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3 steps to take if you missed the tax return deadline
Have you missed the Tax Return deadline?
Every year thousands of taxpayers miss the extended deadline for income tax returns, so you are certainly not alone. We are here to help you figure out the next steps, if you haven’t filed your 2022 tax return yet.
1. Act fast and file your return
Most importantly - get the return filed!
As the return is now late you will have financial penalties but these will increase the longer you leave it to file your tax return.
The penalties you need to pay will depend on what your tax liability is. Firstly, if you submit your income tax return at any point beyond the filing deadline you will be issued with a surcharge of 5% of the tax liability for the year (before any payments). If the return is more than 2 months late this surcharge is increased to 10%.
Take for example a self-employed person earning €70,000 a year and paying tax of roughly €23,500. If they file their return before 31 December 2023 then they will face a surcharge of roughly €1,200. If they file their return after 31 December 2023 then this penalty will double to close to €2,400.
As well as the surcharges, Revenue can also apply interest at a daily rate of 0.0219% per day. Unfortunately, the interest will be backdated to the 31 October deadline rather than the online extended deadline of 15 November.
2. If you have a reasonable excuse for missing the deadline, apply for charges to be waived
For example, if you suffered a family bereavement or if you were very ill and have a note from a doctor outlining this.
In general, however, the Revenue are quite strict when it comes to how they apply this concession and what they will accept as a reasonable excuse.
3. Get organised for next year!
If you start get organised for your next return now you can file early next year and save yourself the penalties and stress!
Filing your tax return on time can reduce the chances that you will be selected for the dreaded Revenue audit.
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Date published 18 Nov 2019 | Last updated 2 May 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.Choose the right accounting firm for you
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