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Income Tax Return Surcharge

  • 27-02-2016 11:31am
    #1
    di11on
    Registered Users, Registered Users 2 Posts: 1,262 ✭✭✭


    Hi folks,

    I'm just wondering how this is calculated.

    Scenario: All PAYE income tax paid fully up to date and on time.

    Form TR11 is submitted to declare NIL net rental income more than two months late.

    How is the surcharge calculated?

    Thanks in advance


Comments

  • #2
    gerrybbadd
    Registered Users, Registered Users 2 Posts: 10,301 ✭✭✭✭gerrybbadd


    di11on wrote: »
    Hi folks,

    I'm just wondering how this is calculated.

    Scenario: All PAYE income tax paid fully up to date and on time.

    Form TR11 is submitted to declare NIL net rental income more than two months late.

    How is the surcharge calculated?

    Thanks in advance
    From revenue.ie

    What happens if I do not submit my Tax Return on time?
    Failure to submit your tax return by 31 October in the year following the tax year in question will result in a surcharge being added to your tax bill for the year. The surcharge is:

    5% of the tax up to a maximum of €12,695 where the return is made within 2 months of the return filing date,
    10% of the tax up to a maximum of €63,485 where the return is made more than 2 months after the return filing date.

    http://www.revenue.ie/en/tax/it/leaflets/it10.html


  • #3
    Lockedout2
    Registered Users, Registered Users 2 Posts: 402 ✭✭Lockedout2


    di11on wrote: »
    Hi folks,

    I'm just wondering how this is calculated.

    Scenario: All PAYE income tax paid fully up to date and on time.

    Form TR11 is submitted to declare NIL net rental income more than two months late.

    How is the surcharge calculated?

    Thanks in advance

    As long as your not a proprietary director then if you have no liability there is no surcharge.


  • #4
    smithxyz
    Registered Users, Registered Users 2 Posts: 1 ✭smithxyz


    I am just after sending in my tax return year 1. I made a misstate on the date and realised it was yesterday!! My husband has paye income only. I am a propriety director since Nov 2015 with zero income. My husband was due a refund of about 400 and now a late filing fee has been generated amounting to 1400,

    Did you manage to get your late fee waivered di11on??


  • #5
    exaisle
    Registered Users, Registered Users 2 Posts: 2,675 ✭✭✭exaisle


    smithxyz wrote: »
    I am just after sending in my tax return year 1. I made a misstate on the date and realised it was yesterday!! My husband has paye income only. I am a propriety director since Nov 2015 with zero income. My husband was due a refund of about 400 and now a late filing fee has been generated amounting to 1400,

    Did you manage to get your late fee waivered di11on??

    You could make the point that you don't have any income from your directorship and that you are otherwise in refund position. I'm not sure how revenue will react....
    If you can come up with a reasonable and plausible reason why the return was late then I suppose you might have some chance. Basically, you're appealing to the inspector's better nature. Also, better to speak to the section chief rather than one of the minions as they are the ones who can make the decision to waiver the surcharge...
    Will you let us know how you get on please?


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