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Friday 22 September 2017

One-off method gives you more time before handing over cash

when is tax due? March 21, 2014

Charlie Weston

Charlie Weston

Few had heard of a single debit authority until the officials in Revenue introduced it as a way of paying the property tax.

But it might be worth your while getting familiar with this concept, as paying by this method will mean you have more than four months before you have to pay the dreaded tax.

A single debit authority is similar to a direct debit, except it is a one-off payment.

With a direct debit, you give your bank the authority to pay over money whenever it is demanded from the company that has signed you up for the direct debit arrangement.

A single debit authority is a sort of electronic cheque. You are giving your authority for a single debit to be made from your bank account in favour of Revenue.

This involves filling out a form at the bottom of the property tax return, giving the name of your bank, your bank account number, sort code and the amount of property tax you owe.

It authorises the bank to make a once-off payment to the Revenue.

The big advantage is that the payment date is much later for this payment method – it is March 21, 2014.

As it is one-off, Revenue will need you to renew the authority each year if you wish to continue paying this way.

Irish Independent

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