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Steps To Take If You Miss The Tax Return Deadline

24 Jan 2023

While at least 10 percent of the Irish population has been fully vaccinated, we are still faced with a lot of uncertainties. It’s understandable if life gets in the way of your plans. Every year, thousands of taxpayers miss the deadline for filing tax returns. It won’t be any different this year. There are many reasons why you might not be able to file your returns on time.

We are here to help you figure out what to do if you miss your tax return deadline. Here are the steps you should take if you don’t file your returns on time:

1. Don't panic

The first thing you should do when you realize that you’ve missed the deadline is to avoid panicking. You won’t be arrested. Neither will you receive a summon from Revenue just because you've missed the deadline. You will only pay penalties for late filing. But this doesn’t mean you should get lulled into a false sense of security. The longer you wait after the deadline the more penalties you will pay.

2. File your return

Secondly, and most importantly, have your tax returns filed. As mentioned, the sooner you file the returns, the less you’ll pay in penalties. The penalties usually depend on your tax liability. Revenue surcharges five percent of the tax liability, up to f €12,695, for the year. This increases to 10 percent, capped at €63,485, if you missed the deadline by more than two months. Besides the surcharges, Revenue also has the powers to apply a daily interest of 0.0219 percent for late filing.

3. Apply for a waiver

After you’ve filed your returns, you can apply to have the penalties waived. But you need a reasonable excuse for late filing. Revenue can waive your penalties if you were seriously ill or suffered a family bereavement before the deadline. Other reasonable excuses include
The tax agency also advised it would consider waiving penalties if you experience difficulties submitting your returns due to COVID-19.

4. Set up a payment plan

The Revenue is very strict on what it accepts as a reasonable excuse and looks at each case individually. If your application for waiver of penalties isn’t successful, you will have to pay the penalties. Some people are always tempted to hold on until they can pay the amount in full. You’re just creating a bigger problem in the long run because the penalties and interest accrue.

Instead, engage the Revenue on how you can make phased payments. This will ensure that you aren’t subjected to any additional collection actions.

5. Start planning for the next tax year

Once you’ve put the stresses of the delayed filing behind you, you need to get organized for the next year to avoid a repeat. It’s never too late to start getting ready for next year’s tax returns. You can always file your returns as soon as the New Year celebrations are over. This helps you to avoid unnecessary delays that end up in penalties. It also reduces your chances of being subjected to the dreaded Revenue audit.

We Can Help

We have been working with many people across Ireland to file their returns correctly and on time. We will save you the headache of late returns. If you need any help filing your tax returns, do not hesitate to get in touch with us.