A Person who is self-employed or with non PAYE income, like rental income, investment income etc is obliged to file an Annual Income Tax Return. This return is called a ‘self assessed tax return’.
Under the self-assessment system in Ireland, all self-employed people must report all income earned to Revenue by filing a Tax Return.
When is the Deadline?
The Income Tax Return deadline in Ireland for 2019’s income is the 31st of October 2020.
However, this year, Revenue has decided to further extend the filing deadline to 10th of December for self-assessed taxpayers who file and pay their tax returns online. Those who do not pay using Revenue’s online service must still pay and file by 31st of October.
Who Is Required to File an Income Tax Return in Ireland?
All non-PAYE workers are required to file an income declaration. This includes:
- Self-Employed Individual
• Irish Landlords
• Non-Resident Landlords
• Individuals with investment income
• Individuals with Foreign income (including pensions)
• Individuals receiving profit from share options or share incentives
• Construction Subcontractors
• Individuals with approval of SARP (Special Assignee Relief Programme)
• Proprietary Directors
How do you file it?
It is very important that you continuously keep track and file all your business receipts throughout the year. Receipts serve as evidence of your business expenses – without them you cannot make a claim against the expense. You’ll also need to keep track of all your sales invoices and bank statements for the year
You can submit your Self assessed tax return using online ROS system or send a paper-based Form 11 to the Revenue.
To ensure you do not miss the deadline and file your Income Tax Return correctly, contact our team and we will assist you in the process of filing you Income Tax Return.