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All individuals who have self-employed income of any type are obliged under tax legislation to file an Income Tax return annually. This includes Sole-Traders and Partnerships but is not limited to these individuals. Any individual who rents property, receives investment income (including dividends) or carries out any casual work which is not voluntary is obliged to file an income tax return annually.
Failure to file an this tax return can result in severe penalties including a court appearance and a possible prison sentence. Failure to file an income tax return will also result in cancelation of tax clearance for the taxpayer which can be detrimental to businesses which must have tax clearance to renew licences such as holders of Public Service Vehicle licences and businesses which carry out Government contracts.
Late filing of this tax returns will result in the Revenue Commissioners levying a surcharge of 5% on tax liabilities due on income tax returns which are filed up to two months later than the tax filing deadline and a 10% on tax liabilities due on income tax returns which are filed later than two months after the tax filing deadline.
The filing deadline for filing manual this tax returns is October 31 st and for electronically filed tax returns the deadline is November 15th .
| Standard Rate Cut-off Points | ||||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | 2021 – 2019 | ||||
| 20% | 40% | 20% | 40% | 20% | 40% | |
| Single person | €40,000 | Balance | €36,800 | Balance | €35,300 | Balance |
| Married couple/civil partners, one income | €49,000 | Balance | €45,800 | Balance | €44,300 | Balance |
| Married couple/civil partners, two incomes | Up to €80,000 * | Balance | Up to €73,600 * | Balance | Up to €70,600 * | Balance |
| * increase limited to the amount of the second income – see example below | ||||||
| One parent family | €44,000 | Balance | €40,800 | Balance | €39,300 | Balance |
Late payment of this tax can result in the Revenue Commissioners charging interest on the tax liability. If a taxpayer ignores the request for payment letter, Revenue may take enforcement action to collect the outstanding tax. Enforcement action can include:
- referral to the Sheriff
- referral to an external solicitor and initiation of a court action
- attachment of bank accounts or debtors
- liquidation or bankruptcy.
Our services
We compile income tax returns from the client’s annual financial accounts, adjusting for non- taxable expenses such as depreciation and including taxable deductions such as capital allowances. We include all of the client’s other income in this tax return and include all available tax credits for, health expenses, pension contributions etc. We compile joint assessment income tax returns for married couples where requested including both spouses’ incomes and utilising increased married couples tax bands and tax credits. We advise clients about tax saving measures which they can take to reduce their annual income tax liability.
If a taxpayer has outstanding income tax liabilities that they are not in a position to pay and cannot obtain external finance for this purpose we assist them in applying for a Phased Payment Application to the Collector-General. To be able to apply for a PPA, the taxpayer must:
- have a total debt outstanding (including interest and penalties) greater than €500
- have submitted all tax returns due to Revenue
- not have an existing PPA
and
- agree to pay all current taxes, as they fall due.
- During the application process, the taxpayer will be asked to:
- select a repayment period (maximum 60 months)
- select a down-payment amount
- provide their bank details
and
- select their preferred repayment date.
- Completion of the Electronic Phased Payment Application Form (ePPA1) is a requirement for all taxpayers (all sections must be completed by taxpayers). The taxpayer may also be asked to submit additional information or documentation such as:
- bank statements
- six-month cash-flow projections
and - management accounts.
All requests for a PPA are reviewed by Revenue. The taxpayer will receive a response to their application within ten days. Where Revenue request further information, the taxpayer will receive a notification through ROS. If the taxpayer does not respond in the timeframe specified, the application will be automatically cancelled.
We also assist clients when preparing for income tax inspections and tax audits. A tax audit can be very worrying for business owners and we take the stress and strain out of this situation.
Preliminary income tax is either 90% of the current year’s income tax liability or 100% of the previous year’s tax liability. Preliminary income tax is payable on the same date as income tax.
If you have any questions on please call +353 (0)1 457 8138 for a FREE consultation or fill our contact form