood of audit, or aspect query.

What I said is fact, not propaganda or regurgitation - the quote was included to allow the OP to see the Revenue guidance, which is what their idea of compliance is based on - do you generally advise your clients not to give Revenue the information they want in the format they want it? That's a bit of an unnecessarily confrontational point to start from.
 
Different approaches as happens. I would advise them as I set out. Revenue guidance is as you set but the return can be filed with this information. As you state audit managers select cases for audit based on risk and someone with a low turnover does not present much risk because there isn't much tax loss.

Doing a balance sheet for less than €37.5 turnover and even less profit, in my view, is not a priority. The format they want it in, in my view, is the format that their machinery will accept it. The whole reason behind the requirement not to file a balance sheet was that individual taxpayers could file their own tax returns without having to engage an accountant.
 

You're focusing on the specific case of the OP - if you look at my first contribution, it was to agree with a general comment Joe90 made about Revenue wanting all relevant fields completed, and my quote from their guidance was to confirm that his assertion was correct, so that anyone reading the thread (not just the OP) would understand what is expected to be included on their return.

In relation to the OP, and other traders below the VAT threshold, I wouldn't agree that being below the threshold necessarily makes them less risky (I'm channeling Donald Rumsfeld here as I think of known unknowns and unknown unknowns..!). Particularly so if their turnover is hovering near the registration threshold. And a lot depends on their apparent wealth relative to their visible income - all other things being equal, the small trader with the 2012 car is riskier than the guy with the 2002 one. Even without an actual balance sheet prepared, I'd advise anyone filling out a self assessment return to at least enter their debtors & payables (even a small trader should have a reasonable handle on this), their cash/bank balance etc.
 
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