Missed the Income Tax Deadline

A: If you missed the extended tax deadline of 12 November 2015, Revenue may attach a late fee referred to as a surcharge when you do file your return. This equates to 5% of your tax liability.

If you do  not file your return within 2 months of the deadline the surcharge will increase to 10%. Revenue can also apply interest at a daily rate of 0.0219% per day on the late payment of tax. The interest will be backdated to the 31 October deadline rather than the online extended deadline of 12 November. Also the two months after which the 10% surcharge can apply is run from the 31 October.

Not filing your return or filing late can raise a flag with Revenue that may lead to future revenue audits, particularly if you have been late before.

Also if you require a tax clearance certificate for your business, Revenue will not issue until all tax returns have been filed and paid.

In summary, if you are a late filer its best to file your return as soon as possible and pay the relevant taxes due.

Date published 20 Nov 2015

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.