A. As is the case with all outstanding returns, not just income tax, failure to keep up to date with your tax obligations will result in your Tax Clearance Certificate being revoked. This can be especially problematic for those businesses who require this certificate to tender for work in the public sector, apply for grants from State bodies or who need an excise license to sell alcohol in restaurants or pubs.
Any tax refunds due under other tax heads e.g. VAT will not be processed until the outstanding return is filed and taxes paid.
Finally, and probably most importantly, failure to file your tax returns on time increases the risk of being chosen for the dreaded Revenue Audit!
If you have missed the tax deadline the advice is simple, act immediately to get the return filed to minimise any further financial exposure and administration headaches for your business.
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.