Income Tax Returns for Directors

We usually get some queries around tax deadline, “I’m a director of a company, do I need to file a return”?

The simple answer is – Most Likely!

An Irish Limited Company director (proprietary director), who owns more than 15% of shares in the company, is obliged to file an Income Tax Return annually on or before 31st October each year for the previous year.  A proprietary director who has received any income in the past year, is required to declare this to Revenue in their return. If your shareholding is less than 15% and you do not receive and income from the company, you are not required to file a return.

Income sources that are required to be declared on a tax return include wages (from the company and/or employment), rental income, dividends, capital gains and foreign income.

If a director has not received any income in the last year, a nil return still has to be filed with Revenue by the 31st October deadline. If you are unsure about your obligation, please consult an accountant or tax professional who can advise you on this.

Have a query on this? Contact us info@itasaccounting.ie

Please note this article is for information purposes and does not constitute advice. Details correct at time of publishing.