ROS sign and submit - quick question

davil

I'm trying to complete my revenue taxes online (ROS) - I have my final liability for 2010 and I'm wondering on this last "Sign and Submit" page can I leave preliminary tax for this year as 0 and then pay it all next Oct/Nov ? i.e. do I just have to pay for 2010 now and have I the right figures in the right boxes ?

The reason I ask is I didn't make even half as much this year as I did last year and I don't want to pay any more than I have to.

Check out my image here to see what I mean :
http://www.twitpic.com/7d5mo3

please excuse my ignorance..

barneystinson

davil wrote: »

I'm trying to complete my revenue taxes online (ROS) - I have my final liability for 2010 and I'm wondering on this last "Sign and Submit" page can I leave preliminary tax for this year as 0 and then pay it all next Oct/Nov ? i.e. do I just have to pay for 2010 now and have I the right figures in the right boxes ?

The reason I ask is I didn't make even half as much this year as I did last year and I don't want to pay any more than I have to.

Check out my image here to see what I mean :
http://www.twitpic.com/7d5mo3

please excuse my ignorance..

:eek: Jaysus man, take that pic down QUICK, your name and PPS number are on it.

To answer your question, AFAIK you have to pay some amount of preliminary tax (i.e. €1 will do), if you're availing of the extended filing date of 16th November. So you could just pay €1 now and then in a couple of months try to figure out what you reckon you'll owe come next October, and top it up...

davil

barneystinson wrote: »

:eek: Jaysus man, take that pic down QUICK, your name and PPS number are on it.

To answer your question, AFAIK you have to pay some amount of preliminary tax (i.e. €1 will do), if you're availing of the extended filing date of 16th November. So you could just pay €1 now and then in a couple of months try to figure out what you reckon you'll owe come next October, and top it up...

Crap that's twice I kinda did that. I wiped out the numbers but then totally forgot about the top right bit. under a lot of stress at the moment with work and a few things and lack of sleep is finally showing. Thanks for letting me know. I might calculate an actual preliminary figure, or pay something like a quarter of it anyway (as I made about a quarter as much this year as I did last year)

whelan1

my accountant said you dont have to pay any preliminary tax if you dont want to... i pay an amount every month by dd, it eases the pain, rather than paying it in 1 go

barneystinson

whelan1 wrote: »

my accountant said you dont have to pay any preliminary tax if you dont want to... i pay an amount every month by dd, it eases the pain, rather than paying it in 1 go

No, of course you don't HAVE to. But if you are filing after the 31st October deadline has passed, and want to avoid a surcharge on your tax bill, then you need to pay and file together, online, and pay an amount for preliminary tax, on or before 16th November.

So for the sake of €1 in preliminary tax you can avoid a surcharge.

Andrew33

My tax due has been sitting in my account since October and Revenue still haven't taken it out, I've rang my accountant and they said everything is in order, just Revenue being a bit slow to debit my account. I've tried to ring Revenue themselves but a complete exercise in futility, holding for 20 mins and I eventually hung up (other things to do). Has anyone else experienced this?

srsly78

Nope. Have you setup a ROS DDI (direct debit instruction)? Once you have this revenue can just transfer in/out money from your account as needed. Is all automated, so once you file the money usually comes in/out in 24 hours.

Are you using ROS at all? I find the ROS helpline to be very good, usually I just email and then they call me! Note this is ROS, not the actual tax office.

whelan1

the money doesnt come out of your account if doing ros until after 15 november, last year it didnt come out til the 18 november

smeharg

davil wrote: »

I might calculate an actual preliminary figure, or pay something like a quarter of it anyway (as I made about a quarter as much this year as I did last year)

Your preliminary tax can be either 100% of the 2010 liability or 90% of your estimated liability for 2011. You can choose the lesser amount.

Although you must pay as well as file online to avail of the 16 November deadline (note the original deadline of 15 November was extended further by Revenue last week) you only need to make a payment if you have a liability. You will not incur the late payment surcharge if you make a nil preliminary tax payment. You may be charged interest NEXT year if your 2011 preliminary tax payment, ie the one due now, wasn't sufficient.

You can have a situation were you paid preliminary tax for 2010 (in 2009), 2010 turns out to be a bad year and you've no liability, and 2011 is a bumper year and will have a big tax bill. What you'd do here is get refund for the 2010 preliminary tax and pay zero preliminary tax in respect of 2011 (ie 100% of the 2010 liability, 100% of zero). No payment necessary and no surcharges or interest.

Andrew33

whelan1 wrote: »

the money doesnt come out of your account if doing ros until after 15 november, last year it didnt come out til the 18 november

Aha, I'll wait another couple of days so, thanks.:)

davil

Thanks to everybody for their help on this!!. I think I'll go with the 90% of projected for this year so as to avoid as much interest as possible.