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Two week window to file taxes after October 31?

  • 25-10-2012 7:20pm
    #1
    daveyjoe
    Registered Users, Registered Users 2 Posts: 1,464 ✭✭✭


    I'm self-employed and it's my first year filing tax returns

    I have received my ROS access number and I registered today so I am just waiting for my password to be posted to me. I would prefer to do my taxes online but I'm not sure if I will receive the password in time for October 31st, so my plan was to print out the forms and do my tax returns on paper instead of online. I would then post them tomorrow morning.

    However, I had a look here: http://www.selfemployedsupports.ie/tax_for_self_employed_people.en.html

    It says: "If you file your tax return online using the Revenue Online Service following the end of the tax year, you can file your return up to 2 weeks after 31 October."

    Is this correct? I would prefer to do my taxes online if possible and if I have a two week window after 31st October that means I have time to wait for my password to arrive by post.


Comments

  • #2
    smeharg
    Registered Users, Registered Users 2 Posts: 300 ✭✭smeharg


    It is correct. Here it is from the horses mouth

    http://www.revenue.ie/en/practitioner/ebrief/2012/no-462012.html

    If you started business in 2011 you don't actually need to file the return until 2013. Just be carefull you don't need to pay preliminary tax for 2012 by this year's deadline, otherwise you could be hit with interest charges.


  • #3
    daveyjoe
    Registered Users, Registered Users 2 Posts: 1,464 ✭✭✭daveyjoe


    How do I know if I need to pay preliminary tax? I assumed that preliminary tax was calculated from the previous years tax filings.


  • #4
    smeharg
    Registered Users, Registered Users 2 Posts: 300 ✭✭smeharg


    Preliminary tax is either 100% of the previous year's liability or 90% of the current year's liability.

    So your 2012 preliminary tax can be 100% of your 2011 liability. So you need to calculate your 2011 liability to determine what your 2012 preliminary tax will be. There's no need to actually file the return, but if you're going the the trouble of preparing accounts and calculating tax, in my opinion, you might as well file the return while you're at it. But the option to defer filing is there if you want it.


  • #5
    riveratom
    Registered Users, Registered Users 2 Posts: 964 ✭✭✭riveratom


    smeharg wrote: »
    Preliminary tax is either 100% of the previous year's liability or 90% of the current year's liability.

    So your 2012 preliminary tax can be 100% of your 2011 liability. So you need to calculate your 2011 liability to determine what your 2012 preliminary tax will be. There's no need to actually file the return, but if you're going the the trouble of preparing accounts and calculating tax, in my opinion, you might as well file the return while you're at it. But the option to defer filing is there if you want it.

    Hi there,

    Just a quick question - let's say you started trading in April 2012. This means you wouldn't need to file a return until October 2013, right?

    And preliminary tax - let's say in 2012 you choose the '100% of previous year' option - and you happened to be a PAYE employee in 2011. This means you don't have any preliminary tax to pay, right?

    Meaning you don't need to file anything or pay any prelim tax at all until 2013?


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