When Are Tax Returns Due? A Complete Timeline of Deadlines

self employed tax deadlines

Filing an annual tax return is a necessary task for every self-employed person in Ireland. In preparation for filing tax returns, there are a number of key dates and deadlines that you need to keep in mind.

To help you remember these dates and ensure you are properly prepared, we have compiled a complete timeline of deadlines to follow when preparing tax returns and explained the circumstances surrounding each key tax return deadline.

Timeline of Deadlines & Important Dates

Firstly, you should ensure to gather all of your relevant financial documents such as receipts, purchases invoices, sales invoices and bank statements for the previous tax year by the end of July 2016.

Aim to submit the documents and the information required by August 31st 2016 to save any panic as the deadline approaches and to avoid having to complete the Self-Assessment Panel.

31st October 2016 – 2015 paper income tax return deadline

12th November 2016 – Revenue Online System deadline

31st December 2016 – Last day of the current income tax year

Following this timeline not only gives you great piece of mind but ensures you are ready to file on-time, evade penalties and avoid the common mistakes that may occur when filing tax returns.

Pay and File Tax Return Deadlines Explained

If you file the paper tax return before 31st August 2016, Revenue will complete the self-assessment panel on your behalf. If you are filing a paper tax return for the previous tax year and wait until after August 31st to do so, you will need to do your own calculations of your tax liability for the year in question

You must file your tax returns, complete a self-assessment and pay the balance of the tax outstanding for the previous year, while at the same time paying the preliminary tax for the current year by October 31st 2016.

This filing date can be extended until 12th November 2016 if you file your tax return online through the Revenue Online System (ROS).

The amount of preliminary tax paid must be equal to or exceed the lower of:

90% of your final liability for the tax year, or

100% of your final liability for the previous tax year, or

105% of your final liability for the pre-preceding tax year (only available where preliminary tax is paid by direct debit and does not apply where the tax payable for the pre-preceding year was nil)

What happens if you make a late payment?

If you make a late payment on your preliminary tax or do not comply with your direct debit arrangements, you will be liable to pay interest. The amount of interest you are charged depends on how late the payment was made. You are charged at a rate of 0.0219% for each day or part of the day you were late.

If you make a late payment on your income tax return a surcharge is added to the tax bill for the year. The surcharge is broken down in the following ways:

5% of the tax up to a minimum of €12,695 where the return is made within 2 months of the deadline

10% of the tax up to a minimum of €63,485 where the return is made more than 2 months after the deadline

Need help filing tax returns?

Why not take the hassle and complexities out of filing income tax returns by contacting the expert tax team at Selfemployed.ie? We offer over 25 years’ of experience in self assessment and income tax returns. Call us at 059 8634794 or email us at info@selfemployed.ie for advice and assistance.