The official pay-and-file deadline is 31 October, but with nearly all tax returns filed by accountants electronically, virtually everyone enjoys the 10-day extension for online filings. This does not mean you should leave it to the last minute: “Having all the documentation in advance is key,” Barry Lonergan, tax manager with O’Sullivan Malone Accountants in Carrick-on-Suir, told the Irish Farmers Journal.
Medical expenses: Make sure you have all your 2015 medical claims lodged with your health insurer, who will then send you a statement of what was not covered by your plan. “You can claim tax relief at 20% on those expenses,” such as GP bills and prescription medicines, said Lonergan.College fees: Tax relief is available on the tuition portion of college fees. “It is important to get a breakdown from your educational institution,” said Lonergan, warning that colleges could get very busy as the deadline approaches.Pension contributions: “If this is tax-efficient, your pension can be topped up until the deadline,” Lonergan said. While it is still time to make a pension contribution for the 2015 tax year and claim relief, make sure you leave enough time for supporting documents to come back to you well before 10 November.Additional income: Make sure you have the details of all your income streams in time for your accountant. “Even though it might be exempt from income tax such as lease income from land, it is not exempt from USC and PRSI and must be included in tax returns,” said Lonergan.Preliminary and gains or gift tax
While you’re expected to pay the balance of your 2015 tax bill next month, preliminary tax is also due for this year.
Also, don't forget to tell your accountant if you have received gains, gifts or inheritances as capital gain and capital acquisition tax liability must be included in your return by the same pay-and-file deadline.
Penalties
As an incentive to get your paperwork ready, remember that tax returns filed up to two months late incur a 5% penalty. This goes up to 10% afterwards.
The Revenue also charges interest on preliminary tax if it is not paid by the pay-and-file deadline.
Read more
Full coverage: Budget 2017
The official pay-and-file deadline is 31 October, but with nearly all tax returns filed by accountants electronically, virtually everyone enjoys the 10-day extension for online filings. This does not mean you should leave it to the last minute: “Having all the documentation in advance is key,” Barry Lonergan, tax manager with O’Sullivan Malone Accountants in Carrick-on-Suir, told the Irish Farmers Journal.
Medical expenses: Make sure you have all your 2015 medical claims lodged with your health insurer, who will then send you a statement of what was not covered by your plan. “You can claim tax relief at 20% on those expenses,” such as GP bills and prescription medicines, said Lonergan.College fees: Tax relief is available on the tuition portion of college fees. “It is important to get a breakdown from your educational institution,” said Lonergan, warning that colleges could get very busy as the deadline approaches.Pension contributions: “If this is tax-efficient, your pension can be topped up until the deadline,” Lonergan said. While it is still time to make a pension contribution for the 2015 tax year and claim relief, make sure you leave enough time for supporting documents to come back to you well before 10 November.Additional income: Make sure you have the details of all your income streams in time for your accountant. “Even though it might be exempt from income tax such as lease income from land, it is not exempt from USC and PRSI and must be included in tax returns,” said Lonergan.Preliminary and gains or gift tax
While you’re expected to pay the balance of your 2015 tax bill next month, preliminary tax is also due for this year.
Also, don't forget to tell your accountant if you have received gains, gifts or inheritances as capital gain and capital acquisition tax liability must be included in your return by the same pay-and-file deadline.
Penalties
As an incentive to get your paperwork ready, remember that tax returns filed up to two months late incur a 5% penalty. This goes up to 10% afterwards.
The Revenue also charges interest on preliminary tax if it is not paid by the pay-and-file deadline.
Read more
Full coverage: Budget 2017
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