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late tax returns

  • 26-09-2011 1:52pm
    #1
    CDTV
    Registered Users, Registered Users 2 Posts: 11 ✭


    Hi all
    Just new to boards have a question

    Can't afford an account and I am 3 years behind on tax returns.
    Business just picking up 4 1st time in 4 years.
    Very worried about what might happen to me.
    Any ideas


Comments

  • #2
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Hire an accountant.

    You are liable to Interest on unpaid tax and penalties.

    Interest cannot be mitigated. Penalties can depending on the level of co-operation.


  • #3
    maddogcollins
    Registered Users, Registered Users 2 Posts: 998 ✭✭✭maddogcollins


    Hire an accountant is key. They will be able to argue a case for dropping of penalties (Not interest).

    If you are a sole trader, I would advise getting the accounts in as good a shape as you can, this will decrease a fee for the accountant.


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