Missed the Tax Return Deadline, what now?

All is not lost if you have missed the October 31st deadline

If you are yet to file your Self Assessment tax return help is still available! But don't delay as Revenue's penalty regime will mean that the penalties increase the longer you postpone filing your return.

Extra time

If you were originally planning to do a paper return but ran out of time, you can still register to file online this year. By filing online, you can avail of an extended deadline of the 17 of November, giving you extra time to complete your returns.

To benefit from this extra time, you must register for Revenue Online Services (ROS) at www.ros.ie if you have not done so already. Alternatively, you can nominate an accountant to act on your behalf and send in returns online for you.

Late filing surcharges

The penalty for filing your tax return late can turn out to be quite expensive. If you file late but within two months of your deadline passing, there is a 5% surcharge on the amount of tax liable, subject to a maximum of €12,695. If you're more than two months late, a 10% surcharge kicks in, with a maximum fine of €63,485.

There are some instances when you can get a late filing surcharge cancelled and there are some cases where penalties will be revoked. The most likely reason is because you have a very good excuse - known as a Reasonable Excuse - this is at the discretion of the local tax inspector. Revenue give specific examples of a reasonable excuse such as loss of your tax records due to fire/ floor/ theft etc, submission problems either with the postal system or Revenue's online service, serious illness, bereavement etc.

Conclusion

If you have yet to file your return you can still work with an accountant and file online. If you have been charged penalties and there are exceptional circumstances that lead you to file or pay late, you may have grounds for appeal. If you would like some assistance in handling the appeal, please feel free to get in touch with us.

Date published 1 Nov 2013

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.