Hundreds of thousands of Irish people have their calculators at the ready as the clocks tick on towards an important date. Thankfully, the expert team at The Tax Clinic in Letterkenny and Killybegs are here to help with a guide to filing returns:
The upcoming pay-and-file deadline marks the date by which taxpayers must file their return for 2016. The self-assessment system of taxation applies not just to the self–employed, but to anyone with income from sources that are not chargeable
under pay as you earn (PAYE). So those with rental income, farming income, foreign incomes must also get their financial house in order in the coming weeks.
Pay and File:
Under the ‘pay and file’ system, October 31st, 2017 is the date by which you must pay
1. Any balance of income tax owing for 2016
2. Preliminary tax for the tax year 2017
3. It is also the date by which you must file your tax return for 2016.
Not just for the Self-Employed:
Traditionally, filing a tax return is seen as something that the self-employed do at this time of year. However, even if you are an employee, you could still need to file a return. Failing to do so could result in penalties, so make sure you find out in plenty of time if you have a requirement to make a return.
Surcharge for Late Returns:
You must return the completed 2016 Tax Return on or before 31 October 2017 to avoid a surcharge. If your Return is late the surcharge, which is added on to your tax due, is:
• 5% of the tax due where the Return is submitted after 31 October 2017 and
on or before 31 December 2017.
• 10% of the tax due, where the Return is submitted after 31 December 2017.
WWW.THETAXCLINIC.IE was founded in February 2010 by Michael Coll & Mabel McHugh. The Tax Clinic is the only business in the Northwest that specialises in completing Tax Returns for small businesses and Paye workers with additional income. As Chartered Tax Advisers we have the knowledge and experience to assist you with all your taxation needs. Our offices are based at the High Road Letterkenny and Main Street Killybegs.
Letterkenny – 074 9160550
Killybegs – 074 9732055
The Tax Clinic Letterkenny
