3 steps to take if you missed the tax return deadline

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.

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.

 

 

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.
 

 

 

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.
 
 

 

 

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.