New online tax firm a 'threat' to accountants
A NEW online tax service is set to put traditional accountants under severe pressure as it will offer some of its services free and heavily discount others.
PayLessTax.ie said yesterday it would create 20 jobs in the next two years. The firm has been supported by Enterprise Ireland and is classed by it as a "high-potential start-up".
Established by tax expert Cathal Maxwell, the firm is targeting PAYE workers who do extra work that is not taxed at source and the self-employed who have to make their own returns to the Revenue Commissioners.
The online PayLessTax service is free for PAYE workers and from €239 for the self-employed.
The free service for PAYE workers with no other income sources will allow taxpayers to find out if they are due a tax refund, and demonstrate how to generate a tax refund.
The charge will be €149 for PAYE workers who need to make a tax return as they have extra income that has not been taxed.
A traditional accountant would charge between €600 and €1,500 for this service, Mr Maxwell said.
He claimed his Dublin-based firm's offering would revolutionise the tax returns process.
The deadline for filing and paying tax on income for 2009 is October 31. For those who file online, the deadline is November 16.