Extension of Mandatory Online Filing

From 1 June 2012 the following categories of tax payers are obliged to file their returns electronically:
• All VAT registered tax payers • Self assessed individuals claiming certain income tax exemptions (Artists Exemption, Woodlands Exemption etc) • Self assessed individuals claiming certain income retirement reliefs (RAC payments, Relief for PRSA contributions etc) • Self assessed individuals claiming certain income tax reliefs (BES relief, EII relief, Seed Capital relief , Film relief etc)
Where a taxpayer is obliged to file and pay on ROS, the penalty for failing to do so is €1,520 each time a taxpayer fails either to pay or file on-line. Where there is a genuine difficulty with filing and paying on-line, taxpayers may on application to Revenue be excluded from electronic filing.
TAX TIP: If you think you may be in a tax refund in respect of 2011, why not send in your return early and obtain your refund now!!!