Income Tax Return Services
If you are self-employed or a PAYE worker and have other non-PAYE income, you will be regarded as a “chargeable person” and will be liable to self-assessment and Income Tax Returns.
Under the self-assessment system you are required to:
- Submit your completed Income Tax Return (Form 11) to your Inspector of Taxes on or before 31 October flowing the year of self-assessment
- Pay your preliminary tax on the due date in the year of assessment.
As a sole-trader you are liable to income tax at 20% and 40% on the profits earned by the business each year regardless of the actual cash you withdraw from your business. You are also liable to PRSI and the Universal Social Charge.
If your tax return is not submitted by 31 October, a surcharge will be added to your tax bill. The amount of the surcharge will depend on when your tax return is eventually submitted. A surcharge of 5% of the total tax due (up to a maximum of €12,695) is added where you tax return is submitted before 31 December following the year of assessment or 10% (up to maximum of €63,458) where the return is submitted after 31 December following the year of assessment.
At Dublin Tax Accountants we understand the importance of accurate and timely completion of your income tax returns. Therefore, our team will take the pressure off your shoulders and submit the tax return on your behalf.