Three days left to file your tax return: avoid fines now

The deadline for filing self-assessment tax returns on paper is this Friday, Oct 31. We explain your options.

For taxpayers who submit their tax returns on paper rather than online there are just three days left to complete the self-assessment form and send it back to Revenue.

Those who miss the paper deadline – midnight on October 31 – will immediately incur a surcharge of 5% of your liability where the return is filed within 2 months and 10% thereafter. This deadline is not flexible and you cannot blame An Post if the form does not turn up on time, so it is important not to leave everything to the last minute.

It is not just the self-employed who must file a return. Anyone who is receiving income which cannot be taxed through the normal PAYE system must do so - and pay whatever tax is due. So, if you receive income from an investment property, fees earned for nixers (such as lectures or grinds), share dividends and any profits you make from exercising share options or foreign income and foreign pensions you will need to get in touch with Revenue to file an income tax return.

If you have not done anything about your tax return at this stage it is unlikely that you will meet the paper deadline. The good news is that you can also file your tax return electronically through Revenue's Online Service (ROS) - and you will have more time if you do so. The deadline for electronic returns is November 13th so if you get moving now you will still have time to ensure your return is correct.

TaxAssist Accountants help thousands of taxpayers to file their return every year. If you need assistance with your tax return, contact us today.

Date published 29 Oct 2014

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.