BUSINESS: LET THE TAX CLINIC HELP FILE YOUR RETURNS AS DEADLINE LOOMS

first_imgBUSINESS: The October Tax deadline is looming and it’s important you have all your finances in order to avoid facing penalties.The deadline for filing your tax returns and paying your bill is fast approaching. However, the experts at the highly reputable Tax Clinic in Letterkenny – will do all the work for you.Mabel McHugh busy at work in The Tax Clinic.Hundreds of thousands of Irish people have their calculators at the ready as the clocks tick on towards an important date.The upcoming pay-and-file deadline marks the date by which taxpayers must file their return for 2014.The self-assessment system of taxation applies not just to the self-employed, but to anyone with income from sources that are not chargeable under pay as you earn (PAYE). So those with rental income, farming income, foreign incomes must also get their financial house in order in the coming weeks.Pay and File:Under the ‘pay and file’ system, October 31st, 2015 is the date by which you must payAny balance of income tax owing for 2014Preliminary tax for the tax year 2015It is also the date by which you must file your tax return for 2014.If you are on the Revenue’s records as self-employed, you should receive a pay and file slip from the tax office to enable you to pay the tax by the due date. If you do not receive a slip, you should request one because under self-assessment the obligation is on you, not Revenue, to ensure your return is filed, and your tax is paid on time.Not just for the Self-Employed:Traditionally, filing a tax return is seen as something that the self-employed do at this time of year. However, even if you are an employee, you could still need to file a return.Failing to do so could result in penalties, so make sure you find out in plenty of time if you have a requirement to make a return. Surcharge for Late Returns:You must return the completed 2014 Tax Return on or before 31 October 2015 to avoid a surcharge. If your Return is late the surcharge, which is added on to your tax due, is:5% of the tax due where the Return is submitted after 31 October 2015 and on or before 31 December 2015.10% of the tax due, where the Return is submitted after 31 December 2015.Audit/Penalties:Self – Assessment Returns are subject to Audit by Revenue, Tax law provides that Revenue may make any inquiries or take such actions as are considered necessary to verify the accuracy of a Return.We at THE TAX CLINIC are experienced in dealing with all forms of Revenue Intervention and the completion and filing of Tax Returns.To find out more log onto www.thetaxclinic.ie or call into either the High Road Letterkenny or Main Street Killybegs.Letterkenny: 074 91 60550Killybegs: 074 97 32055BUSINESS: LET THE TAX CLINIC HELP FILE YOUR RETURNS AS DEADLINE LOOMS was last modified: September 30th, 2015 by Mark ForkerShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:Businesshome-page featuresnewslast_img