Missed the Income Tax Deadline

Q: I did not have time to file my Income tax return by last week’s deadline, as I could not collate the relevant information on time. Is there any rush to file it now that its late, or should I just do it when I have time?    

20th November 2015

A: If you missed the extended tax deadline of 12 November 2015, Revenue may attach a late fee referred to as a surcharge when you do file your return. This equates to 5% of your tax liability.

If you do  not file your return within 2 months of the deadline the surcharge will increase to 10%. Revenue can also apply interest at a daily rate of 0.0219% per day on the late payment of tax. The interest will be backdated to the 31 October deadline rather than the online extended deadline of 12 November. Also the two months after which the 10% surcharge can apply is run from the 31 October.

Not filing your return or filing late can raise a flag with Revenue that may lead to future revenue audits, particularly if you have been late before.

Also if you require a tax clearance certificate for your business, Revenue will not issue until all tax returns have been filed and paid.

In summary, if you are a late filer its best to file your return as soon as possible and pay the relevant taxes due.

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