Income tax deadline

Q: I am self-employed and need to file my tax return for 2014, but I will not have my records together by the 31 October deadline. What are my options?

23rd October 2015

A:The income tax deadline for 2014 is 31 October 2015. You can however avail of an extended deadline, which this year is Thursday the 12th of November 2015.

 

In order to avail of this deadline you will be required to file your return online and make the relevant payment online. What this means is, if you have a tax liability for 2014 and preliminary tax obligations for 2015 you will be required to pay both online by the 12th of November, when filing your return. If you do not meet your full payment obligations Revenue can strictly speaking deem your return to be late, as it should have been filed by 31 October 2015.

 

Late returns and payments are subject to a surcharge of 5% of your tax liability, rising to 10% if more than two months late and also potentially a small interest charge.

 

In summary, if you wish to avail of the extended deadline you will need to have sufficient funds available to pay any liability that arises.

 

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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1890 98 76 09

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