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Everything you need to know about filing a tax return in Ireland
As the tax return deadline approaches it is important to get organised and file on time! Here are some Q&A to help you understand the process.
Q. Who needs to file a tax return?
- You are self-employed, work freelance or as a contractor
- You are a landlord or make money using Airbnb
- You are the director of a company
- You own shares
- You have sold a personal asset or sold all or part of your business
- You have inherited money
- You make some extra cash doing nixers
Q. When do I need to file my Tax Return?
Get Organised
New businesses
Q. What is a Form 11?
Q. How do I file a tax return?
Have an accountant file your tax return
- Save time
- Peace of mind that everything is done correctly
- Have an experienced person deal with Revenue if needed
- An experienced accountant should be able to help reduce your tax liability through deductions you may be entitled to
Q. What expenses can I claim in my tax return?
- Goods that you buy for resale
- Employees' payment
- Rent and bills for your business premises
- Running costs for vehicles or machines, and lease payments for vehicles or machines, that you use in your business
- Interest payments for money you borrowed to finance your business
- Expenses you had before your business started trading such as the cost of preparing business plans
- Accountancy fees
What expenses cannot be claimed in your tax return:
- Personal mileage expenses
- Food expenses – in the case of an employee on a business trip whereby they are forced to eat out or incur food costs that would not be normal, an allowance may be given to cover these costs
- Clothing costs (except protective clothing)
- Accommodation – the cost of accommodation is not allowable. Hotel accommodation incurred on a business trip (where there is no personal motive in the trip) is an allowable deduction
- Client entertainment
- Capital expenditure – e.g. purchase of equipment. You may be able to claim capital allowances on this expenditure
Expenses that are for both business and private use:
Q. Are there ways to save money on my tax return?
Q. How do I pay my tax bill?
Q. Do I need to pay preliminary tax?
- Based upon 100% of your 2022 tax charge.
- Based upon 90% of your 2023 tax charge (this will need to be an estimate at the time of filing the return).
- 105% of your final tax charge for the pre-preceding tax year (2021). This option is only available where preliminary tax is paid by monthly direct debit.
Q. What do I do if I cannot pay my tax bill?
Q. What happens if I file my tax return late?
- You will be charged interest at a rate of 0.0219% per day and each day that the return remains outstanding.
- There is a 5% late filing surcharge, calculated based on your 2022 income tax liability, if you file within two months of the 31 October deadline. This then doubles to 10% if you do not file within 2 months of the deadline i.e. by 31 December.
- Filing late can increase the likelihood that you will be chosen to be audited by Revenue
- You could lose your entitlement to government grants and subsidies as businesses must be entitled to a tax clearance certificate to qualify for these schemes.
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Date published 28 Sep 2023 | Last updated 2 May 2024
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.Choose the right accounting firm for you
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