If you are a self employed individual you must prepare a set of financial statements once a year which shows your business income less business expenses which leaves you with your taxable profit. It is this profit along with any other income you may have which will form the basis of your tax return.
The Revenue Commissioners apply the concept of “Self Assessment” which in effect means that you are 100% responsible
Depending on your turnover and type of business you may be obliged to also register for V.A.T.
No matter what type of business you are in you will need to keep, at the very least, good basic accounts which capture your sales/purchases and monies paid/received.
- Annual Financial statements
- Form 11 (income tax return)
- Payroll/VAT returns assistance
* Typical packages range from €600 plus per year, which can be paid by monthly standing order.
** We provide our clients with on-line accounts software and practical support.[divider top=”0″]
Rental Income/Landlords
- Ground Rent
- Rates
- Maintenance
- General Repairs (Capital Expenditure excluded)
- Insurance
- Management Fees: paid to an agent e.g. rent collection
- Service charges (water/refuse etc.)
- Advertising for tenants
- Accountants fees for preparing rental accounts 96/97 onwards
- Wear and Tear – Depreciation of furniture and fittings – With effect from 4 December 2002 the allowance is 12.5% per year over 8 years
- Interest – Relief is due on interest paid on loans to purchase, improve or repair a residential premises (some exceptions)
Revenue Audit & Records
Under Self-Assessment, your tax return will normally be accepted by Revenue. However, your tax return may be selected for audit, in which case your records will be examined.
A Revenue audit is an examination of your tax return and records by a Revenue official to ensure that all profits, income and chargeable gains, where relevant, are correctly calculated and that none are omitted from the return.
An audit may also be carried out to check that tax credits, reliefs, etc. claimed are due.
Every year, a number of taxpayers are selected for audit. A taxpayer may be selected for varying reasons or on a random basis.
- all purchases and sales of goods and services, and
- all amounts received and all amounts paid out are recorded in a manner that will clearly show the amounts involved and the matters to which they relate.