2010 Tax Returns now being prepared.

If you think you are due tax back for 2010 or want to be prepared in advance of the October deadline for your tax liability, your tax return can now be prepared. Even if you have a liability and submit your return early, your tax liability is still not payable until 31 October 2011.

The 31st October 2011 deadline relates to

• Filing your 2010 income tax return
• Paying your 2010 income tax liability
• Paying your 2011 preliminary tax liability
• Filing your 2010 Capital Gains tax return

Revenue may charge interest and penalties or there may be a risk of audit where returns are not filed on time. Refusals of tax clearance certificates may also apply if tax affairs are not up to date. Company directors who file late, may result in the company’s tax clearance cert not being issued (even where a company’s tax affairs are up to date).

You are required to file an income tax return if you;

• Are a PAYE Employees with other income.
• Are a Landlord.
• Are a Company directors: new start ups even if a company has not traded you are still obliged to file a return. IMPORTANT: Company directors are liable to severe penalties even if they have no tax due.
• Are a Sole-trader: We can prepare the accounts or be given the accounts and your tax return can be prepared accordingly.

ROS

If you pay your income tax and file your return online using the Revenue Online Service (ROS) you can avail of an extension to the 31st October deadline. The extension for the 2010 tax return is 15th November 2011, which becomes the due date for your tax return and payments.