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Yippee! It’s tax return season again … said no one. Ever. Very few people enjoy the ordeal of filing their tax return!
 
Of course, technically you could do your own tax return but there are huge advantages of hiring a qualified and competent accountant to do it for you.  
 
Here are 5 reasons why you should consider going to an accountant rather than trying to file on your own:
 

1. Save time

Time is precious. If you are running a business chances are that you aren’t going to have time to even think about doing your tax return.
 
Your Form 11 Tax Return is not really the type of thing you can do in the evening with a glass of wine, a packet of crisps, and Netflix on in the background. It needs significant focus. 
 
If you think that your time would be better spent managing your business or with your family then it is probably a good idea to hire an accountant.
 
 

2. Reduce your tax liability

Unless you are a qualified accountant or have a LOT of experience dealing with tax returns you are going to have limited knowledge when it comes to what you're entitled to and the valuable deductions you can claim.
 
Accountants, on the other hand bring, significant expertise to the table. They deal with hundreds of tax returns every year. They know the law and the tax forms inside out and know how your liabilities might be reduced.
 
Although initially, you may not like the thought of paying an accountant to do your tax return, in the long run you may find it actually saves you money.
 
 

3. Peace of mind

As well as saving you money an accountant offers peace of mind. 
 
The tax return itself has dozens of different sections and you may be unsure of certain aspects of which sections you should complete. 
 
Coupled with the fact that tax law changes all the time, the only way to be sure everything is correct is hire a professional.
 
Let’s face it, you don’t want a call from Revenue with a query, or worse, a dreaded audit!
 
 

4. Have an experienced person deal with Revenue

Whilst the good people working at Revenue are quite nice to deal with, it can be very daunting to have to deal with them on your own.
 
If you are working with an accountant, Revenue will contact them with any queries they have, and everything can usually be sorted without you getting too involved at all.
 
If cashflow is tight this year, and you are in danger of not being able to pay your tax bill, your accountant will be able to negotiate a payment plan with Revenue on your behalf.
 
 

5. A great accountant is not just for Tax Return Season … they’re for life!

Having a great accountant in your corner can really benefit your business. 
 
Not content with contacting you once a year about the tax return, a great accountant will stay in regular contact throughout the year with information and updates on grants, tax reliefs and other schemes that could really benefit your business. 
 
Most accountants offer other services that you can avail of like tax planningVAT returns, payroll, bookkeeping etc. which means they should be your one stop shop for all of your accounting needs.
 
 

We can help

We’re here to help you focus on doing what you do best – running your business – rather than stress about the self-assessment tax return deadline. Our self-assessment tax returns service can minimise the risk of a Revenue enquiry into your personal or business tax affairs, all for a fixed, competitive price.

To arrange a free initial consultation on your self-assessment position, call our friendly and experienced team today on 1800 98 76 09 or drop us a line using our online enquiry form to get the ball rolling.

 

Book your FREE Initial Consultation

 

 

Frequently Asked Questions

If you make any money outside of your normal PAYE income from your job then you need to file a self-assessment tax return each year.

Some common reasons you may need to file a tax return include; you are self-employed, work freelance or as a contractor, you are a landlord or make money using Airbnb, you are the director of a company, you own shares, you have sold a personal asset or sold all or part of your business, you have inherited money, you make some extra cash doing nixers.

For those that use Revenue Online Services (ROS) the pay & file deadline is Thursday 14 November 2024.  

The form you fill in to file a self-assessment tax return in Ireland is called a Form 11. People use the terms tax return and Form 11 interchangeably.

You can file a Form 11 tax return yourself with Revenue online using Revenue Online Services (ROS) or you can engage an accountant to file on your behalf. 

An allowable expense is an expense that is directly related to the running of your business. For example goods that you buy for resale, employees' payment, rent and bills for your business premises, interest payments for money you borrowed to finance your business.

Tax Credits reduce the amount of tax that you pay. The tax credits you are entitled to are dependent upon your personal circumstances.

Another great way to save money on your tax bill is to pay into a pension. The government offers generous tax relief at your highest tax rate. 

Here are 10 ways to save money on this year’s tax return.

You can pay the tax you owe online through ROS with a debit or credit card.

In order to fulfil your preliminary tax obligations for 2024, a payment should be made along with the filing of your 2023 tax return. Preliminary tax is an estimate of the tax you will owe on next year’s tax return.
 
You have three options when deciding what level of preliminary tax you should pay:

  • Based upon 100% of your 2023 tax charge.
  • Based upon 90% of your 2024 tax charge (this will need to be an estimate at the time of filing the return).
  • 105% of your final tax charge for the pre-preceding tax year (2022). This option is only available where preliminary tax is paid by monthly direct debit.

If you miss the tax return deadline there are a number of consequences. You will be charged interest and a late filing surcharge.
Filing late can increase the likelihood that you will be chosen to be audited by Revenue and uou could lose your entitlement to government grants and subsidies as businesses must be entitled to a tax clearance certificate to qualify for these schemes. If you have missed the deadline the most important thing is to get the return filed as soon as possible. 

Date published 24 Sep 2020 | Last updated 29 Aug 2024

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?

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