IFF taxation consultation thread (1 Viewer)

[Froog]

thanks for the advice

 

[clonan attack]

Ok,

I've mailed you a question IFF. Hope thats ok.

Thanks

 

[drkdrk]

Dear IFF,
I'm an idiot. Is there a smart person who will sort my tax out for me?
I work freelance and have done for about three years. I filed some stuff for 2008. but i'm pretty sure i didn't claim for anything that might have saved me money. i'd be willing to part with cash to have it all sorted out. is there any good company out there that could help?

Cheers,
D

 

[IFF]

sorry DrkDrk, i haven't replied earlier and i apologise for this

there are a lot of people who would deal with tax returns (i do so with my employer, i also have a few personally)

The main expense items would be Motor expenses, Phone, Insurance, Light & Heat and it just depends on the work you are doing freelance

my advice would be to try the golden pages for someone close and remember to ask for what they would charge.

The other things for your personal return would be: medical expense, are you renting?

 

[Arkmar]

Hi IFF

Can you please help... Is money received (€170,000) for an insurance claim for the destruction of an asset taxable, I know its not technically income from sales from the business but the money was lodged to the business bank account so we have to do something with it. Also how should it be treated as there was no asset on the balance sheet to dispose of, the lease payments were being claimed on the P&L a/c against income. Also if it is taxable, will it be at 41%? I tried to find info online but nothing helped.

This is wrecking the aul noggin.

 

[IFF]

that'a alot of money. my advice would for your tax advisor to give you opinion as based on my calculations, tax, income levy, prsi, health levy on it would be €85,000 roughly

it depends, i'm not in full facts of it so don't take it as definite

Personally on the lease, i'd look at it as being dependent on the terms of the lease. I don't consider in normal circumstances that you own the leased item. it would go into a secondary leasing period but that all depends on the small print of the lease

my second point is whether you are looking at replacing the asset that was destroyed. If you are, then the €170,000 should be offset the new assets costs and then the net of that would be claimable for capital allowance at 12.5% over 8 years (Cost of New asset less €170,000). if new asset cost less than €170,000, the remainder is a gain and should be enterred in tax as balancing charge

if you are not going to be replacing the asset, then it's all to be declared as a balancing charge in the accounts

that's my opinion, i don't have the full facts. i would reccomend the opinion of your tax advisor as it's alot of money and with that amount, you need someone who is fully aware of the facts

 

[IFF]

Just to be, Get proper advice on that

 

[Arkmar]

Hey IFF Sorry for such a late reply... Thanks for that... Don't worry I was not asking for actual advice on that for me personally, it was an issue that came up in work and my boss didn't seem to know, even though he's an accountant, I think he's old skool lol... I just hate it when I come across something like that and I can't get the answer from him... how am I supposed to learn??? I figured that it would be a balancing charge but he just didn't seem to know for sure how to handle it... But thanks anyway ... noggin not so wrecked now.

 

[IFF]

your welcome

 

[IFF]

this is good reading for people - http://www.irishtimes.com/newspaper/pricewatch/2010/0308/1224265792513.html

and then you can claim returns online from http://www.ros.ie/paye/launchPAYEanytime_en.html

 

[shitepipe]

i fucked up my online tax yoke and they paid me 6500 grand. now i have to pay it back. luckily i didnt spend it so i have the money to pay them back.

thing is- i have no idea WHO i pay the money to. the form just says i owe the money. i tried the 1890 helpline number and they werent sure either. and the people i was dealing with in the tax office are not answering their phones these days.

any ideas?

 

[IFF]

it would be the Collector General

Collector-General’s Division,
Sarsfield House,
Francis Street,
Limerick.

 

[IFF]

i feel left out that this thread was not used for vietnamese spam material but anyway

but anyway, also remember the revenue site http://www.ros.ie/paye/launchPAYEanytime_en.html where as a Paye employee, you can claim expenses that you are entitled to

one thing that may be overlooked might be flat rate expenses - http://www.revenue.ie/en/tax/it/leaflets/flat-rate-expenses.xls (opens an excel spreadsheet)

this is easily forgettable i.e. a church of ireland clergyman is entitled to €127 tax credit, a freelance actor €750 and a panel beater €40

if you are married and one of you don't work (or earned less then €5,080 in the year), a home carers allowance is applicable

it's also a good idea to submit for any refunds due before july

 

[Wheels]

Hi there, quick query. I de-registered as sole trader in February before moving abroad and have settled up for my 2008 earnings. I filled out my returns for 2009 for which I now owe a small amount. Just wondering, is there a cut off for earnings below a certain amount? I earned a good bit under 5 figures as a sole trader, so if so should I try and contest it?

 

[IFF]

for income tax, it is €9,150
for prsi, it is €3,174 (with a minimum of €253)
for income levy it is €15,000
for health levy, it is €26,000

it does make things complicated with 4 different bands

there is actually no minimum that you are exempt from filling returns though (unless you're over 70)

 

[therealjohnny]

I need to call the Tax office about this;

My current employer went over my payslips for the last few years- I was with the same company years ago and now Im back on a short contract

It seems my Standard Rate Cut off is a few hundred short of what it should be

The employer reckons I could be owed back pay as I've been paying too much tax for years

WHo do I call and what other info do I need to provide them?

 

[IFF]

you can register for the paye anytime site - https://www.revenue.ie/selfservice/enterRegistrationDetails.faces and then a week later, you'll get log in details and can claim the refund for 4 years back on it (from 2006, 2007, 2008 & 2009)

from there you can request a balancing statement and then a refund would issue

 

[therealjohnny]

Thanks!!

 

[Lili Marlene]

Is this thread still active?

 

[7 - No tomorrow]

What is IFF?