Chartered Accountants Rule Out Pay & File Changes

April 19, 2013

Chartered Accountants Ireland have today slammed as “simply impossible”, a proposal to bring forward the annual Income Tax pay & file deadline for self-assessed taxpayers.

This follows a report earlier this week that the annual 31 October deadline, for Form 11 tax returns, was to be changed from 31 October to a “much earlier” date.

Help - Self Assessment Tax Return

In a note to its members this afternoon, the accountants’ Institute states that it has received confirmation from the Department of Finance that the self-assessment Income Tax payment date of 31 October “will not be brought forward in 2015”.

The timing of the annual Pay & File tax deadline is now a live issue, as the terms of the EU Stability and Growth Pact now require Ireland to complete its annual exchequer Budget much earlier than the traditional first week of December.  For this reason, Budget 2014 is scheduled for 15 October next.

The level of self-assessment tax receipts is always a key factor in each year’s Budget and the Dept of Finance will now face additional difficulties in preparing annual Budgets before they can confirm the amount of self-assessment taxes receivable in late October/early November.

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However, Chartered Accountants Ireland have now reiterated to the Department of Finance, their belief that “it would be simply impossible for indigenous Irish business to comply with earlier Self Assessed Income Tax payment and filing arrangements“.

They have also highlighted “the disruption and administrative burden which would follow if the filing date was to be brought forward“.

The shelving of the earlier tax deadline would be a welcome relief for tens of thousands of business taxpayers and other individuals who are obliged to file self-assessment returns in respect of rental and other income.

It would also avert a threatened nightmare for workers in accounting and book-keeping  firms who already face considerable pressure and stress in managing the annual tax return deadline season.


Earlier Pay & File Tax Return Deadlines On The Way?

April 18, 2013

The annual self-assessment tax filing deadline is set to be brought forward to a “much earlier” date, according to a report by Brendan Keenan in Monday’s Irish Independent.

At present, self-employed individuals, company directors and others must file their annual Form 11 income tax return by 31 October. A later deadline of mid-November applies to online returns.

Pay & File Tax Deadline

Under new Eurozone financial monitoring rules, the Irish government will apparently be obliged to bring forward the annual Budget from December to October each year. Accordingly, the 2014 Budget has been scheduled for 15 October this year.

Self-assessment taxpayers will have a further month, until 14 November, to declare and pay their Income Tax liabilities for 2012 and Preliminary Tax payments for 2013.  This means the Dept of Finance will be framing the 2014 Budget without knowing the total amount of tax receipts for 2013.

In order to prevent this anomaly becoming an annual problem, it is now being suggested that the tax return deadline be moved forward next year.

If the tax deadline is brought forward by 7 weeks, in tandem with the change of date for Budget Day, this would suggest a new Pay & File deadline date in early-to-mid September. If the current online filing extension is continued, we can expect the final deadline in late September for online returns.

This would represent a major change, both for self-assessment taxpayers and for accounting and book-keeping firms who prepare tax returns for their clients.

It takes quite a leap of faith to expect that accounts staff will be happy to work crazy hours preparing tax returns throughout the month of August, when everyone else enjoys their summer holidays.

On that basis alone, I would have serious doubts over the feasibility of a September tax deadline.

Remember than two years ago, the 2011 Finance Bill included a proposal to bring forward the Pay & File deadline by one month t0 30 September.  This quickly attracted controversy and was later quietly dropped.

Sadly, with the EU now setting the agenda, its quite likely that the tax authorities will have no wriggle-room this time.

Interesting times ahead for us all…


Revenue confirm ROS Pay & File Tax Return Deadline is 14 November 2013

April 4, 2013

A Revenue eBrief today confirms that this year’s Pay & File deadline for 2012 tax returns is being extended for online returns from 31 October to Thursday 14 November 2013.

However, this is subject to some terms and conditions.

14 November 2013 Pay & File Tax Deadline

To avail of the extended deadline, you must, by 14 November next

  1. file your 2012 Form 11 Income Tax return using the online ROS system.
  2. make your ‘Pay & File’ payment via ROS, to cover:
  • your Preliminary Tax for 2013;  and
  • any remaining balance of Income Tax you owe for 2012.

The extended deadline only applies, if:

  • you file your Form 11 tax return on ROS; and
  • you use ROS to make the required Income Tax payment.

Capital Gains Tax

The Revenue eBrief makes no mention of any extension to the Capital Gains Tax return filing deadline of 31 October 2013.  If you pay Income  Tax under self-assessment, you must file your Capital Gains tax details as part of your 2012 Form 11 Income Tax Return.

The deadline for such ROS-filed returns may now extend to 14 November.

On the other hand, if you pay all your taxes under the PAYE system, and had a 2012 Capital Gain, you must file a Form CG1 Capital Gains Tax return by the earlier deadline of 31 October.

Capital Acquisitions Tax

The deadline extension also applies to Capital Acquisitions Tax (CAT) payments and IT38 returns for gifts or inheritances with valuation dates in the year ended 31 August 2013. Again,  return & tax payment must both be made through ROS.

Pension Payments

In previous years, the extended November deadline has also applied for the purposes of RAC, AVC and PRSA pension payments.

Today’s Revenue eBrief does not mention this particular issue although I expect that the 14 November deadline will again extend to such payments, where the individual pays & files via ROS by 14 November.

If you are considering making a pension payment in November and wish to claim the tax relief against your 2012 liability, you should first double-check that the extended deadline applies to pension payments.

Unless you are 100% sure,  it is safer to work on the assumption that the previous 31 October deadline applies, and to make any your qualifying pension payment by the end of  October.