October 31st is fast approaching. If you haven’t already filed your tax return for the 2016 tax year it’s time to get organised. For most the 31st October typically means fancy dress, parties and fun but if you are self employed it has a very different, much less enjoyable meaning. Unfortunately, the responsibility of filing your tax return is a reality of being your own boss. Perhaps you are worried that you have left your tax return until the last minute or are concerned that you may make a mistake on your return. By following our straightforward advice, you can make the process as painless as possible. ***For those who would prefer to have the reassurance that their tax return is completed on time and with 100% accuracy Greavy & Co Accountants are offering early morning and late evening consultations during the month of October with a 24 hour turnaround service available. Call us now on 01 602 4720 now to find out more.*** How to submit your tax return This section covers your three primary submission options: Form 11 Form 11 is the document traditionally used by self-employed individuals and partnerships to file a tax return. This form contains all the relevant fields to log your income as well as any exemptions, tax credits or other deductions. If this form applies to you, you should have received a paper version. Form 11S Form 11S is an abridged version of Form 11 that is dispatched to individuals who aren’t required to log as many details. Page Break ROS You are also eligible to apply to file your tax return digitally by applying to use the Revenue Online Service (ROS). Successful applicants can administer the entire process online and are given approximately two weeks’ extra time in which to submit their documents. The deadline for submitting your Irish Tax Returns online is the 14th November 2017. Tax return deadlines 2017 Here is an overview of the key deadlines for filing your tax returns in 2017: Passed deadlines These deadlines have already lapsed. However, being aware of and sticking to these dates may help you next year. 31st March: Collate all relevant financial documents (purchases/sales invoices, bank statements and receipts). The earlier you get it in the better as you can plan forward for any tax bill. 31st August: Early submission target/deadline for avoiding self-assessment panel Upcoming deadlines These deadlines are coming soon and will depend on whether you intend to submit a paper-based tax return or utilise the Revenue Online Services (ROS). Whichever method you choose, you should have filed your tax return, paid your outstanding balance, submitted your self-assessment and paid preliminary tax for the current year by the relevant deadline. 31st October: Income tax return deadline (paper) 10th November: ROS deadline 14th November: ROS extended deadline 31st December: End of current income tax year What charges do tax returns cover? Income Tax Income Tax is levied on your personal income. The amount of income tax you are liable to […]
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