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Tax returns

  • 03-04-2024 10:48pm
    #1
    Seadin
    Registered Users, Registered Users 2 Posts: 1,792 ✭✭✭


    Hi guys,

    What rate of tax bills are ye paying for financial year would you mind sharing?

    Is it possible to pay 0% tax and if so how do you do it properly?

    I did my tax returns for 2023 and I got a bill €793 and a preliminary tax bill for 2024 also for €793. That's a total tax bill of €1586 to revenue before 31st October.

    I'm a small part time beef farmer, I had 30 cattle in 2023 but this year in 2024 i have 16 cattle.



Comments

  • #2
    epfff
    Registered Users, Registered Users 2 Posts: 1,428 ✭✭✭epfff


    If you make profit you pay tax.

    Spend spend spend on tax deductible item's and you won't make profit. But I never understood people happy to spend double to avoid giving revenue it's cut.

    Did you claim for everything you were entitled to? Th is would include share of ESB phone broadband car/car running clothes IT purchases casual labour tools and many other things.

    Assuming you are high rate tax you made circa 1600 taxable profit in 2023(€53\head) or hadn't true opening stock values so got hit when disposed.

    Hiring high end tax expert's to look for tax avoidance may be other option.



  • #3
    Conversations 3
    Registered Users, Registered Users 2 Posts: 613 ✭✭✭Conversations 3


    Is there a list or a guide to tax deductible items?



  • #4
    epfff
    Registered Users, Registered Users 2 Posts: 1,428 ✭✭✭epfff


    https://www.boards.ie/discussion/comment/121972719#Comment_121972719

    All available in revenue.ie

    And in Ireland all rules are there to be challenged/open to interpretation. Quick guide is if it's a business expense it's deductible.

    The list of publications/circulars etc is endless it takes years to read/interpret. The people that read them have there own chartered accountants club that you have to pass several exams to get into.

    Even after this some accountants are still useless or maybe just don't care.



  • #5
    hopeso
    Registered Users, Registered Users 2 Posts: 1,458 ✭✭✭hopeso


    Another thing that might influence your tax liability is the fact that you had 30 cattle last year, and 16 this year. That means that you probably sold 14 cattle without replacing them, which left you with a fairly large cash surplus.

    As for the preliminary tax, the general rule is that you pay the same amount as your last tax bill, so what you paid there would be correct. That money will be in your account, and they will only take enough to cover next year’s tax bill, assuming it’s less than that.



  • #6
    9935452
    Registered Users, Registered Users 2 Posts: 2,835 ✭✭✭9935452


    As spiff says, spend spend spend.

    And make sure to claim for everything you can . Keep receipts for everything that are deductible, tools , hardware, consumables, etc it all adds up



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  • #7
    older by the day
    Registered Users, Registered Users 2 Posts: 2,047 ✭✭✭older by the day


    https://www.boards.ie/discussion/comment/121973197#Comment_121973197

    Paying the same preliminary tax will mean that in your case that you are over paying. Your accountant could have estimated your profits for the year and you could have paid less. But most prefer to play safe with revenue.

    How do you think this squandering government gets money to waste. It needs people like you.

    There are huge differences in accountants, some may allow different expenses and some play too safe. While others just want it done

    Post edited by older by the day on


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