5 reasons to file your tax return early

 

Get your tax refunds back early

Why wait to collect your tax refund?  Refunds are often processed far slower around tax deadline as Revenue staff and systems can be overwhelmed at this time. If you file early you will get your refund quicker!

Over payments of tax often arise for employees or directors, where errors with their tax credits occur. You may be due tax back for medical expenses incurred or you may simply not know that you are entitled to additional credits, depending on your personal circumstances. Subcontractors who have suffered Relevant Contracts Tax (RCT) during the year are also often due a refund. 

More time for tax planning with your Accountant

Preparing your tax return in good time ensures you and your accountant have the space and time to sit down and think about any tax planning/saving opportunities available to you, for example a pension top up to reduce tax liability.

Not rushing to complete your return should also reduce the risk of you missing things or making an error.  It also allows time for bank statements and any other financial documents you may need to file the return to be collated.

Tax due does not need to be paid until the extended deadline

If you file your tax return early with Revenue online, you are only obliged to pay any tax liability by the extended due date of 12 November 2015. 

More time to plan and save for any tax owed

Filing your tax return and calculating any tax liability early, affords you the time to start budgeting and managing your cashflow ahead of time and saves you the last minute scramble for enough cash to pay your bill.

Avoid potential late fees

The extended tax deadline is 12 November 2015, to avail of this you need to file your return and pay your liability online. If you file your tax return late or do not pay, you could be subject to a surcharge rising to 10% of your liability. A daily interest rate can also be applied by Revenue for unpaid tax.

 

TaxAssist Accountants help thousands of people every year to file their tax return. Contact us today for your free consultation.

Date published 8 Jul 2015

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.