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Do I need to file a tax return?

As a sole trader, you are liable to tax from the day you commence trading, and you have to file an income tax return before the deadline. 
 

 

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 2023 you need to file your tax return by 31 October 2024 (or by Wednesday 14 November 2024 if you use Revenue Online Services).
 
However, we advise that you do not leave your tax return until the last minute
 

 

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.
 

 

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.
 

 

Need help wiith your first Tax Return

Contact TaxAssist Accountants for a free, no-obligation consultation.

1800 98 76 09

Or contact us

 

 

 

Frequently Asked Questions

If you make any money outside of your normal PAYE income from your job then you need to file a self-assessment tax return each year.

Some common reasons you may need to file a tax return include; 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.

For those that use Revenue Online Services (ROS) the pay & file deadline is Thursday 14 November 2024.  

The form you fill in to file a self-assessment tax return in Ireland is called a Form 11. People use the terms tax return and Form 11 interchangeably.

You can file a Form 11 tax return yourself with Revenue online using Revenue Online Services (ROS) or you can engage an accountant to file on your behalf. 

An allowable expense is an expense that is directly related to the running of your business. For example goods that you buy for resale, employees' payment, rent and bills for your business premises, interest payments for money you borrowed to finance your business.

Tax Credits reduce the amount of tax that you pay. The tax credits you are entitled to are dependent upon your personal circumstances.

Another great way to save money on your tax bill is to pay into a pension. The government offers generous tax relief at your highest tax rate. 

Here are 10 ways to save money on this year’s tax return.

You can pay the tax you owe online through ROS with a debit or credit card.

In order to fulfil your preliminary tax obligations for 2024, a payment should be made along with the filing of your 2023 tax return. Preliminary tax is an estimate of the tax you will owe on next year’s tax return.
 
You have three options when deciding what level of preliminary tax you should pay:

  • Based upon 100% of your 2023 tax charge.
  • Based upon 90% of your 2024 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 (2022). This option is only available where preliminary tax is paid by monthly direct debit.

If you miss the tax return deadline there are a number of consequences. You will be charged interest and a late filing surcharge.
Filing late can increase the likelihood that you will be chosen to be audited by Revenue and uou could lose your entitlement to government grants and subsidies as businesses must be entitled to a tax clearance certificate to qualify for these schemes. If you have missed the deadline the most important thing is to get the return filed as soon as possible. 

Date published 14 Jul 2022 | Last updated 26 Sep 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.

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