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2012 TAX DEADLINE LOOMS

September 5, 2013 Uncategorized 0 Comment

Tax return deadline looms, but there’s still time to reduce your 2012 tax liability

 

It’s that time of the year again when the Income Tax filing deadline is looming on the horizon.

The deadline for submission of paper tax returns is 31 October, but most taxpayers file on-line, so the deadline for 2012 returns is extended to 14 November.

Taxpayers are required to submit the following on or before the deadline:

–          2012 Tax Return

–          Balance of Tax due for 2012

–          Preliminary Tax payment for 2013.

There is still scope to reduce your 2012 tax liability by making pension contributions before the filing deadline. Contributions to a pension fund (for example a Retirement Annuity Contract, PRSA or AVC Fund) which are paid before the filing deadline can be used to reduce the 2012 tax bill. Many taxpayers take the view that it’s better to put money in a pension fund rather than give it to the taxman.

The October deadline also applies to Capital Acquisitions Tax (CAT). Taxpayers who received gifts or inheritances in the year ended 31 August 2013 are required to submit a CAT return and pay any tax due by 31 October, or 14 November if filing on-line.

We encourage our clients to forward their tax return information as early as possible. This helps to avoid unpleasant surprises at deadline time and gives the taxpayer time to organise funds for any payments due to Revenue. If a refund is due, early submission should ensure that Revenue issue the refund payment without delay.

Please give us a call if there’s anything you’d like to discuss in relation to the filing deadline, or any other matter.

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