Early filing - immediate payment

Q. I have been told that if I file my income tax return early I will have to pay any tax due as soon as I file the return. Is this correct?

18th August 2016

A. A common myth is that once your tax return is filed that you also have to pay any tax owed. 

The truth is, even if you file your tax return early with the Revenue Commissioners, you are only obliged to pay any tax liability by the normal due date of 31 October, which is extended to 10 November 2016 for 2015 tax returns if paying and filing online using the Revenue Online Services (ROS).

On the flip side of this, if you are owed a refund then if you file your tax return early your refund should be processed soon after. That means the money could be sat in your bank account earning interest sooner.  If you wait until October, refunds usually take longer to be issued as Revenue staff and systems can be overwhelmed at this time

Disclaimer: Advice shared in this blog is intended to inform rather than advise. 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 forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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Call us today to make an appointment at your local office

1890 98 76 09

Or submit an enquiry