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REVENUE COMMISSIONERS TO CHASE PENSIONERS FOR BACK TAXES

The Revenue Commissioners have today issued E-Brief 12/12 updating their position on the pensioners returning Department of Social Protection (DSP) pensions for tax purposes.

The FAQ section of the update is unclear however it appears Revenue will be issuing income tax returns for the past 4 years to all taxable pensioners looking for details of all income including pensions.

Revenue will not be charge penalties or interest if the liability is settled within 1 month of the Notice of Assessment being issued.

If you are concerned about this or any other tax issue, contact Anthony Casey at 01 6766 476

Extract from Frequently Asked Questions

Q: Can I get reviews of my PAYE (PAYE Balancing Statements) for any of the four years up to and including 2011 if I require them say to claim Health Expenses for prior years?

A: Yes. However, the up-to-date DSP pension amount will be taken into account in your Balancing Statements for all relevant years and undercharges of tax might arise.

Q: What should I do if I received a Form 12 tax return from Revenue for a prior year(s) and didn’t complete it and send it back?

A: We will write to you directly and supply you with relevant copies of the pdfForm 12S (PDF, 221KB) – a simplified return of income form – for completion. If you complete these and send them back to us immediately, penalties will not apply if all else is in order. Revenue will then issue you with a PAYE Balancing Statement(s) for the relevant year(s) and you should pay any tax due within one month to avoid interest charges.

Q: What should I do if I sent in a Return Form 12/Form 11 to Revenue for prior years and didn’t include my DSP pension details?

A: You should, as a matter of urgency, and in order to minimise any potential additional charges for penalties, notify Revenue in writing of your oversight and include the amount that you neglected to show on your Return of Income for the relevant year(s). Revenue will then issue you with a PAYE Balancing Statement(s) for the relevant year(s) and you should pay any tax due within one month to avoid interest charges. If you are unsure about which tax returns you submitted and overlooked to include the relevant DSP pension amount, you should contact your local Revenue office for clarification.

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