October is here and so is the return of the tax deadline
This month sees the return of the tax return deadline; will you have your affairs in order in time?
October is here again and so are important tax deadlines for individuals operating in various industries across Ireland. Taxpayers have until midnight on October 31st to submit a number of tax returns or risk facing a penalty charge.
Those operating within Ireland's tax jurisdiction have until midnight on this date to file their tax return for 2009 and to pay 2010’s preliminary tax. In order to avoid a fine from Revenue, tax returns must also be submitted no later than this month's deadline.
Late filing of tax returns will be met with a fine of 5% in cases where the return is submitted within two months of the deadline. However, those who exceed even this time frame will see themselves landed with a surcharge of 10%.
October 31st also serves as the deadline by which time the balance for last year's tax must be paid. Capital Gains Tax returns for the previous year must also be filed by this time.
Monies earned in Ireland and from foreign income or pensions must be declared as well as information regarding any maintenance payments made to a separated partner and any fees paid to various parties.
A number of expenses incurred within the business can be claimed, for example; employee cost, motor and travel, insurance, utilities etc... There are however various restrictions around allowable deductions. To understand Revenue’s guidelines better seek out specialist advice from a tax accountant to help make the correct decision.
Individuals can claim tax credits (i.e. a refund if you have paid too much tax or a reduction in your tax liability) for the following expenses; medical expenses, service charges paid and trade union subscriptions.
The earlier you send in your tax return, the sooner you will know your final liability for the tax year - this can be important when it comes to paying the balance due and calculating your Preliminary Tax for the following year.
To ensure that you avoid a fine and to operate safe in the knowledge that there are no unpaid taxes hanging over your head speak to us today.
