Self employed- filing tax return late by a day or 2 - charges?

ergo

As it says, still waiting for accountant to complete - do I need to put pressure on/reminder as today is filing day or is there generally leeway given for a day or 2?

Phoole

I remember being a day late about 10 years ago and I was charged something like €40. Not sure what applies today really.

AUDI20

I think the charge on late returns now is €500 I could be corrected but that is what my accountant told me.

mulbot

https://www.boards.ie/discussion/2058380720/self-employed-filing-tax-return-late-by-a-day-or-2-charges

I've been late a, few times nearly 2 weeks at one point, never was an issue, I file mine now in August, saves the worries

Mrs OBumble

Is there a charge for filing an amendment?

Can you just file something incomplete now, and file an amendment in a few days?

Bold Abdu

There will be a surcharge of 5% of your liability. It's not a flat amount.

If your liability is €10K and you file late, your surcharge is €500. If you are in a refund position there will be no surcharge.

SureYWouldntYa

https://www.boards.ie/discussion/comment/122839667#Comment_122839667

It would depend on the nature of the amendment as to what charges Revenue may seek to apply, it's not black and white and depends on the circumstances. Sections 3.2 and 3.3 of the below cover this. If you were to file a blank return or minimal return and then later amended with full details you would likely be looking at a surcharge and interest, if you file a near genuine return and correct it with only small changes then you would likely get away with it.

https://www.revenue.ie/en/self-assessment-and-self-employment/documents/code-of-practice-revenue-audit.pdf

ThreeGreens

A lot of people answering here who clearly don't know what they are talking about. I'm sure they are well meaning, but it's not very helpful if it's just a guess or an opinion.

The correct answer given by Bold Abdu is that there is a 5% surcharge for late submission.

So your tax liability for the year (before deducting any preliminary tax you have already paid) is multiplied by 5% and you owe that extra. That is true for 1 minute late up to 2 months late. After 2 months, it becomes 10%.

So if you don't owe anything, there is nothing additional owed (5% of 0 is still 0). If you owe €10K then 5% = €500.

If your late and have a really good excuse (like you were hospitalised or had a death in the family in the preceding days) you could appeal the surcharge. You might get it removed if your excuse is good enough and you have a good history of filing on time.

In terms of filing a return and correcting it later, this is the thing to do if you can't get it in on time. You can "self correct" without penalty within 12 months. You could still be liable for interest if there is a long delay before self correcting.

In any case the deadline has now passed.