Contact Us

Do I need to file a tax return?

If you are self-employed you are liable for tax from the day you start trading and need to file a tax return.
 

 

When is the deadline?

The way the self-assessment system works means you do not file and pay your tax until October of the year after you start trading. So if you started as a sole trader in 2022 you need to file your tax return by 31 October 2023 (or by Wednesday 15 November 2023 if you use Revenue Online Services. ROS).
 
However, we advise that you do not leave your tax return until the last minute. You can file your 2022 tax return from January 2023 so don’t delay!
 

 

What do I need to do?

It is your obligation to register with Revenue and file a tax return.
 
You will need to keep records of all transactions in and out of the business, for example the following:
  • All sales invoices for the period
  • All purchases invoices for the period
  • Business bank statements and business credit card statements
If you are dealing with an accountant they will usually provide you with several ways to get this information to them easily. In our case we offer easy to use apps and software to make this process straightforward. 
 
You can claim relief for certain expenses but make sure you are not claiming incorrectly. More information on this point can be found here
 

 

What if I am late with my tax return?

If you miss the deadline you may be subject to a surcharge, 5% where the return is late but filed within two months of the deadline or 10% where the return is filed more than two months late. The surcharge is calculated on the tax charge before taking account of any payments on account. Interest can also be applied by Revenue if you do not pay your tax liability on time, it is calculated at 0.0219% per day (approximately 8% per year).
 

 

We can help

Completing your first tax return can be daunting, if this is your first time to file a tax return or if you would like some help in filling your return contact TaxAssist Accountants.
 

Book your FREE Initial Consultation

 

Date published 14 Jul 2022 | Last updated 6 Jun 2023

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

Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?

Local business focus icon

Local business focus

We specialise in supporting independent businesses and work with 6,246 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.

Come and meet us icon

Come and meet us

We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 23 locations, meet with us online through video call software, or talk to us by telephone.

Switching is simple icon

Switching is simple

Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.

See how TaxAssist Accountants can help you with a free, no obligation consultation

1800 98 76 09

Or contact us