Tuesday 17 October 2017

Revenue steps up its local property tax hunt

JAMES FITZSIMONS

More than 1.56 million local property tax returns have been filed as of this weekend.

Now the Revenue Commissioners is stepping up the campaign to pursue those who have not made any returns.

In a U-turn by Revenue, returns filed before tomorrow will not incur interest or penalties.

People who have not identified their payment option must also do so before tomorrow.

Even if people don't own the property, they must tell the Revenue before tomorrow, otherwise it is going to take action against them.

Those who opted to pay through their employer or pension will see deductions taken any time from tomorrow on.

If monthly direct debits are chosen, they will begin on July 15. If you have arranged for payment to be taken by way of a single debit authority from your bank account, it will be due on July 21.

Next year, there will be a wider gap between the payment date for cash payments and those taken by single debit authority.

If you make full payment in cash, it is due on January 1, 2014. If using the single debit authority, it is not due until March 21, 2014.

For those who have not filed returns and/or given their payment proposals, the Revenue will write to them in July.

If you get a letter, you will have seven days to file a return and arrange your payment or face having the Revenue look for payment from your employer, or pension provider.

James Fitzsimons is an independent financial adviser specialising in tax and financial planning.

Irish Independent

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