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Income Tax Administration

Self Assessment – Pay and File

On the 31 October each year, a self-employed individual/company director, PAYE worker with untaxed non PAYE income will be required to:

  1. Make his/her Income Tax Return for the previous calendar year;
  2. Pay the balance of tax for the previous calendar year; and
  3. Make a Preliminary Tax payment for the current calendar year.
  4. Submit a tax computation at the time of filing the return.

Payment and Compliance

The self-assessment system applies to individuals with non-PAYE income and to all directors controlling 15% or more of the share capital of a company (even if their entire income is subject to PAYE).

The definition of a “chargeable person” for self assessment purposes includes PAYE taxpayers with non PAYE income where the non PAYE income is not taken into account under the PAYE system.

The ‘Pay & File’ system places an obligation on the individual to file a return, calculate the tax liability, and pay the tax due. Returns for income arising in the year ended 31 December 2015 must be filed on or before 31 October 2016 to avoid a surcharge. The surcharge amounts to 5% of the amount of tax payable for the period subject to a maximum surcharge of €12,695, where the return is filed within two months of the deadline. Otherwise if the return is filed more than 2 months after the deadline, a surcharge of 10% is imposed subject to a maximum of €63,485.

Preliminary tax due for the tax year 2015 must be paid by 31 October 2015 if interest charges of .0219% per day are to be avoided. The tax paid must represent 90% of the individual’s actual liability for 2015 or 100% of the final liability for 2014 (excluding EIIS relief and relief for investment in films).

Alternatively, for the tax year 2015, a taxpayer can elect to make a preliminary tax payment equal to 105% of the ultimate liability for 2013 (the pre-preceding year), provided a liability arose in that year. This option is only available to taxpayers that pay by direct debit in equal monthly installments. The final installment is payable in December 2015. Where a taxpayer is paying by direct debit for the first time, payment can be made by way of a minimum of three equal installments, and during the following year by way of eight equal installments.

Any balance of tax due for 2015 must be paid by 31 October 2016 (the 2014 balance falling due by 31 October 2015).

Where the repayment is made due to a Revenue error in applying the legislation, interest will be repaid from the date the tax was paid to the date of repayment otherwise no repayment is due Refunds of overpayments of preliminary tax carry interest of 0.011% per day .

Tip: The 2014 tax return is due to be filed by 31 October 2015, where your total income for 2015 is less than that in 2014, consider basing your preliminary tax payment on your 2015 estimated liability.

Penalties
Penalties will apply to any late returns filed

 

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Joint Assessment

Revenue may recover tax not paid within 28 days from the spouse who was not assessed. This is limited to the amount of unpaid tax referable to that spouse’s income.

Pay and File Summary

The following is a summary of pay and file dates for the year 2015

  • File tax return for 2015 —  31 October 2016
  • Pay capital gains tax for 2014 –
    • 1 December–31 December 2014  —  31 January 2015
    • 1 January-30 November 2015  —  15 December 2015
    • 1 December-31 December 2015  —  31 January 2016
  • Pay balance of tax for 2014  —  31 October 2015
  • (Online Pay & File date for 2014 Tax Return)  —  November 2015 TBC
  • Pay preliminary tax for 2015  —  31 October 2015
  • (Online Pay & File date for 2014 Preliminary Tax)  — November 2015 TBC

* Revenue have not yet announced the online filing date for 2015 at the time of publication.

Information included in Return

Taxpayers are required to disclose information in relation to any relief’s claimed in their annual tax return, the relief’s to be detailed are highlighted on the return forms. This will apply to individuals, both self-employed and employees and also to companies.

Failure to provide the relevant information may result in a penalty of €950, as well as a surcharge of

  • 5% of the tax due subject to a maximum of €12,695 where the return is filed within two months of the filing deadline
  • 10% of the tax due subject to a maximum of €63,458 – where return is filed more than two months after the filing deadline.

Mandatory Reporting

Certain transactions which have the main benefit of obtaining a tax advantage are reportable to Revenue.

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