Self – employed tax return deadlines 2018 Ireland

self employed tax deadlines

If you are self-employed in Ireland, you pay tax on the profits you make from your business and on any other income that you have. Each year, you must file a self-employed tax return. However, there are a number of different details and important dates that you need to be aware of from the outset.

Failure to adhere to them could result in unwanted interest payments. To help you, we’ve put together this handy guide with all the important dates and details you need to know and how to best prepare yourself for all of them.

Self Employed Tax Deadline 2018

By 31st October 2018: Tax Deadline

Be sure to submit all self – assessment income tax documents by this date. This is the final deadline for filing your 2017 income tax return, paying the balance of your 2017 tax liability and also preliminary tax for 2018.

Self Employed Tax Deadline 2018 Explained

Relevant documents

Be sure to continuously keep track and file your business receipts throughout the year. This will help eliminate time and stress when it comes time to submit all necessary tax documents. Receipts serve as evidence of your business expenses – without them you cannot make a claim against the expense.

In addition to managing your business expense receipts, you’ll also need to keep track of all your sales invoices as well as your bank statements for the year. This will help eliminate any stress when it’s time to file your self – assessment income tax.

What you’ll pay

Come 31st of October 2018 you will be responsible for filing your tax return and self – assessment for the previous tax year (2017 tax year) and paying tax due. You must file your tax return if you earn non – PAYE sources of income, profit from share incentives or if you are approved for SARP (Special Assignee Relief Programme).   A proprietary director must also file a tax return.

You’ll also need to pay your preliminary tax for the 2018 tax year. Preliminary tax is 100% of the tax due for the preceding year (2017) or 90% of the tax due for that year (2018).

Late payments

Be sure you do not miss the October 31st self – employed tax return deadline or you might end up paying more than you’d like. Interest may be charged for each day (or part of day) you go over.

Paying interest on late fees will quickly add up and cause more financial complications than you need. A Surcharge is also payable if you file your tax return late.  If you file your tax return within two months of the deadline, you will be charged 5% of the tax liability up to a maximum of €12,695. If you file your tax return over two months of the deadline, you will be charged 10% of the tax liability up to a maximum of €63,485.

Don’t stress

To ensure you don’t miss the deadline or file incorrectly, contact our expert team here at SelfEmployed.ie. We are standing by to help you with your self-employed taxes when you need it. A standard tax return with us starts from just €150 + VAT. Contact our expert team online here, or give us a call on 059 8634794 today to ensure you pay the taxes you owe and no more.