interest penalties

sea12

Hi hoping someone can advise me here.

If someone owed CGT of €635 from nov 2006 and didnt pay it what would they owe now if they make a voluntary disclosure.

I have checked several sites but cant find the answer,

Many Thanks for any help.

nompere

It's going to depend on whether you've filed a return and been assessed to tax of €635, and just not paid it - unlikely but possible; or that you've calculated that you have that much tax to pay on a gain, and haven't made a return at all. In either case, interest for four year is likely to be in the region of 40% - about €250.

Penalties on audit vary between 3% and 100%. If this is the 1st disclosure you've had to make it is unlikely to exceed 10%.

You might also be liable to a late filing surcharge of 10% as well.

Revenue published a new code on 1 October.

sea12

Thanks Nompere,

It was a gain I never paid for. Should have paid it at the time but always kept leaving it.
Just prefer to pay up now rather than being found out in years to come and getting a much bigger bill.

What is the procedure Do I just ring up revenue and tell them I owe the basic and let them calculate it it or what. Dont want to have to pay for an accountant or anything as It will cost more.

nompere

My inclination would be to write, explaining that you missed a capital gain off your return, and sending a cheque for the tax only. Apologise for the oversight.

Then sit back and see what they do.

Most recently when I did this for a client they didn't look for a penalty, and the assessment came without a surcharge. About nine months later they did send a bill for the interest.