Don’t forget about your income tax return deadline!
- 15 May 2021
- Posted by:
- Categories: Advisory services, Saving money
We at Kinsella McCrea & Associates are reminding you about your income tax return deadline. Filing your income tax return is important mainly because if the taxpayer fails to file them, they may be subjected to the failure-to-file penalty. But no need to worry! We have the answers to the questions that you are looking for. One of the most important ones being, when exactly is the deadline? Did I miss it?
What is Income Tax Return?
The Income tax return is a report filed with a tax authority that states the expenses, income, and taxes that are supposed to be paid during the year. Taxpayers then calculate their tax liability, request refunds if they over-paid several taxes, and plan tax payments.
Deadline
Both returns and payments regarding income earned in 2020 must be submitted no later than 31 October 2021. Income earned in 2021 must be submitted no later than 31 October 2022.
- How to File an Income Tax Return
In order to file an income tax return, you must be registered for the Revenue Online Service (ROS). From there you can file a Form 11 Income Tax return online. However, if you are not registered for the Revenue Online Service you can do so by completing the registration process on their website. ROS Registration - ROS Extended Pay & File Income Tax Return Deadline
The ROS extended income tax return deadline in 2021 for the income tax returns from 2020 and beneficiaries liable to Capital Acquisitions Tax is 17 November 2021.
Note: The extended deadline is only for taxpayers that filed a 2020 Form 11 income tax return and made the appropriate payment through the ROS regarding, preliminary Tax for 2021 and Income tax balance due for 2020 and for taxpayers that would like to top up their 2020 pension contributions for income tax relief purposes
- Filing Tax Returns during COVID-19
Revenue has stated that taxpayers must continue to file their tax returns regardless of whether the payment of the resulting liabilities is not possible. Due to COVID-19 major personnel that take care of tax returns are unavailable and therefore the Revenue advises submitting the best estimate regarding the relevant return. - Support from Kinsella McCrea & Associates
This is a brief outline of the steps you have to take to comply your income tax return.
There is no need to worry as the deadline is on 31 October 2021, so there is still plenty of time to get cracking on it.
If you would like to discuss any aspect regarding your income tax return, our team of experienced accountants will be glad to help.