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Knowing what you owe is essential for running your business smoothly. Calculating your tax liability early allows you the time to start budgeting and managing your cashflow. At TaxAssist Accountants we advise that you file your tax returns early and not wait until close to the November deadline. We offer an Early Bird Tax Return Service to assist people filing an income tax return (Form 11 or Form 12) earlier in the year. 
 
You can CONTACT US to book your free initial consultation about your 2023 Tax Return
 
 
 

Reasons to file early:

1. Time to plan for any tax owed:

One of the biggest expenses that the self-employed will have before the end of the year will be their income tax bill. Filing and calculating any tax liability arising early, allows you the time to start budgeting and managing your cashflow.  

If you file early you will know what you owe and allow you to plan effectively for how you will be able to pay it, be that through bank funding or else preparing to engage with Revenue and asking for a phased payment arrangement when the liability falls due.

Remember just because you file your return early does not mean that you must pay the liability immediately. That only becomes due for payment in October.
 

2. Tax refunds are accelerated

Why wait to receive your tax refund?  Once you file your tax return, your refund should be processed soon after.

Under or over payments of tax can often arise on employees or directors, where Revenue has made errors with their tax credits. Building subcontractors which have had tax deducted at source through Relevant Contracts Tax are often in a tax refund position.
 
What better way to give your cash resources a boost than to reclaim a refund from Revenue.
 

3. More time with your accountant

The closer we get to the autumn deadline the busier your accountant gets. Preparing your tax return in good time ensures you have time with your accountant to explore any tax planning opportunities available to you.
 
Not rushing to complete your tax return should also reduce the risk of any information relevant to the tax return being missed. Bank statements and any other financial documents can be examined thoroughly for any additional tax-deductible expenses which may reduce your tax bill.
 

4. Reduce the risk of filing late & penalties

Whatever you do, you do not want to miss the deadline! If you file your tax return late, you will automatically be handed a late filing surcharge which is based on the final tax liability for the year in question. 
 
On top of this the Revenue Commissioners may charge you interest on what you owe , and late filing of tax returns can also increase your risk of being selected for a Revenue Audit.
 

Our Early Bird Tax Return Service

 

At TaxAssist Accountants we:
 
  1. Offer a free consultation to discuss your requirements
  2. Set a fixed fee at a competitive price for the work to be done
  3. Prepare your tax return
  4. Calculate your tax liability
  5. Analyse your return to see if any tax savings can be made
  6. Review the form ensure there are no anomalies that need to be addresses
  7. File the return online
  8. Liaise with you on the amounts to be paid and when they are due
  9. If you are experiencing cashflow problems, we can explore the possibilities of deferring your tax payments or negotiating a payment plan with Revenue on your behalf
 
CONTACT US to book a free initial consultation about your 2023 return  
 
 

Who Needs to File a Self-Assessment Tax Return?

Anyone that receives additional income that is not subject to PAYE needs to file.

The most common reasons that you may need to file a tax return are as follows:
 
  1. You are self-employed or a partner in a partnership
  2. You are a freelancer, contractor or RCT contractor
  3. You are a company director
  4. You are a landlord or own land that us being let
  5. You have large amounts of savings or investment income
  6. You have bought/received or sold shares
  7. You have sold or given an asset away such as a holiday home
  8. You have income from overseas (foreign pensions, rental property abroad). Even if you pay tax abroad you may also need to file & pay here!
 
CONTACT US to book a free initial consultation about your 2023 return   

 

 
 

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