Do I need to submit a tax return?
There is no obligation on you to submit a tax return if your only source of income arises from PAYE employments unless Revenue specifically request a return.
All income outside of PAYE must be returned to Revenue. E.g. Rental Income, Dividends, Self Employed income etc.
What type of tax return is appropriate?
A simple Form 12 can be submitted online to Revenue if your annual non PAYE income does not exceed €5,000.
You will be required to register under the self assessment system if your annual non PAYE income exceeds €5,000.
An annual Form 11 tax return will need to be submitted once you are registered under the self-assessment system and you will also be subject to Preliminary Tax Payment Rules.
When do I submit and pay my taxes?
All Tax Returns need to be submitted and paid by 31st October of the following year. E.g. 2018 Form 11 needs to be submitted and paid by 31st October 2019.
What is the Form 11?
Form 11 is the return of income, charges and capital gains and the claim for tax credits, allowances, and reliefs for the year ended 31 December 2017.
What details do I need?
- Personal Information
- PAYE Income
- Details of accounts for your trade/profession
- Details of losses and capital allowances
- Income from Rent
- Tax Credits
Can I file my taxes myself?
While getting an accountant to file for you is a stress-free option, some opt to file their own taxes. While doable, mistakes are often made which leads to requiring an accountant to look over the return after all, so it sometimes costs more.
If it is your first time filing taxes, getting an accountant to do it and show you the process would be worth considering. If it is straightforward, you could try doing them yourself the following year.
It can also sometimes seem like a complicated or long process, and it becomes a job that is likely to be left on the long finger.
What happens if I don’t file my taxes on time?
If you file your taxes after the deadline but within two months there is a 5% surcharge on tax liable, and if you’re more than two months late there is a 10% surcharge.
When should I contact an accountant?
Most accountants will ask that you file a week or two before the deadline, but preferably earlier. This is the busiest time of year for accountants, so it is best to get the process started as early as possible.
Don’t delay, and avoid having to pay financial penalties by contacting Kenocon.