Pay and file deadline for self-employed tax approaches this Thursday

The online pay and file deadline for self-employed income tax for the 2014 financial year is this Thursday.

As part of the pay and file system, individuals must make their tax return for the 2014 tax year – including a self-assessment of tax due for that year, pay the outstanding balance of any tax due for 2014 and pay Preliminary Tax for the current 2015 tax year.

In addition, individuals must also pay Capital Gains Tax due on any disposals made between 1^st January 2015 and 30^th September 2015.

The Revenue will anticipate self-employed tax returns from traders and service providers, as well as those individuals classified within the self-assessment bracket.

This bracket includes employees with taxable fees or additional earnings over €3,174, outside of PAYE wages. However, it also includes company directors with a shareholding of 15 per cent or more. Share ownership also applies to those employees offered share options by their employers.

Offshore tax evasion remains top of the Revenue’s list of priorities to tackle. It is insistent on a self-assessment return of income from any individual that has a foreign bank account in their name.

Self-employed professionals can make payment of their income and preliminary tax by ROS Debit Instructions (RDIs), Laser Card, Debit Card, Credit Card or Online Banking.

For those that want to make sure they are paying the right amount of tax, please don’t hesitate to contact our friendly team for clear guidance and support.

Your local TaxAssist Accountant will use Revenue-approved software to:

• Complete your tax return

• Calculate your tax liability

• File the return online

• Liaise with you on the amounts to be paid and when they are due

If you’ve left it late to pay and file your self-employed tax return get in touch with us today and allow us to help you concentrate on running your business.

Date published 9 Nov 2015 | Last updated 9 Nov 2015