Tax Return - Who and How Much ?

eddiem74

Hi Everyone,

I am a PAYE worker and pay all my tax via that System. I also have some Stock Options and any time I sell those I submit the relevant declaration on time via the RTSO form. I am claiming all relevant tax credits e.g. bin charges, medical insurance relief (company pays my VHI), etc.

I then purchased an apartment to rent out, which it has been. So, I knew I needed to do tax return to declare rental income, etc. so I went to a local accountancy firm and they done an assessment and made the return. The cost was around 650euro + VAT.

Given that I am PAYE and pretty much declare everything I can, and then fact the apartment purchase/letting was a straight forward process, I felt the charges were quite steep, as I deemed my situation to be quite straight forward. Even when I seen the completed return, most of it was empty as it was not relevant to me.

Anyway, now I need to do a return for 2007, and am wondering:

- Who should I be looking at to do this ? Options ?
- How much should I be looking to pay ?

Let me know your thought's.

pigeonbutler

eddiem74 wrote: »

Hi Everyone,

I am a PAYE worker and pay all my tax via that System. I also have some Stock Options and any time I sell those I submit the relevant declaration on time via the RTSO form. I am claiming all relevant tax credits e.g. bin charges, medical insurance relief (company pays my VHI), etc.

I then purchased an apartment to rent out, which it has been. So, I knew I needed to do tax return to declare rental income, etc. so I went to a local accountancy firm and they done an assessment and made the return. The cost was around 650euro + VAT.

Given that I am PAYE and pretty much declare everything I can, and then fact the apartment purchase/letting was a straight forward process, I felt the charges were quite steep, as I deemed my situation to be quite straight forward. Even when I seen the completed return, most of it was empty as it was not relevant to me.

Anyway, now I need to do a return for 2007, and am wondering:

- Who should I be looking at to do this ? Options ?
- How much should I be looking to pay ?

Let me know your thought's.

You probably wouldn't get the work done for a whole let less. But then I work in a big 4 firm so my idea of fees would be way out of sync with smaller practices.

From your circumstances it sounds like the first year is when most of the work would be done (deciding which assets to claim cap allowances ons, etc) so if they quote you the same price again just do it yourself this time! Make sure you get hold of the computation as well as the return from last year and you should be able to figure it out.

Legend100

As pigeon said, the first year with regards to rental income can be a bit more complex than continuing years so there would be an increased cost for accountancy fees. Doing it yourself would be straight forward but you may not correctly attach expenditure or claim capital allowances properly yourself so you'd be as well off going to an accountant or tax consultant.

As regards the "who" question, well any accountant could provide the service you require. You could easily go back to your original accountant and argue your current year fee as you are aware that from now on, the rental account should be straight forward and that 650 plus vat is too much. If you only have the one property then id say 400 plus vat would be fair.

You must also remember, however, that they will be checking to see if your PAYE was deducted properly in your employment and if you would possibly be able to receive a refund ( You wouldn't believe how often wages are processed incorrectly by HR departments)

Hope that helps

El Grifo

As Legend said, given what you've said about your circumstances I'd think about €400+VAT closer to the mark. If in doubt, shop around. There are plenty of accountants/tax sdvisors out there.

Mr. Incognito

This is a simple return to do.

Download a form 11 on the revenue website and have a crack. You should be paying the tax within 30 days on excercise of the options, the CGT is the only consideration you will need to make and to deduct the income tax charge from the CGT calc.

As for the rental income you will need to deduct allowable expenditure (if any)

nothing too hectic, should be able to bang the whole lot in an hour or two. Shop about.