An article highlighting some key information around the self-assessment deadline of 17th November 2021 ( Tax return deadline ireland 2021 ).
At this time of year, we are getting ready to enjoy Halloween and Christmas.
But small self employed individuals and landlords shouldn’t overlook their requirement to file a tax return by 17th Nov 2021.
It takes some time to get registered with Revenue– in terms of informing them that you need file a tax return (because you’re newly self-employed for example) So it’s really important that you factor in some processing time.
And remember, contrary to popular belief, Revenue will not necessarily send you a tax return to complete- it is your responsibility to register for Self-Assessment if necessary.
Late Filing Penalties There will be late filing penalties if tax returns are not made in time. If you file your Income-tax return late, a surcharge may be added on to your tax due, as follows:
• If you miss the deadline of 31/10/2021 (or 17/11/2021 for ROS customers) and you file your tax return before 31st December 2021, there is an extra penalty of 5% of the tax due (maximum of €12,695)
• If you file your 2020 tax return after 31st December 2021, there is an extra penalty of 10% of the tax due (maximum of €63,485), What is taxable?
The good news is that only profits from renting out property or business are liable for income tax.
To calculate your profit you will need to calculate your total income in any tax year and deduct any ‘allowable expenses’. The remaining sum will be subject to income tax, but remember that the rate of tax you pay will depend on your total taxable income.
Here to Help Revenue online filing system for tax returns calculates your tax liability for you.
But needless to say, it will not check whether your figures are accurate or that you have claimed your full entitlement to expenses, reliefs and allowances.
But we would be happy to take care of all your tax affairs for you; from registration with Revenue, to completion of the return, to calculation of your tax liability and the due dates. So don’t ruin you festive season by filing your tax return late and facing a late filing penalty.
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation.
Also Read:Budget Report 2022