Hundreds of thousands of Irish people have their calculators at the ready as the clocks tick on towards an important date.
The upcoming pay-and-file deadline marks the date by which taxpayers must file their return for 2014.
The self-assessment system of taxation applies not just to the self-employed, but to anyone with income from sources that are not chargeable under pay as you earn (PAYE). So those with rental income, farming income, foreign incomes must also get their financial house in order in the coming weeks.
PAY AND FILE: Under the ‘pay and file’ system, October 31st, 2015 is the date by which you must pay 1. Any balance of income tax owing for 2014 2. Preliminary tax for the tax year 2015 It is also the date by which you must file your tax return for 2014. If you are on the Revenue’s records as selfemployed, you should receive a pay and file slip from the taxoffice to enable you to pay the tax by the due date. If you do not receive a slip, you should request one because under self-assessment the obligation is on you, not Revenue, to ensure your return is filed, and your tax is paid on time.
NOT JUST FOR THE SELF-EMPLOYED: Traditionally, filing a tax return is seen as something that the self-employed do at this time of year. However, even if you are an employee, you could still need to file a return. Failing to do so could result in penalties, so make sure you find out in plenty of time if you have a requirement to make a return.
SURCHARGE FOR LATE RETURNS: You must return the completed 2014 Tax Return on or before 31 October 2015 to avoid a surcharge. If your Return is late the surcharge, which is added on to your tax due, is:
• 5% of the tax due where the Return is submitted after 31 October 2015 and on or before 31 December 2015.
• 10% of the tax due, where the Return is submitted after 31 December 2015.
AUDIT / PENALTIES: Self – Assessment Returns are subject to Audit by Revenue, Tax law provides that Revenue may make any inquiries or take such actions as are considered necessary to verify the accuracy of a Return.
WWW.THETAXCLINIC.IE was founded in February 2010 by Michael Coll & Mabel McHugh. Since then Michael & Mabel have secured vast Tax Refunds for many satisfied customers and are looking forward to many more years of sustained growth.
The Tax Clinic is the only business in the Northwest that specialises in offering services to P.A.Y.E workers. Mabel says that “while working for over 20 years in the financial services sector she noted that there was no professional representation for P.A.Y.E workers”. With this in mind Mabel together with Michael, who are both members of The Irish Taxation Institute set up www.thetaxclinic.ie and have gained a huge reputation in this complex area of taxation.
Mabel works in The Tax Clinic in Main Street Killybegs, while Michael now works in their new premises on the High Road Letterkenny along with The Tax Clinics third partner Noel O’ Donnell who has also located Noel O’ Donnell & Co Chartered Accountants in the same building.
OTHER SERVICES: We also offer a cost effective payroll outsourcing service.
We can also look after your P.A.Y.E and V.A.T compliance and obligations.
To find out more log onto www.thetaxclinic.ie or call into either the High Road Letterkenny or Main Street Killybegs.”
SPONSORED CONTENT BY THE TAX CLINIC