The self-employed and PAYE workers with extra income have just 10 days left to pay tax due
Published 22/10/2015 | 02:30
The self-employed, farmers and PAYE workers with untaxed income have been warned that they have just 10 days to file a tax return and pay tax due.
Those who will have to get their income taxes in order include tradespeople, hairdressers, florists, shop owners and young couples renting out their apartments.
Around 500,000 people are due to file a self-assessment tax return, according to tax expert Cathal Maxwell.
Those who are making a paper-based return have until Saturday, October 31, next to file a return and pay their tax.
But those who file online, by downloading a digital signature from Revenue, have until Thursday, November 12, to file and pay tax through Revenue On Line (ROS), Mr Maxwell said.
Revenue said that under pay-and-file you have to file an income tax return (Form 11) for the 2014 tax year, including a self assessment of their tax due.
You also have to pay the balance of any tax due for 2014, and pay preliminary tax for the current tax year - 2015.
Mr Maxwell warned those who are still filing a paper-based return must calculate the tax due. He said people can be fined €250 for not calculating their tax position.
Those who do not file a tax return will incur an additional 5pc fee if the return is late but sent in before the end of the year. If it is not sent in until next year the fine goes up to 10pc.
A lot of people don't bother making a payment for 2015 so they end up incurring interest costs when eventually they have to pay it.
Mr Maxwell is a taxation consultant and founder of Paylesstax.ie, the online service that helps individuals complete and file online their own tax returns and accounts.
PAYE workers who earn more than €3,174 are due to pay tax on this under the self-assessment tax system. This applies to those with additional earnings on the side like consultancy work, or rental income.
Also likely to get caught by Revenue are reluctant landlords who forget to register their rental property with the PRTB (Private Rental Tenancies Board) and also keep claiming their mortgage tax relief for the property.
"This leads to very substantial tax bills being owed back to the Revenue," Mr Maxwell said.
"If you received share options from your employer and forget to declare them Revenue are now watching for this and are matching information received by them to returns," he added.