Penalty for not paying the property tax

80s Child

Howdy,

We registered last year for the property tax but we've a couple of expenses coming come so we're thinking of leaving it till later in the year, probably around September.

We're registered for the €400 valuation (I think), so I'm just wondering what penalties we'll incur if we do so?

Thanks

danger_here

8% interest pa and the fact that Revenue are cracking down big time after the 31.3.2014 amnesty.

80s Child

danger_here wrote: »

8% interest pa and the fact that Revenue are cracking down big time after the 31.3.2014 amnesty.

Right, so if I tell them I'm going to pay later in the year and take the 8% hit, what exactly are the ramifications??

danger_here

http://www.revenue.ie/en/tax/lpt/

If you don't avail of this opportunity:

Interest will be charged on outstanding LPT (including arrears of Household Charge) that is not paid by 31 March 2014 at the rate of@ 0.0219% per day from the date the tax was due (1 July 2013 for 2013 LPT and arrears of Household Charge and 1 January 2014 for 2014 LPT).

Interest will also apply where additional tax becomes payable in cases where a property was undervalued.

Mandatory deduction from wages and occupational pensions of unpaid Household Charge, including interest, will start in April for those who have not paid the €200 liability.

You will not qualify for a tax clearance certificate.

Revenue will select appropriate cases for debt collection/enforcement action, including referral to the Sheriff, in respect of LPT/Household Charge and for consideration of penalties.

dbran

.....and if you are self employed there is an additional 10% surcharge on your income tax bill in October.

dbran

danger_here

OP have you also taken into account that 2015's LPT will be due from November. Of course it's up to yourself but IMO I would take the hit now (which you are liable and overdue for anyway) and be done with it.