Tax deadline advice from Stephens Cooke & Associates

Sheila Mullen of Stephens Cooke & Associates has some advice on tax returns

The personal income tax return deadline is October 31 so it’s time to gather your information together to ensure your return is processed well in advance of the income tax return deadline 2013.

If you intend to pay your tax in full and file online you may avail of the extended Pay and File deadline which is Thursday November 14. To avail of the extended deadline both the Form 11 and the payment of income tax and preliminary tax due must be made through the Revenue online system.

Who is required to file and income tax return?

All self-employed people are required to file an income tax return each year. In addition all PAYE earners with non-PAYE income in excess of €3,174 per annum are required to file an income tax return. Non-PAYE income is any income, eg rental income, deposit interest, investment income, which is not already taxed through the PAYE system.

In addition any person who has disposed of capital assets for example land, property, shares and certain types of investment during the period may have a requirement to file a return.

To help you in preparing for the income tax return deadline we have put together some helpful tips and advice.

What details do you need to send in to your accountant to prepare your income tax return?

Details of your earned income for the year, including P60s and tax credit certificates

Details of all investment income (eg, rental income, bank/building society interest/dividends, etc )

Details of any chargeable assets acquired or disposed of by you during the year

Receipts in respect of any medical expenses incurred during the year

Details of any new sources of income, ie items not included on your last return of income

Details of any other reliefs you may be entitled to, eg permanent health insurance, rent relief, retirement annuity contributions, etc.

Details of any change in circumstances during the year (eg, marriage, separation of death or a spouse ) which may impact your taxation circumstances.

For further information please contact Sheila Mullen, Stephens Cooke & Associates, Blackhall

Mullingar by calling (044 ) 9345900.

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