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Income Tax Return

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Income Tax Return

Who Needs to File a Income Tax Form 11?
Chargeable Persons are required to submit a Income Tax Form 11 to the Revenue Commissioners on or before the 31st October each year.

A Chargeable Person is an individual who has non-PAYE gross income in excess of €30,000 or assessable non-PAYE income of €5,000 or more.

Company Directors, owning more than 15% of the shareholding in the company, are also required to complete a Form 11 each year.

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Non-PAYE income includes:

  • Income from a Trade, Profession or Vocation
  • Deposit Interest
  • Irish Rental Income
  • Income from Fees, Covenants, or Distributions (incl. Dividends)
  • Foreign Income
  • Exempt Income (for example, when availing of Rent a Room relief)
  • Annual Payments (for example, maintenance payments)

Information required for your Income Tax Return:

  • Personal Details – Name, Date of Birth and PPS number (self and spouse)
  • PAYE Income – You can get this information from your Employment Summary from Revenue. Details required are Gross Pay, Tax Paid, Gross pay for USC and USC Paid
  • Social Welfare Receipts – Total of taxable social welfare amounts received during the year
  • Trade/Profession/Vocation – details of accounts required, including total income/sales/receipts and breakdown of total expenses. An accounts extract is required for each trade or profession. Items include, sales, grants and other income, purchases, wages, subcontractor costs, professional fees, repairs, renewals, motor expenses and other expenses.
  • Details of losses and capital allowances (carried forward or current)
  • Any Rental Income and related expenses
  • Details of other income as mentioned above
  • Tax Credits – you should have received a tax credit certificate from Revenue detailing your personal tax credits. However, you may be entitled to additional tax..

What Happens Next?

Once you have filed your income tax return, you will receive a notice of assessment (NOA) from the Revenue Commissioners outlining the tax payable (or repayable) for the year.

The NOA will also show a breakdown of your income and tax credits allowable and a calculation of the tax liability.

This process will generally take a couple of days if completed online. It may take longer if submitted by post. It can also take longer to process if you submit close to the 31st October deadline.

Revenue Commissioners can request additional supporting documentation. You are required to keep such documentation and records for six years.

You may at any point be subject to a Revenue Inquiry or Revenue Audit at which time you are advised to seek advice from a professional.

How to pay your Income Tax Liability:

You can pay your income tax liability online through ROS using a ROS debit instruction, credit or debit card. Alternatively, you can send a cheque or bank draft directly to Revenue Commissioners, with details of taxes to be paid and your PPS number.

If you are in a refund position, Revenue will send you a cheque or refund the amount into your bank account.

Payment Dates:

If you have satisfied the Preliminary Income Tax obligations for the previous year, then the balance of your tax liability is due on 31st October or the extended filing date.

If you have not satisfied your Preliminary Income Tax obligations then, the balance of your tax will become payable immediately upon filing your return.

What is Preliminary Income Tax Liability?

Preliminary Income Tax liability can be based on either 90% of your actual tax liability for the current year or €100% of your tax liability for the previous year.

As people do not know their liability for the current year, it is generally recommended to pay 100% of the previous year’s liability, if possible, to guarantee no additional surcharges or interest. For example, if your tax liability for 2023 is €5,000, your Preliminary Tax for 2024 will also be €5,000 based on the second option.

Preliminary Tax for the year 2024 is due for payment on 31st October 2024.

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