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Tax Accountant: Your Questions Answered

Updated: Nov 16, 2023

As one of Ireland's most experienced tax accountants, we have helped hundreds of individuals and businesses fulfil their tax obligations. Many customers still have questions regarding our tax accountant services despite tax being a requirement. So, to make this information more accessible, we have compiled the most common questions in this blog.

What is a tax accountant?

A tax accountant is a professional specialising in preparing and filing tax returns for individuals and businesses in Ireland. A tax accountant can also advise on tax planning, compliance, audits, and disputes. A tax accountant may work for a public accounting firm, a private company, a government agency, or a self-employed consultant. A tax accountant must have a bachelor's degree in accounting or a related field and may also have additional qualifications such as a Chartered Accountant (CA) designation, a Certified Public Accountant (CPA) certification, or a Master of Taxation (MTax) degree.

In Ireland, do I need to file a self-assessment tax return?

Individuals in Ireland who earn extra income not under PAYE taxation are required to complete a self-assessment tax return.

At Ballymount Accounting, we collaborate with numerous individuals throughout Ireland to manage their tax returns. Our commitment to providing a stable and competitive pricing structure helps alleviate the concerns associated with self-assessment tax returns, enabling you to focus on the operations of your business.

In Ireland, who needs to file a tax return?

If you generate earnings outside of the PAYE system, disclosing this income to the Revenue must be informed by completing an annual tax return.

The primary reasons that might necessitate the submission of a tax return are as follows:

  • If you are operating as a self-employed individual or are involved in a partnership.

  • You are categorised as an RCT contractor if your work entails freelancing contracting.

  • If you hold a position as a company director.

  • If you own land or act as a landlord, renting out property.

  • If you possess substantial amounts of savings or income from investments.

  • If you have purchased, received, or sold shares.

  • If you have divested or gifted assets, such as a vacation property.

  • Suppose you receive income from international sources, including foreign pensions or overseas rental property. Even if you are already paying taxes abroad, you might still be required to file and fulfil your tax obligations here.

What documentation do I need to provide to my accountant for them to complete a tax return?

  • Your details, such as your name, address, social security number, and bank account information for direct deposit or payment.

  • Your income statements

  • Your expense receipts, such as your mortgage interest, property taxes, medical expenses, charitable donations, and any other deductions you may qualify for.

  • Your previous year's tax return, if you have one, to help your accountant verify your information and check for any changes or errors.

  • Any other relevant documents or information that may affect your tax situation, such as your marital status, dependents, education expenses, retirement contributions, or foreign assets.

How much do you charge for tax accountant services?

The cost of an accountant for a tax return varies depending on the type of income, the complexity of the business, and the services required. Please call us now with your requirements for a competitive quote today.

To organise a consultation with our tax accountants, please contact our expert team today.

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