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Self employed tax 2014 amend figures

  • 21-02-2016 04:39PM
    #1
    sadie1502
    Registered Users, Registered Users 2 Posts: 666 ✭✭✭


    Hi all I wondering is it possible to amend figures for 2014 if you're self employed. If you under declared by 6k for the year ? Is it doable and would there be major repercussions? Could my accountant do it on my behalf ? Thank you


Comments

  • #2
    Punkyblip
    Registered Users, Registered Users 2 Posts: 114 ✭✭Punkyblip


    Your accountant can easily prepare and submit an amended income tax return for the 2014 tax year on ROS.

    Amended returns are no big deal and probably best if your upfront about the additional income with Revenue.

    Its best you declare it rather than Revenue finding 6k of additional income if there was an audit.

    As regards interest and a surcharge, I think that depends on the percentage difference between the liability on the original filed tax return versus the new liability on the amended return. If its a big difference you may be liable to 10% surcharge.

    But either way just tell your accountant about the additional income so he can prepare an amended return and he can then come back to you and let you know how much extra it will cost in taxes. Plus if you don't have the cash to clear the liability, you can put an instalment agreement in place with Revenue, but they will charge you interest for the luxury.


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