As any tax consultant will tell you, September and October are the months of the year where we kiss our loved ones goodbye and tell them we look forward to seeing them again in November! Yes, this is the time of the year in Ireland when tax returns must be completed. Returns can be prepared in advance of the deadline but for the majority of people a deadline of 31st October really means that they don’t even think about tax until 1st October (in some cases tax may not be thought of until 29th October but thankfully this is not the norm).
Ever growing numbers of people in Ireland have fallen into the ‘Self-Assessed’ tax category. This could be a result of both the boom and the recession. The boom gave us huge numbers of PAYE workers with rental income, many of whom may not realise that they are self assessed. In addition, many Irish people have emigrated abroad, whilst retaining a property in Ireland or other sources of taxable income, and now face the challenge of declaring this income even though they are out of the country. The recession and mass redundancies has led to an increase in the number of self-employed people in Ireland (the courageous ones who have tried to turn around their own fortunes).
However, our experience has found that approximately 20% of self assessed tax payers are likely to miss the upcoming pay-and-file deadline. Last year 1 in 5 of our customers asked us to file for the previous year also. This meant that these customers were left open to stiff fines and interest charges from the Revenue.
Often, in the past, we have been approached by customers who have attempted to prepare their tax return themselves, but have then come to us for help when the process became a bit too daunting for them. Our advice would be to make contact with us first (and as early as possible) to discuss your tax position, at least that way you will be fully aware the important dates involved. If you decide to use our services or the services of any other tax professional down the line, at least you will already have a good idea about what you are facing.
If you would prefer not to fall into the 20% category you have just a few weeks left to get your tax affairs in order! For more information on our self assessed service click here