Revenue have announced an extension to the pay & file deadline for those who file online.
For those that use Revenue Online Services (ROS) the pay & file deadline is usually mid-November however for this year the deadline has been extended to 10 December 2020.
On or before this date you must file your 2019 self-assessment income tax return, pay your income tax balance for 2019 and pay your preliminary tax for 2020.
However, TaxAssist Accountants are advising that you don’t leave your tax return until the last minute. Commenting on the deadline extension, Michael Scanlan, Technical Manager at TaxAssist Accountants said “it is crucial that businesses prepare/file their tax return on time this during this unprecedented COVID-19 crisis. Cashflow is key for business as they negotiate the crisis and until you know what your tax liability actually is, you cannot plan effectively for it.”
TaxAsssist Accountants are advising the self-employed and those that need to complete a Form 11 to engage with their accountant now to file their tax return.
Scanlan added “if you prepare your return now then you will have more time to explore any potential tax planning opportunities with your accountant to ensure that you are not paying a penny more in tax than you have to!”
If you do not use ROS to file your tax return then the deadline remains 31 October 2020.
TaxAssist Accountants can assist you with preparing your 2019 tax return including helping you to claim any outstanding refunds due and help you to plan for payment of the 2019 tax liability. We offer a free initial consultation to new clients. Contact us to set up your consultation today.
Last updated: 22nd September 2020