What are the consequences of filling my income tax return late?

I still haven’t filed my 2018 return. Are there any consequences for filing late?

13th November 2019

If, for some reason, you have fail to meet the 17 November 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 2018 income tax liability, if you file within two months of the 31 October 2019 deadline. This then doubles to 10% if you do not file within 2 months of the deadline i.e. by 31 December 2019
  • 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.

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