Do not panic! Although you will incur some fines you can still get your paperwork in soon and get everything back on track. So far you have incurred a surcharge of 5% of your tax liability so you will likely have to pay an additional Ä750. If you leave this past two months the surcharge increases to 10% so it is in your interest to act fast. Remember that Revenue can also charge interest too. If you are having difficulty coming up with the money to pay both the bill and now the surcharge, you could look into getting an instalment arrangement set up with Revenue.
The good news is that if this is your first ever tax return you wonít be charged a surcharge. I would suggest you start getting all of your records together for your return. The main documents you will need are sales invoices and purchase invoices for the period, as well as business bank and credit card statements.
If you would like some help in filling your return contact TaxAssist Accountants.
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.