The deadline for online submission of 2012 Irish self assessed tax returns via ROS was November 14th 2013. This year taxback.com assisted a record number of people get organised and file on time, with little to no rush or panic as the deadline approached, but for those of you who still haven’t filed, what can you do?
The bad news is that if you haven’t filed your 2012 tax return yet you may be exposed to a late filing surcharge. The earlier you submit your return, the lower your fine could be – if you submit your return within the next two months (i.e. before 31 December 2013), you could be charged 5% of the tax owed up to a maximum of €12,695. If you file anytime following that, you may be liable to a fine of 10% of the tax owed up to a maximum of €63,485. Ouch! Interest can also be charged at a daily rate so it pays to act quickly.
In some extraordinary cases where you were unable to file your tax return due to difficulties or circumstances beyond your control, Revenue may agree not to apply any penalties or interest, but it’s important that you let them know as early as possible.
As if the late filing surcharges weren’t bad enough, there’s an additional headache for those who have yet to file their LPT return. If you have not filed your LPT return before you submit your income tax return, you could face an additional surcharge of 10% on your income tax return (even if it has been submitted on time). Plus, if you have a capital gains tax liability for 2012 and are late filing the LPT return the surcharge could be applied on both the income tax and CGT liabilities. It all sounds a bit grim, doesn’t it?
Luckily taxback.com is here to help. While the deadline may have passed, we’re still able to submit your self assessed income tax return for you as quickly as possible to try and help you minimise your fine. So don’t delay – if you’ve yet to file your return, get in touch with us today!