The deadline for 2014 income tax return self-assessment is 12 November 2015. Self-assessment is where you make your own assessment to income tax or capital gains tax as appropriate. In previous years, Revenue would assess you on the basis of the information you entered in your return of income. However in 2014 Revenue introduced changes so that you must now self-assess when submitting your return of income.
You make a self-assessment when you file your annual tax return by completing the self-assessment panel in that form. You must complete this panel in full and make the declaration at the end of the panel before submitting the form to Revenue.
Each self-assessment must include:
- the amount of the income, profits or gains for the period;
- the amount of tax chargeable for the period;
- the amount of tax payable for the period;
- the amount of any late filing surcharge;
- the balance of tax payable after taking into account any tax paid direct to the Collector General.
In addition to these amounts, an income tax self-assessment should include a breakdown of the amount of tax chargeable showing the amount of income tax, USC, and PRSI due. No appeal can be made against your self-assessment or an amended self-assessment made by you.
The ROS Form 11 will provide a calculation of your tax liability. You can agree with these figures to make your self-assessment. In the event that the tax calculation provided by Revenue is incorrect and you have made a self-assessment in accordance with that calculation (and have paid the tax in accordance with that calculation):
- any additional tax due by reason of Revenue’s tax calculation being incorrect shall be due and payable not later than one month after the date of the amendment of the self- assessment; and
- interest and penalties will not apply to the extent that you have included a self-assessment that was in accordance with Revenue’s calculation.
Where you self-assess, Revenue will acknowledge receipt of your self-assessment, but no longer issue a notice of assessment instead you receive a self-assessment letter. It is important to note that you must include details of tax already paid (preliminary tax) when completing your self-assessment.
If you do not include the details of the tax already paid to the Collector General, it will be necessary for Revenue to issue a notice of assessment to bring the correct amount of tax already paid into account. As a result you will not be regarded as having self-assessed correctly and Revenue may impose a penalty of €250.
If you require assistance in completing your tax return, please do not hesitate to contact us.