I started a business in 2018 do I need to file this year?

For sole traders who had any business transactions in 2018 they have an obligation to file an income tax return on or before 31 October 2019, or 12 November 2019 if they file their return and make any payment due using the Revenue Online Service.

For sole traders who started a business for the very first time in 2018, there is an extension offered by Revenue whereby both the 2018 and 2019 tax returns can be filed by 31 October 2020 without incurring any late filing penalties.

This extension, however, relates to the filing of the tax return only – any tax payments due in relation to the 2018 tax year must still be paid by 31 October/12 November deadline.

As those who started to trade for the first time in 2018 will need to prepare the tax return to quantify what taxes are to be paid, it make sense to finalise and file the 2018 tax return along with the payment due by 31 October/12 November 2019 rather than waiting until the following October to file the return. 

Date published 17 Jul 2019

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.