October 31st 2012 is the deadline for completion of Tax Returns in Ireland.
Self-Assessment of Income Tax applies to people who are Self-employed or People receiving income from sources where some or all of the tax cannot be collected under the PAYE system. (rents, investment income, foreign income). About half a million people will have to make a tax return in the next few weeks.
If you use the Revenue Online Service – you have until 15th November to complete the returns
Many people use the services of an accountant to do their tax returns. The cost will depend on the time involved in preparing your return but budget for at least €500 a year.
With money being a bit tight, many people might be are considering doing their own tax returns in 2012.
If you want to file your returns on line then you will need to register with the ROS beforehand. This process will take about 8 days so get started immediately if you have not done so already.
The penalties for late tax returns
If your tax return is submitted late either through the on line system or paper filing then you will be liable to a surcharge which can be very costly . For example if you file within 2 months after the due date then you will be liable for a charge of 5% on the tax owed up to a maximum of €12,695 and 10% after 2 months.
So if your tax bill is €10,000 and you are 1 month late your fine will be €500 and if you are 3 months late your fine will be €1,000.