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Timing of revenue collecting tax on declaration

  • 04-11-2017 10:56pm
    #1
    Buzwaldo
    Registered Users, Registered Users 2 Posts: 736 ✭✭✭


    Most years I only get my tax affairs in order late in the day and my accountant files my return (and single debit authority) by ROS on the last day or two and payment of tax comes from my account around the middle of November.
    This year, I had my house in order a bit earlier and after sorting pension contributions etc i gave the go-ahead to file last week. I assumed my account would be debited around the final day for filing, about 15th November or thereabouts (regardless of when I file VAT or PAYE/PRSI returns, the account is debited on 23rd of the month).
    I just checked my bank account to see that Revenue have taken their money and I'm overdrawn just to the limit of my overdraft (and may well have a few standing orders early next week). Obviously I will ring my bank Monday and hopefully stave off non payments.
    Obviously I'm annoyed that my accountant not tip me off that filing early would mean earlier payment.
    My question is, was there no option when filing to state when the debit would activate? Or is there no stay on collection as with the above other taxes until the last day?
    Thanks in advance.


Comments

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


    You didn't instruct your accountant to file and pay on a particular date? I dare say he probably has lots of other returns to prepare and file by November 16th.
    Did he discuss the final liability with you? I don't really see that you have any major reason to be annoyed... If you wanted to pay on a particular date, I think you should have told him but I'd rate this as just a minor breakdown in communications...nobody's dead!


  • #3
    Buzwaldo
    Registered Users, Registered Users 2 Posts: 736 ✭✭✭Buzwaldo


    Yeah you're right. Nobody's dead.
    I did see the final liability and was happy for him to file. Just assumed like vat &paye that it wouldn't be debited til later.
    Most of my post is a rant about that & the inconvenience it causes with my bank & outstanding cheques. (What's the internet for if you can't have a little rant from time to time 😬)
    But also I had a small question if anybody can help on it i.e. when filing, do you have to pay instantly or is there an option to insert a later date for the single debit authority, obviously no later than the last day ?


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


    Buzwaldo wrote: »
    Yeah you're right. Nobody's dead.
    I did see the final liability and was happy for him to file. Just assumed like vat &paye that it wouldn't be debited til later.
    Most of my post is a rant about that & the inconvenience it causes with my bank & outstanding cheques. (What's the internet for if you can't have a little rant from time to time 😬)
    But also I had a small question if anybody can help on it i.e. when filing, do you have to pay instantly or is there an option to insert a later date for the single debit authority, obviously no later than the last day ?

    Yes you can select a later date, but by default it'll take immediate payment, it is pay and file after all..! your accountant should have confirmed with you.


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