Tax time looms for self-employed

Tax
Self assessed income tax payers warned not to leave it until the last minute to file and pay.

Self assessed income tax payers warned not to leave it until the last minute to file and pay.

For approximately 600,000 self assessed income tax payers across the country, the October 31st deadline for filing and paying tax generally brings some sleepless nights and plenty of angst.

However Portlaoise based tax Advisors; TaxAssist Accountants are warning clients not to leave it until the last minute this year.

Simon Bain of TaxAssist said filing early is important

“Unfortunately, most people leave it until the last minute to file their tax returns but there is no need for this panic.

Even if you file early you still don’t have to pay until the 31st of October and if you are due a refund you will generally get this a lot earlier than the cut off if you file early, a welcome surprise for many.

“I’d always advise people not to wait until the night before to discuss their tax return - you will need time to discuss your liabilities and the options available to you to minimise your final tax bill. Using an experienced accountant will allow you to extend the deadline and will bring you some piece of mind,” he said.

The bad news for people who fail to file your 2012 tax return on time the Revenue Commissioners will apply an initial late filing surcharge of 5% (within two months of the deadline) or 10% of your tax liability if you are later than this. They can also apply further interest and penalities meaning your original tax bill can potentially be bigger.

greatly increased.