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INCOME TAX DEADLINE NOW PASSED

If you haven’t filed your income tax return, delaying further will only compound the damage, The Sunday Business Post reminds us.

The deadlines have now passed for filing returns for 2010, paying the balance of last year’s bill and preliminary tax for this year. Anyone who submits a return up to two months’ late (basically before the end of the year) is liable for a 5% late penalty surcharge, up to a maximum of €12,695. The penalties can rise exponentially after this; the surcharge is doubled to 10% of tax due, subject to a cap of €63,485.

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