Irish Tax Return Tips for 2021
Updated: Jul 8, 2022
2021 Income Tax Return filing deadline is fast approaching With the 31st of October tax filing deadline fast approaching now is the time to get your tax affairs in order. October 31st 2022 is the income tax filing deadline for taxpayers, typically the self-employed and company directors, to file their 2021 income tax return. The deadline is extended to 14th of November if you are registered with Revenue’s Online Service (ROS). Under the pay and file system operated by Revenue, you must by either Oct 31st or Nov 14th 2022 · File your 2021 income tax return; · Pay any balance of income tax due for 2021; · Pay preliminary tax for 2022; · Return details of capital gains for 2021. You might ask the question; does it apply to the self-employed only? Unfortunately, no. If you are a PAYE taxpayer, and can answer Yes to any of the following questions, you may also be required to file a tax return by October 31st: · Do you have a source of income other than your PAYE employment income e.g. income from a part time business, pension, investment or rental income, etc.? · Are you a company director and hold directly or indirectly more than 15% of the Ordinary Share Capital of the company. · Are you in receipt of foreign investment income? · Did you dispose or acquire of any assets during the year? What are the consequences if I do not file? Failure to file by the deadlines above can lead to a surcharge of up to 10% of the tax liability plus interest and penalties. As a consequence of being late filing there is a greater risk of a Revenue Audit. 4 – Year Limit on Tax Repayments Claims Individuals should be aware that there is a 4 year time limit for claiming any repayment of tax. This means that if you feel you have any repayment of tax due to you for the year ended 31 December 2018, it must be received by the Revenue no later than the 31 December 2022. If you want any advice on the above, please do not hesitate to contact me.