Contact Us
Sometimes life gets in the way of your plans. You’ve missed the tax deadline - so what happens now?
 
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 2023 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% (subject to a maximum amount of €12,695). If the return is more than 2 months late this surcharge is increased to 10% (subject to a maximum amount of €63,585).
 
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 2024 then they will face a surcharge of roughly €1,200. If they file their return after 31 December 2024 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%. Unfortunately, the interest will be backdated to the 31 October deadline rather than the online extended deadline of 14 November.
 

2. If you have a reasonable excuse for missing the deadline, apply for charges to be waived

 
Revenue may waive charges for anyone who offers a "reasonable" excuse for being late. 
 
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!

 
It is never too early to start getting the paperwork ready for your 2024 return. Once the New Year celebrations are over you can file your return. 
 
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.
 
 
 

We Can Help

 
Over the last few weeks TaxAssist Accountants have been working with thousands of individuals across Ireland on their tax returns. If you need assistance filing your Self-Assessment Tax Return please do not hesitate to contact us.
 
 

Need help filing your tax return?

Contact TaxAssist Accountants for a free, no-obligation consultation.

061 513320

Or contact us

 

 

Date published 18 Nov 2019 | Last updated 13 Nov 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

Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?

Local business focus icon

Local business focus

We specialise in supporting independent businesses and work with 6,246 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.

Come and meet us icon

Come and meet us

We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 23 locations, meet with us online through video call software, or talk to us by telephone.

Switching is simple icon

Switching is simple

Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.

See how TaxAssist Accountants can help you with a free consultation

061 513320

Or contact us