Our Prices

THE FIRST TAX RETURN IS PREPARED (THIS IS USUALLY DONE IN YEAR 2 OR 3 AT THE BAR)

Professional Services Fee: No fees incurred at this stage

• In-person meeting with a tax advisor/accountant to discuss your practice and how you wish it to evolve.

• Guidance on how to use your online banking and a workbook to keep your income and expenses in order.

• Provision of an annual tailored workbook.

• Registration for Income Tax with Revenue.

• Preparation of Your First Set of Accounts, including an Income & Expenditure Account.

• Preparation of your Income Tax Return that may include PAYE income, or medical expenses and Filing your Return online via ROS.

• Assistance with setting up a ROS mandate for your tax refund or to settle tax due.

• Application for an eTax Clearance Certificate.

• Guidance in relation to fee collection.

• Help with any queries that arise.

FOR YOUR SECOND TAX RETURN (COMPLETED IN YEARS 3 OR 4)

Professional Services Fee: €300 plus VAT

• Audit of your prepared workbook including your Income and Expenditure for the calendar year, versus your bank statements, to ensure all income is included, and all allowable expenses are claimed in full.

• Preparation of your Income Tax Return and Filing your Return online via ROS.

• Set up any tax payment by way of ROS debit.

• Discuss Preliminary Tax.

• Any required correspondence with Revenue in relation to your tax return.

• Discuss VAT Registration, if required.

FOR CLIENTS NOT REGISTERED FOR VAT

VAT Registration is only required, once income received from self employment exceeds €37,500, in a calendar year.

Professional Services Fee: €600 plus VAT

• Audit of your prepared workbook including your Income and Expenditure for the calendar year, versus your bank statements, to ensure all income is included, and all allowable expenses are claimed in full.

• Preparation of your Income Tax Return, that may include personal and or spouse’s PAYE income, Rental income or employee share dividend income, and Filing your Return online via ROS.ie

• Set up any tax payment by way of ROS debit.

• Discuss Preliminary Tax.

• Any required correspondence with Revenue in relation to your tax return.

• If a practice takes a bit longer to grow in terms of fees coming in, then the tax return is prepared for the second year rate.

FOR CLIENTS WHO ARE VAT REGISTERED AND WHOSE INCOME FROM SELF EMPLOYMENT DOES NOT EXCEED €100,000

Professional Services Fee: €900 plus VAT

• Audit your prepared workbook, including checking the VAT calculations on your Income and Expenditure for the calendar year, versus your bank statements, to ensure all income is included, and all allowable expenses are claimed in full, and all VAT calculations are correct.

• Raise queries on items that are not clear.

• Prepare a VAT Reconciliation Statement to compare, the VAT due based on your accounts, and the VAT paid to Revenue during the year.

• A supplementary VAT return is prepared to balance your VAT for the year.

  This has the impact of triggering a VAT refund, if VAT was overpaid, or settling VAT due and stopping the interest clock, if VAT is underpaid for the year.

• Prepare and file VAT Return of Trading Details for the year.

• Preparation of your Income Tax Return including:

  • Income from all sources such as PAYE, self employment, Rental Income and Share Based Remuneration

  • Medical Expenses, Flat rate expenses if lecturing, rental credit if renting etc.

  • Calculating a tax efficient pension contribution option

• Filing your Return online via ROS;

• Set up any tax payment by way of ROS debit.

• Discuss Preliminary Tax.

• Any required correspondence with Revenue in relation to your tax return.

FOR CLIENTS WHOSE INCOME FROM SELF EMPLOYMENT EXCEEDS €100,000

Example: Income €125,000 less expenses €10,000 = €115,000

Professional Services Fee: €125,000 x .9 = €1,125 plus VAT

• Audit your prepared workbook, including checking the VAT calculations on your Income and Expenditure for the calendar year, versus your bank statements, to ensure all income is included, and all allowable expenses are claimed in full, and all VAT calculations are correct.

