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Everything you need to know about filing a tax return in Ireland
As the tax return deadline approaches it is important to get organised and file on time! Here are some Q&As to help you understand the process.
Q. Who needs to file a tax return?
- You are self-employed, work freelance or as a contractor
- You are a landlord or make money using Airbnb
- You are a “proprietary director”. A proprietar director is a director of a company who can control, either directly or indirectly, more than 15% of the ordinary share capital of the company.
- You own shares and if you earn income from these shares then you may need to file a return.
- You have sold an asset, e.g., your business or part of your business.
- You make some extra cash doing nixers
Q. When do I need to file my Tax Return?
Get Organised
New businesses
Q. What is a Form 11?
Q. How do I file a tax return?
Have an accountant file your tax return
- Save time
- Peace of mind that everything is done correctly
- Have an experienced person deal with Revenue if needed
- An experienced accountant should be able to help reduce your tax liability through deductions you may be entitled to
Need assistance filing your income tax return?
Contact TaxAssist Accountants for a free, no-obligation consultation.
Or contact usQ. What expenses can I claim in my tax return?
- Goods that you buy for resale
- Wages and salaries
- Rent and bills for your business premises
- Running costs for vehicles or machines, and lease payments for vehicles or machines, that you use in your business
- Interest payments for money you borrowed to finance your business
- Expenses you had before your business started trading such as the cost of preparing business plans
- Accountancy fees
What expenses cannot be claimed in your tax return:
- Personal mileage expenses
- Food expenses – in the case of an employee on a business trip whereby they incur expenditure in this respect, an allowance may be given to cover these costs
- Clothing costs (except protective clothing)
- Accommodation – the cost of accommodation is not allowable. Hotel accommodation incurred on a business trip (where there is no personal motive in the trip) is an allowable deduction
- Client entertainment
- Capital expenditure – e.g. purchase of equipment. You may be able to claim capital allowances on this expenditure
Expenses that are for both business and private use:
Q. Are there ways to save money on my tax return?
Q. How do I pay my tax bill?
Q. Do I need to pay preliminary tax?
- Based upon 100% of your 2023 tax charge.
- Based upon 90% of your 2024 tax charge (this will need to be an estimate at the time of filing the return).
- 105% of your final tax charge for the pre-preceding tax year (2022). This option is only available where preliminary tax is paid by monthly direct debit.
Q. What do I do if I cannot pay my tax bill?
Q. What happens if I file my tax return late?
- You will be charged interest at a rate of 0.0219% per day and each day that the return remains outstanding.
- There is a 5% late filing surcharge, calculated based on your 2023 income tax liability, if you file within two months of the 31 October deadline. This then doubles to 10% if you do not file within 2 months of the deadline i.e. by 31 December.
- Filing late can increase the likelihood that you will be chosen to be audited by Revenue
- You could lose your entitlement to government grants and subsidies as businesses may need to hold a valid tax clearance certificate to qualify for these schemes.
Tax Return Knowledge Hub
Looking for an accountant to help file your tax return?
Contact TaxAssist Accountants for a free, no-obligation consultation.
Or contact us
Frequently Asked Questions
If you make any money outside of your normal PAYE income from your job then you need to file a self-assessment tax return each year. The form you need to file is called a Form 11.
Some common reasons you may need to file a tax return include; you are self-employed, work freelance or as a contractor, you are a landlord or make money using Airbnb, you are the director of a company, you own shares, you have sold a personal asset or sold all or part of your business, you have inherited money, you make some extra cash doing nixers.
For those that use Revenue Online Services (ROS) the pay & file deadline is Thursday 14 November 2024.
The form you fill in to file a self-assessment tax return in Ireland is called a Form 11. People use the terms tax return and Form 11 interchangeably.
You can file a Form 11 tax return yourself with Revenue online using Revenue Online Services (ROS) or you can engage an accountant to file on your behalf.
An allowable expense is an expense that is directly related to the running of your business. For example goods that you buy for resale, employees' payment, rent and bills for your business premises, interest payments for money you borrowed to finance your business.
Tax Credits reduce the amount of tax that you pay. The tax credits you are entitled to are dependent upon your personal circumstances.
Another great way to save money on your tax bill is to pay into a pension. The government offers generous tax relief at your highest tax rate.
You can pay the tax you owe online through ROS with a debit or credit card.
In order to fulfil your preliminary tax obligations for 2024, a payment should be made along with the filing of your 2023 tax return. Preliminary tax is an estimate of the tax you will owe on next year’s tax return.
You have three options when deciding what level of preliminary tax you should pay:
- Based upon 100% of your 2023 tax charge.
- Based upon 90% of your 2024 tax charge (this will need to be an estimate at the time of filing the return).
- 105% of your final tax charge for the pre-preceding tax year (2022). This option is only available where preliminary tax is paid by monthly direct debit.
If you miss the tax return deadline there are a number of consequences. You will be charged interest and a late filing surcharge.
Filing late can increase the likelihood that you will be chosen to be audited by Revenue and uou could lose your entitlement to government grants and subsidies as businesses must be entitled to a tax clearance certificate to qualify for these schemes. If you have missed the deadline the most important thing is to get the return filed as soon as possible.
Date published 28 Sep 2023 | Last updated 15 Oct 2024
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.
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