Tax Advice - FORM 11

Hi guys,
I'm running a micro-business (since 2009) as a soletrader and have paid prelimiary tax for last year and now am filling in Form 11 for 2009, I can understand a lot of the normal taxes to be paid but there are things like foreign income I'd like advice on before I file.

I've scoured a lot of sites but the advice is never completely relevant to my situation and I worry I might file incorrectly.

Any ideas of where I can get this advice from?


Regards,
John

There is a very good website where you can post questions and people give their knowledge / expertise free. The link to it is here Just ask what it is you are unsure about and someone is sure to give an answer.

As a self employed sole trader doing my own returns, there have been times when I was totally confused as to what to put in where too etc.

I find that the ROS helpline staff are brilliant either by email or phone each time I have had a query.

JohnJD,

Get it done by an accountant in the first year, get full backround as to how all your various sources of income where taxed etc and then complete yourself in the future.

This will save you a lot of hassle and give you peace of mind.

Paddy199 said:

JohnJD,

Get it done by an accountant in the first year, get full backround as to how all your various sources of income where taxed etc and then complete yourself in the future.

This will save you a lot of hassle and give you peace of mind.

Click to expand...

Wonderful idea. Also, when you get a new car, get an experienced mechanic to do its first service, then do a DIY job each time after that. This will definitely a sure-fire way to save you a lot of hassle and give you peace of mind. Not.

Paddy199 said:

Get it done by an accountant in the first year, get full backround as to how all your various sources of income where taxed etc and then complete yourself in the future.

Click to expand...

While I would encourage people to complete their own tax return if it is simple, I don't think this is a good idea where things to get even a little complicated.

You would need to keep up-to-speed with all changes in tax legislation which could affect your income and/or expenses and the tax treatment of same.

I don't think I've done a tax return for a client yet who knew that the tax relief on rental interest has been restricted to 75% from Apr-2009 so you could caught out on something as simple as that.

Hey guys,
Cheers Graham

Yeah I think I'm going the accountant route for the first one at least. Best not to mess up so soon into my business adventure

T McGibney / DB74,

100% correct. Most people will return to their accountant when they see the pitfalls that can occur in even the most straight forward of returns.