• Raise queries on any items that are not clear.

• Prepare a VAT Reconciliation Statement to compare, the VAT due based on your accounts, and the VAT paid to Revenue during the year.

• A supplementary VAT return is prepared to balance your VAT for the year. This has the impact of triggering a VAT refund, if VAT was overpaid, and settling VAT due and stopping the interest clock, if VAT is underpaid for the year.

• Prepare and file VAT Return of Trading Details for the Year.

• Preparation of your Income Tax Return including income from all sources such as PAYE, self employment, Rental Income and Share Based Renumeration including:

  • Medical expenses

  • Flat rate expenses if lecturing

  • Rental credit if renting

• Calculating a tax efficient pension contribution option

• File annual 46G return for high income clients.

• VIES return if supplying services to clients outside of Ireland and with the EU.

• Filing your Return online via ROS;

• Set up any tax payment by way of ROS debit.

• Discuss Preliminary Tax and calculate the 90% option in October each year, rather than using the 100% of previous year method.

BOOKKEEPING AND VAT RETURNS

Professional Service Fee: €40 per month plus VAT

Some barristers, when their practice becomes busy, ask us to do their bookkeeping and VAT returns.

• We log in to the client account, and export the bank transactions for the VAT period eg March/April

  This is included in the annual accounts of the client for reference.

• The income items are extracted and included individually in the income section of the accounts,

• VAT is calculated on income received - this is included as T1 in the VAT 3 Return

• The barrister expense items are identified and included individually in the expense section of the accounts

• VAT is calculated on the expenses incurred - this is included as T2 in the VAT 3 Return

• VAT for the period is calculated and the VAT 3 return and accounts are sent to the client for review.

• The client is advised of the VAT due for the VAT period

• A calculation of the Preliminary tax liability for that accounting period eg March/April is provided also.

• The client sends instruction to file and pay VAT and/or Preliminary Tax, and the VAT return is filed on their behalf.

• A copy of the acknowledgement notices of VAT filed and paid, and Preliminary tax deducted is sent to the client.

PAYROLL SERVICES

Professional Services Fee: €50 per month plus VAT

When a barrister has a staff member, then they are obliged to prepare PAYE calculations, deduct the correct amounts of income tax, PRSI and USC, and issue a payslip.

• A new employee of a barrister is set up on the ROS system

• A tax credit certificate is obtained

• Each month, the barrister would let us know how many hours were worked or was it a standard month

• A Revenue Payroll Notification is downloaded from ROS, this advised the tax credits and tax band available

• PAYE, USC and PRSI is calculated and a Payslip is generated.

• The barrister is advised of the net pay for their employee and their deductions, and the liability for employer PRSI.

MORTGAGE PACK

Professional Services Fee: €300 plus VAT

When seeking a mortgage as a self employed individual, the following is required:

• An accountant’s letter, to detail the income earned in the relevant years from self employment and employment, and to certify that your tax affairs are in order and all tax due is paid up to date. The qualifications and accountancy body membership of the signing accountant must be noted on the letter.

• 2 or 3 years signed accounts signed by both the accountant and the client.

• Filed Form 11 Acknowledgement for each year.

• Notice of Assessment – Chapter 4 for each year.

• Tax Clearance Certificate.

REVENUE AUDIT

Professional Services Fee: Invoiced on an hourly basis.

When Revenue require a detailed look at a particular item, eg a medical expenses audit, a Rental Audit, a Professional Services Withholding Tax Audit, this will require time and care. A senior member of staff will communicate with Revenue on your behalf.

• A query is received from Revenue, and the client is informed of the review.

• The return submitted is reviewed and copies of receipts and supporting documentation are requested from the client.

• Supporting documentation is scanned, collated and uploaded individually to the Revenue receipts tracker and ROS to correspond with a statement prepared and submitted to Revenue.

• Following correspondence between Revenue and the tax agent is communicated with the client until Revenue is satisfied and the query is stepped down.