Income Tax Deadline in Ireland: What You Need to Do

1. Pay your preliminary tax
2. File your self-assessment Income Tax Return
3. Pay your Income Tax balance

This guide’ll explore what you should do before the 2024 Income Tax return deadline. If you’re unsure whether you should file Income Tax returns or have questions about filing your Form 11 Income Tax Return 2024, feel free to contact our Client Services Team – we’re here to help.

The deadline for submitting your tax return in Ireland varies based on your chosen filing method. If you choose to file online through the Revenue Online Service (ROS), the typical deadline is mid-November. However, if you prefer to file using the paper form, the deadline is generally the 31st of October.

It’s essential to be aware of your preferred filing method and its associated deadline to ensure you meet the requirements and avoid any late filing penalties. Staying informed about these deadlines is key to a smooth tax filing process.

When you are completing tax returns, you need to make sure you have all the necessary information at hand.

Types of information required to complete our Form 11 Tax Return include:

• Personal details
• Details of PAYE, pension income, income made from a Trade/Profession/Vocation, rental income
• Social Welfare information
• Details of capital allowances and/or losses
• Details of expenses, such as health expenses

These records are usually collected during the bookkeeping process and it is important that it is done accurately so you pay the correct amount of tax at the end of the year.

Our top tip:

• Work with an online accountant who is proactive about seeking your books and records or helps you to move your accounts online, so they can start filing your returns early and efficiently.

1. Late filing surcharge: Late filing incurs a penalty, with a 5% surcharge on total liability (up to €12,695) if filed within two months of the deadline, and 10% (up to €63,485) if filed more than two months late.
2. Increased audit risk: Late filing raises the chance of a Revenue audit, which can be stressful and may require a tax advisor. Non-compliance can lead to further penalties.
3. Interest on late payments: Unpaid tax liabilities accrue interest at a rate of 0.0274% per day. Interest is also applied when setting up a payment plan.
4. Surcharges for directors: Company directors must file on time; late filing incurs surcharges. Surcharges apply to all of the director’s income, not just company income.
5. Public listing by Revenue: Non-compliance can lead to public listing by Revenue, potentially harming reputation and future credit prospects.

Preparing for your tax return deadline can be a source of stress for some businesses but if managed correctly, it can go by in a flash. Until next year.

In order to prepare; we recommend you follow these 3 steps:

1. Gather together all of your records for your business, sales and purchase invoices, bank statements, chequebooks, cash records, etc well in advance of the deadline. Ideally, use online accounting software to record your documents.
2. Bring them to your accountant as soon as you can to allow him/her maximum time to prepare your accounts and discuss your tax liability with you. When you set up accounting software, you can share your account with your accountant so they have easy access.
3. If you think that your liability will be substantial, talk to your accountant about ways to minimise your bill or set up a phased payment arrangement with Revenue.