The filing deadline for your 2013 income tax return is Friday 31 October 2014. For those of you who file your return and pay on ROS (Revenue's On-line Service), however, you can avail of the extended deadline on Thursday 13 November 2014.
For those of you who have had to submit income tax returns before, you know what it is all about. For those of you who don't know, it is basically the means in which you report any self-assessed income that you earned during the year and calculate the tax payable on it. Basically, it includes any income that you have earned outside a salary which is subject to PAYE such as:
- rental income,
- foreign income,
- bank interest,
- dividends etc.
Failure to report any self-assessed income to Revenue can result in:
- penalties for the late filings of tax returns,
- interest on the late payment of any tax due on the unreported income,
- your name published on a tax defaulters list.
In some instances, this income may just need to be reported and no additional tax may arise. In fact, as stated above, some people may often actually even receive a refund of tax which may be due to an under claim of tax credits, a trading loss or a medical expense claim.
If you are in doubt about whether you should be submitting a tax return, leave a comment below or get in touch and I'll be happy to let you know if you need to do so.