The deadline for all self-assessed individuals to file their Form 11 tax return & submit payment has been extended, Revenue have announced.
Clients that file their 2019 Form 11 return and pay the following;
- Preliminary Tax due for 2020
- Income Tax Balance for 2019
Will qualify for the extended due date of Thursday, 12th November 2020.
As with every year, as it is an extremely busy period, we would advise all our clients that in order to give enough time to review your tax year and to submit it on time, paperwork must be submitted as soon as possible for 2019.
Your tax return can be filed at any time between now and the deadline.
Here are 5 reasons why you should file your Tax Return early this year…
- Plan Ahead
If you file your return and are due to pay a liability, this is due by 31st October (or the extension deadline as per above). Therefore, if you’re liability is calculated in advance, it gives you time to prepare and budget.
- Less Stress
Submitting your paperwork to your accountant early means there is less pressure on both sides to complete and file your return on time. Giving your accountant more time to prepare and review your return. If your paperwork is received late or too near the deadline, your accountant may not be able to guarantee filing it on time.
- Avoid Surcharges
If your return is filed after the deadline of 31st October (or the extension deadline as per above), you will be subject to surcharges and interest owed. You also run a higher risk of being selected for an audit.
- More efficient
The longer you leave your return nearer the deadline, the busier Revenue will be. If you are due a refund, the sooner you apply for this the better as you may need to wait a lot longer once we approach 31st October deadline due to the volumes of returns Revenue need to process.
- Peace of mind
Being more organised and submitting your return early, gives you that peace of mind that you have completed your tax obligations and won’t have that rush in October.
Contact us today to begin preparing your 2019 return on 01 539 7999 or email@example.com