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Tax Return Today?

  • 16-11-2011 7:27pm
    #1
    BulliteShot
    Registered Users, Registered Users 2 Posts: 152 ✭✭


    Someone just told me that today is the last day for sole traders to submit a tax return and I don't know weather to believe them.

    I haven't had any notification from ROS, other than a VAT3 return.

    This year, I selected 31st December as my end of tax year. Shouldn't this be when I file my return? :confused:


Comments

  • #2
    ekans
    Banned (with Prison Access) Posts: 44 ✭ekans


    today is indeed last day.
    your accounts may well have year end at 31st dec, but october is the month for income tax
    are you new in business?


  • #3
    ekans
    Banned (with Prison Access) Posts: 44 ✭ekans


    http://www.revenue.ie/en/spotlights/ros-pay-file.html


  • #4
    BulliteShot
    Registered Users, Registered Users 2 Posts: 152 ✭✭BulliteShot


    I was completely ****ting myself.

    I registered for tax in 2011, so I don't do this return because I have no business in 2010.

    Is this correct?


  • #5
    ekans
    Banned (with Prison Access) Posts: 44 ✭ekans


    ''I registered for tax in 2011, so I don't do this return because I have no business in 2010.''

    i strongly suspect that you will NOT have to pay income tax at this time, however i am not 100% certain and would welcome confirmation from another contributor


  • #6
    2moreMinutes
    Registered Users, Registered Users 2 Posts: 1,003 ✭✭✭2moreMinutes


    BulliteShot wrote: »
    I was completely ****ting myself.

    I registered for tax in 2011, so I don't do this return because I have no business in 2010.

    Is this correct?
    If you only commenced business in 2011, you wont need to file a tax return until October/November 2012.


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  • #7
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    2moreMinutes wrote: »
    If you only commenced business in 2011, you wont need to file a tax return until October/November 2012.

    ARRRGGGHHH! This keeps on coming up over and over!

    When you start in business and first register for self-assessment you get an extra year to file. So, if the OP commenced in 2011, he has until 31st Oct 2013 to file his first return.

    It is important to note that this doesn't affect the dates for payment of tax, so he should pay whatever tax he owes for 2011, if any, on or before 31st Oct 2012, but will not be obliged to actually file his return until 2013, at which point he will have 2 years returns due.
    http://www.revenue.ie/en/tax/it/leaflets/it10.html:
    "Making Tax Returns under Self-Assessment for the first time

    Individuals, who enter the self-assessment system because they have commenced to trade, have until the return filing date for the second year to submit tax returns for both the first and second year of trading. However, as mentioned previously, early filing of returns is advisable, as it establishes tax liability due in advance of payment deadlines."


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