Unfortunately if you failed to file your tax return by the online filing deadline of 10th November then you will be subject to a surcharge of 5% of your tax liability for the year.
If you have missed the deadline you should act now to get your tax return finalised and filed as soon as possible for the following reasons:
- Interest at a rate of 0.0219% per day is applied for each day that the return remains outstanding.
- The 5% surcharge mentioned above doubles to 10% if you do not file within 2 months of the deadline i.e. 31 December 2016
- Having tax returns outstanding with Revenue can increase the likelihood that you will be chosen to be audited which everyone wants to avoid.
Revenue fully understand that people can miss deadlines from time to time and will take a number of factors into account when applying late filing fees. You must show, however, that you made a genuine attempt to rectify the error of not filing your return as soon as possible.
So if you have missed the deadline don’t despair, act fast and you can avoid additional financial burden and worry!
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.