Missed the Tax Deadline

Q: I still have not filed my 2016 income tax return and missed the 31 October deadline. What are the implications of filing my return late?

10th November 2017

A: Firstly, the good news is that you still have time to file your return but you need to act immediately! For those who file their tax return and pay their full tax liability using the Revenue Online Service (ROS) the deadline for filing the return is 16 November 2017. Accountants will be able to access the ROS service on your behalf.

 

If you fail to meet the deadline you should still aim 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.
  • There is a 5% late filing surcharge, calculated based on your 2016 income tax liability, if you file within two months of the 31 October 2017 deadline. This then doubles to 10% if you do not file within 2 months of the deadline i.e. by 31 December 2017
  • 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 the 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.

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Call us today to make an appointment at your local office

1890 98 76 09

Or submit an enquiry