Income Tax and Investment Property – Why Place it on the Long Finger?

The phone call
One lunch time while sitting down to have a well deserved cup of freshly ground coffee, my phone rang. I answered it and I started a conversation with a young man who was obliviously uncomfortable with the whole idea of dealing with a tax advisor. Let’s call him ‘M’!

M had come to me as a referral from existing income tax client. He owned an investment property and didn’t know how to deal with the tax situation. He searched on the internet and visited all the chat rooms and got a list of different answers as long as his arm. The pinnacle came when a colleague from work, some years older than himself heard about his situation and informed him that, “he’d have to pay a bucket load of tax…” Of course, this response led him to a number of sleepless nights until a friend (my client) gave him my number and told him to go and have a chat with me.

The above is a classic situation of numerous phone calls that I receive. Where people have worried themselves and missed numerous hours of sleep worrying about a situation that can be rectified (almost!) by a phone call to a friendly tax advisor or accountant. The hardest thing is making that call!

VAT 3 Returns

All VAT Registered persons, whether they are Sole traders, Partnerships or Limited Companies and who are required to submit a VAT Return for the period 1st January 2011 to February 28th 2011 (VAT 3 Form) have until March 19th to submit this return.

Managing Your VAT to Improve Your Cash Flow

In today’s market where cash is king it’s important to have a greater control over your cash flow and to look at ways to improve it. One way to improve cash flow is to look at your system of recording and paying VAT.

Tax Return Season – The Worst Thing To Do Is Nothing!

This is the time when all proprietary directors must file a form 11 by the 31st October 2010 for the tax period ending 31st December 2009. However, this is not just limited to proprietary directors! Anyone with additional income will need to file a tax return also.

Income Tax Deadline… What are you waiting for?

October 31st 2010 is the deadline for the self employed, Directors and people declaring other forms of income outside of PAYE, for example, Investment rental properties!

The reason why I’m writing this article is as follows, I have been a practicing accountant for over eight years and every year I am baffled by the amount of people that come to me in a panic on or around the 31st Oct, needing to complete their tax returns from the previous year. Yes, you read correctly, from the previous year!

This means that the 31st Oct 2010 is the deadline for all worldwide incomes to be declared to the Revenue Commissioners for the year ending 31st December 2009. Therefore, you have ten months to get your act together.