Tax Amateur

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Swoon0

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Hi, I am new to this Tax mularky !!, decided to learn to do basic returns for my Self-Employed wife (as in she is a partner in a firm), as we have just got a bill from an accountant for Euro 510.00 to do the following 1. Tax registration 2. Determining Assessible Spuse 3. Peparing of Return of Income Form 11, 2002, 4. Specifiying preliminary Tax & 5."Various" interviews and correspondances with selves and third parties - Infact this was two very short meetings

Can somebody please advise a) If they know of an accountant that will do a return for 2003 and the preliminary tax for 2004 for a fixed fee, and will save me having to "learn" the ropes ! ??
b) Is the Euro 510.00 charge about right for the work as outlined above ?

Also, as a self employed partner of a firm, has she a right to claim back VAT in relation to anything ?

Many thanks in advance
 
Can somebody please advise a) If they know of an accountant that will do a return for 2003 and the preliminary tax for 2004 for a fixed fee, and will save me having to "learn" the ropes ! ??
If you are happy with your existing accountant's work and charges, why not use them again?

b) Is the Euro 510.00 charge about right for the work as outlined above ?
Impossible to say without knowing all the facts but on the surface it appears reasonable.

Also, as a self employed partner of a firm, has she a right to claim back VAT in relation to anything ?
No, unless she is VAT registered in her own name in respect of a VAT-able activity.


Conflict of interest: I am a practising accountant.
 
Thanks for reply Tommy, I think its really that I'm not happy paying 510.00 euro for the minimalist work done on this.

No doubt I'll be back with plenty of questions in the coming months as I learn the ropes myself !!

Thanks
 
Maybe the work isn't so minimal if you don't know how to do it without spending time online asking advice from anonymous volunteers? Perhaps €510 is a fair price for the work involved and the peace of mind that knowing it's done properly brings?

I'm not an accountant or any other type of finance professional by the way.
 
Hello,
In my own very limited experience (mostly in the UK, at that), accountant fees for me were far less than the money saved by using one.
The basics of doing tax returns etc is not at all difficult. But, it is time-consuming. If the accountant finds one new allowable deduction, that covers his/her fees.

Having said that, I imagine there are good and bad accountants out there too.
 
Thanks unregistered User for your marvellous advice, fact is that shag all work was done for over eur 500.00 - are you sure you're not an accountant !!!!
 
Accountants Fee

Your initial posting lacked some info that would have been helpful
1)Does the 510 fee include vat
2)Does it include the calculation of your wifes partnership profits
 
Accountants Fee

> fact is that shag all work was done for over eur 500.00

How can you tell if you don't know what's involved?

> - are you sure you're not an accountant !!!!

110% sure.
 
€510 ...

Sounds about right to me ...i certainly wouldn't do this type of work for any less ...I am an Accountant.

You'll wish you'd stayed with your existing accountant when you realise how much information you need to keep up todate with.
 
Re: €510 ...

It is very easy to underestimate the amount of work involved involved in completing a tax return nowadays.

1. The 2003 Form 12 Directors return is 12 pages long and contains 60 separate panels of information that must be completed by the taxpayer if relevant. Many of these panels (including reasonably common ones such as benefit in kind) can involve the recording of up to 20 separate figures or other information details. Non-disclosure or incorrect recording of certain items can cause untold hassle for the taxpayer, eg offshore accounts. BTW, if it is necessary for the taxpayer to complete a Form 11, this can be as many as 18 pages long in 2003!

2. Failure to complete the form properly can lead to incorrect assessments being issued by the Revenue for any tax owing. Even if the form is completed properly, there is still a high risk (due to Revenue inefficency) of incorrect assessments issuing. For this reason, each tax assessment needs careful scrutiny and follow-up with the tax office if necessary.

3. If you want to know your tax position with any certainty prior to submitting your return, it is necessary to do a tax computation. It is possible for a layperson to prepare this, but it can be quite difficult unless you are very familiar with the workings of personal taxation. An accountant will normally compute the tax position for you as part of a service of doing a return.

4 Tax rules and procedures change on an annual basis and it is very difficult to keep up with changes to tax return formats and filing rules. An element of the fees charged by an accountant will reflect the cost of the ongoing professional training which is a necessary element of their work. It is naive to assume that an ordinary individual can efficiently keep up with these changes all the time.

5. In even the simplest scenario, there will always be complicating factors in relation to which the taxpayer will need occasional professional assistance and/or advice. Having a professional relationship with an accountant can be very useful when these matters arise.
 
Capall

Hi Capall,

Yes its includes VAT, and no it does not include the calculation of the partnership profits as this is done by the firms accountants.
 
Tommy

Thanks Tommy for the advice, I think perhaps it is worth considering keeping this accountant on !!

The return nonetheless is a straight forward return, no shares etc etc
 
So I presume my advice WAS marvellous after all? Glad to be of help!
 
fee

For businesses which can claim back vat and get a tax deduction for professional fees then an accountants fee of 500/600 euros is nothing.
However I agree it is alot for an individual to stump up
for basic tax compliance work.
Professional firms charge work based on time spent. Employees in an accountancy firm will have different charge out rates depending on whether they are qualified and number of years experience normally.

However there is obviously a minimum fee below which an accountant probably won't be interested in taking on a piece of work. So small pieces of any kind of professional work are expensive.

I would have thought it would have been cheaper for you to to use the partnerships accountant.
 
fee

I am sure your accountant is offsetting his fee against your wifes Case I partnership income. If you are 42% tax payers then you are really only paying 300 euros
 
Re: fee

Hi Capall, so can I claim this accountant fee in this years tax return ?
 
accountants fee

Al self employed people such as your wife are entitled to claim accountants fees as an allowable deduction against their income. I am sure your accountant has already done this.
 
Capall

Anything else she can claim for that one mightn't know about ? or can you direct me to a website showing entitlements ?? many thanks for help
 
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