revenue commissioners Archives - Robert King and Company

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!

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Business Formation 2 – Partnerships

In Part I we looked at the option of starting up a business as a Sole Trader. In this second of three articles we now look at Partnerships and whether this may be the most attractive form of Self-Employment …

Business Formation Part 1 – Sole Traders

Contrary to what many people might think, there are still significant numbers of people setting up new business ventures. For example, in the week ending March 30th, CRO statistics show that 335 Limited Companies were formed and 254 Business Names were registered. Whilst this is much less than was the case in, say 2007, it nonetheless indicates that there are many people out there who are either making the leap to self-employment or that there are self-employed people setting up new ventures.

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Payroll for Employers

If you are one of the many people who had problems with your payroll in 2010 and wrestled with the calculation and submission of your 2010 P35, the good news is that the start of the Tax Year is the time to ensure that these problems do not reoccur in 2011. By putting a proper system in place at the start of the Tax Year, you will ensure that you avoid any of the problems associated with payroll as the year progresses. If on the other hand, you wish to enrage even the most timid of Employees you should make some mistakes in the calculation of their payslip. This is a sure-fire way to cause friction with your Employees. An Employee who thinks that he/she is being ‘done’ on their salary will not be a happy and productive part of your team.

Employers Year End Return (P35)

By now (January 25th 2011), Employers should have submitted their final P30 for 2010 to the Revenue Commissioners. This P30 was due to be received by the Revenue Commissioners no later than January 15th. Whilst some employers file Monthly P30s and some avail of certain exemptions that entitle them to the Quarterly P30 filing option, both groups were due to file their final P30 for 2010 in January 2011.

Employers P35 Return

If you’re an accountant, February 14th isn’t all about flowers and chocolates. It’s an important day for Employers because it’s the last day before the deadline (15th February) for the submission and payment of the 2010 P35 Returns to the Revenue Commissioners.

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.

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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.

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