Filing and Paying your Taxes by the October Deadline

  Q: I am a self-employed and I know I need to file my annual income tax return soon. I was hoping to file by the deadline but not pay the balance of tax at this point, is this okay?

9th September 2015

 

A: The deadline for filing returns is 31 October 2015, however there is an online filing date that you may be able to avail of, this is 12 November 2015.

 

In order to avail of the online filing date you are obliged to file and pay by 12 November 2015. If you file your return but do not pay the balance of tax at this point, Revenue can technically mark your return as late. You will be obliged to pay the balance of tax due for 2014 at this point and any preliminary tax for 2015. You should pay and file on time to avoid potential surcharges, interest and penalties, and reduce your risk of a tax audit.

 

It should also be noted that the extended filing deadline date of 12 November can also be used to make pension top up payments. Pension payments made by and individual in the period 1 January 2014 to 12 November 2015 can be used to reduce the 2014 taxable liability.

 

In some instances Revenue will allow a late payment of taxes. You should always first consult your accountant and revenue directly about this.

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