PERSONAL TAX – INCOME TAX - Whelan Dowling & Associates

PERSONAL TAX – INCOME TAX

Minimise Income Tax liabilities

We will review available credits and deductions including qualifying expenses (medical, educational etc.) Self-assessment applies to the self-employed and those with income from non-PAYE sources.Those in receipt of PAYE income only do not have to register and file an annual Income Tax return.

Potential Areas of Self Assessment Income

Self Employed/Consultancy Income

If you are carrying out a trade as an unincorporated entity, either as a sole trader or in a partnership you are required to calculate and return your annual declaration of income to Revenue.

Blogging

If you receive products for review, freebies or make money from your blog, you must declare this for income tax. How you do this differs depending on your income and whether you are employed or self-employed.

Airbnb

Landlords utilising Airbnb are obliged to file income tax returns and are not entitled to the Rent-a-room allowance. See our article for more detail Advice regarding Airbnb income

Cryptocurrency

Whether you are managing a portfolio full time, mining BitCoin or playing speculatively for the Gold Rush you must still declare your income and/or profits. We can help you to prepare CGT returns ans/or income tax returns as required. For more information read our Blog post: Cryptocurrency & CGT

Rental Income

We will advise you as to whether your rental income is outside of rental reliefs. We will assist you in computing your rental profits and advise on allowable rental expenses. We can prepare a rental income trading account and prepare the necessary income tax returns.

The Giving Club

In 2019 we have introduced a new Incentive for our income tax clients we call ‘The Giving Club’ if you file and pay your income tax return on or before 31-August-2019 we will donate 5% of the fee income to one of our Charity partners. In 2019 we have partnered with Darndale Belcamp Village Centre.