Personal Tax Returns
Our services include completion of self-assessment tax returns.
Advising on related issues including payments, refunds and interest charges.
Advising on specialist tax reliefs including the business expansion scheme, artist’s exemption and various legitimate tax shelter schemes.
This mainly refers to self-employed persons but includes those with a source of investment or rental income where tax cannot be recovered by restricting their tax credits under the PAYE system.
DIRECTORS TAX RETURNS
All proprietary directors ( i.e those that control more than 15% of share capital) are required to file returns under the self-assessment system even where their salary has been subject to PAYE.
Individuals must file a return not later than 31 October in the year following the tax year. Where returns are filed on-line and taxes are also paid on-line then an extension of time is granted of usually of about 2 weeks.
Returns submitted late incur an automatic 5% surcharge. If submitted after 31 December the surcharge is 10%.
PAYMENT OF TAX
This is the 31 OCTOBER each year. An extension is granted in certain circumstances where taxes are paid on-line.
INTEREST ON OVERDUE TAX
The rate of interest on overdue income tax is 0.219%per day from 1 July 2009.
UNPAID TAXES -SHERIFF’S DEMAND
If taxes remain unpaid Revenue may refer the taxes to the sheriff for collection. The sheriff has power to seize goods and may also collect the taxes in instalments. The taxpayer will also have to pay sheriff’s costs.
UNPAID TAXES -POWER OF ATTACHMENT AGAINST THIRD PARTY DEBTS
If taxes remain unpaid Revenue may eventually issued an attachment order against a third party debtor of the taxpayer including their bank.
Effectively the debtor must within 10 days pay the amount attached to Revenue.