Mandatory Efiling
You may have received notification in the last few weeks from the Revenue Commissioners stating that you must register for Revenue’s online filing system; ROS.
What is happening?
The Revenue Commissioners have been encouraging taxpayers to submit their returns online for a number of years now however this is the first time that electronic filing has been made mandatory for most taxpayers. This marks a fairly significant change in the way that you will interact with Revenue Commissioners so it is important that you are informed and ready.
What do I have to do?
First of all, if you have not done so already you must register for ROS at www.ros.ie.
Once you are registered all of your future tax returns (VAT returns, income tax returns, payroll returns) must be completed via this system.
The rule does not only apply to just large companies and individuals in fact it covers most taxpayers. From the 1st June 2011 the following taxpayers must file their returns electronically:
- All companies
- All trusts
- All partnerships
- Any stamp duty due on sales made after 1st June must be paid online (e.g. sale of property or sale of shares)
- Individuals with income over €125k and tax reliefs of over €80k
- Individuals benefiting from or acquiring Foreign Life Policies, Offshore Funds or other Offshore products
- Individuals claiming a range of property based incentives (Residential Property and Industrial Buildings Allowances).
If you make payments to service providers which exceed €6k in a year (this applies mainly to payments to service providers such as consultants, accountants etc) this return (Form 46G) will also have to be filed electronically.
In addition, from the 1st October 2011 all employers with more than 10 staff will be required to submit their tax returns online. Because all companies are required to submit their returns from 1st June 2011 anyway this rule will mainly affect sole traders.
If there is some reason that you cannot file electronically (e.g. lack of broadband access or illness) you can make an appeal to the Revenue. If Revenue are satisfied that it would be impractical for you to file electronically they will issue what’s known as an exclusion order.
Revenue will no longer send out paper forms so it is important to get to grips with the new system as soon as possible. Of course, your returns can also be submitted on your behalf by your accountant. If you would like to talk to us about your obligations please call 1890987609 or email us.
