Monday 23 April 2018

The 60-second guide to... getting ready for your tax return

The main advantage of filing your return through ROS is that it will calculate your tax bill for you (Stock picture)
The main advantage of filing your return through ROS is that it will calculate your tax bill for you (Stock picture)

The countdown for this year's tax return has begun - for the more than 400,000 taxpayers who work for themselves or who receive income which cannot be taxed in the normal way. The deadline for paper tax returns is October 31, 2016; the deadline for online returns is November 10, 2016. Don't leave it until the last minute - start preparing to file your return now.

It can be quicker and easier to file your return online. Should this be your first time filing a tax return online, you will need to register for the Revenue Online Service (ROS). It could take as much as two weeks to get up and running on ROS because there is a three-step registration process - so get cracking. You can register for ROS online - through the ROS section of www.revenue.ie.

The main advantage of filing your return through ROS is that it will calculate your tax bill for you - though you must sign a declaration online stating that you believe the ROS calculation to be correct. (You have the option to disagree with the ROS calculation and to state what you believe your tax bill should be). It is too late now to get Revenue to calculate your tax return if filing a paper return.

It is not just the self-employed who must file a return. Anyone who is receiving income which cannot be taxed in the normal way must usually do so - and pay whatever tax is due. That income could include rent earned from an investment property, share dividends, foreign income, and money from nixers.

Start to get all of your paperwork together now. You will need your P60 if you are a PAYE worker with non-PAYE income. You will also need your spouse's P60 if you are married and jointly assessed for tax purposes. You will need receipts for any expenses which you are writing off your tax bill, a set of accounts nearby if you are filing a return for a trade or profession, and bank statements detailing any interest you earned on savings.

Sunday Indo Business

Business Newsletter

Read the leading stories from the world of Business.

Also in Business