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Essential Tax Filing Guide for Self-Employed and Property Owners

Navigate the complexities of tax filing with our comprehensive guide. Discover crucial deadlines like October 31st for paper filing and November 15th for online submissions. Understand who is required to file, including the self-employed, directors with significant shareholdings, and those receiving rental or investment income. Learn how to minimize penalties and reduce your tax bill through strategic planning and credits. Get familiar with the services of TaxAssist Accountants, specializing in tailored solutions for small businesses across Ireland.

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Essential Tax Filing Guide for Self-Employed and Property Owners

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Presentation Transcript

  1. Agenda • Do I have to file? • When do I file? • What are the penalties? • How can I reduce my tax bill? • Rental property issues • Who are TaxAssist Accountants?

  2. Do I have to file? Yes if you are… • Self employed • Director and you own more than 15% shareholding in a company • Have rental income

  3. Do I have to file cont.… Yes if you have… • Investment income • Shares or share options • Other non PAYE income

  4. Deadlines • 31st October 2012- Paper Filing • 15th November- Online Filing Filing on time is crucial!

  5. Compulsory online filing • New scheme introduced by Revenue- will have impact on anyone doing their own return • Applies to anyone claiming tax relief such as: • Pension contributions • Covenants • Maintenance payments

  6. What is due on October 31st? • Tax return- form 11 or form 12 • CGT return if applicable • Tax Liability- cheque, credit card, online bank transfer • Preliminary tax for 2013

  7. What is preliminary tax? • Advanced payment of your 2013 liability • Can be calculated using 3 methods. 2 most common • 100% of 2012 liability • 90% of 2013 • Not paying opens you to late payment interest

  8. Penalties for filing late • 5% surcharge of tax liability for the year • More than 2 months late increased to 10%. Example: 3 months late, tax liability for the year was €15,000 paid through the PAYE system. A surcharge of €1,500 would be payable.

  9. Tax Tips: Claim all your credits Tax credits people tend to forget • Health- 20% of expenses. Remember to claim for your family • Home carers credit • Nursing home costs

  10. Tax planning • Contribute to a pension scheme • Split income with your spouse • Claim trading losses against other income • Consider setting up a limited company

  11. Rental Property • Up to € 10,000 relief from room in your own house • Capital allowances on furnishings- don’t forget • Interest relief- 75% of interest only not capital • Must be registered with PRTB to claim interest relief

  12. Difficulty paying tax • File your return anyway • Contact Revenue Commissioners • Agree installment arrangement- Be realistic

  13. Who are TaxAssist Accountants?

  14. Who are TaxAssist Accountants? • We are Ireland’s leading accountancy network with 25 branches across Ireland • We specialise in helping Small Businesses and as a network are servicing over 3,000 clients • We offer clients Fixed Fees – no hidden costs, so you know what you are paying in advance • Our Fees include all correspondence and free business advice to clients

  15. We focus only on the SME sector • Friendly and approachable • Fixed fees agreed in advance • Prompt completion of accounts and returns • Tailored service • No jargon • Regular and flexible appointments

  16. Our core services: • Business accountancy • Tax returns and advice • Bookkeeping services • Payroll • Business plans and financial projections • Company formation

  17. Thanks for listening Questions?

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