Undeclared Foreign Income Deadline

Q. I have income from abroad that I never declared for tax in Ireland. I am aware that there is a deadline in disclosing this to Revenue. What are my next steps?

25th April 2017

A. In order to avail of the preferential treatment of a “voluntary disclosure” Revenue need to be made aware of any undeclared foreign income before May 4th.

The benefits of approaching Revenue before this deadline are threefold; you pay lower penalties; your name is not published in the quarterly list of tax defaulters; you avoid the prospect of criminal prosecution.

You need to work with your accountant to quantify what tax liabilities including interest and penalties are due as a result of this undeclared income. Once this has been quantified a disclosure form, which your accountant will be able to complete on your behalf, should be submitted to Revenue in advance of the deadline.

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