It is not just the self-employed who must file a tax return. It applies not only to sole traders, the self-employed and farmers but also to those individuals that the Revenue Commissioners deem as ‘Chargeable Persons’. The tax deadline is fast approaching (on or before October 31st and if filed electronically, the deadline is November 10th).
What are the most common mistakes people make?
Moran McNamara is a specialist tax and accountancy practice offering professional services to individuals and business owners covering all taxes including the preparation of Income Tax returns. Declan McNamara, Sheila Moran and their team share their expertise to make the process as stress free as possible. Some top tips…
- As the tax return form is very long, it is easy to overlook some of the information that needs to be filled out
- People often forget to claim tax reliefs that they are entitled to. Examples include college tuition fees, permanent health insurance, medical expenses, private pension contributions
- Make sure to offset all legitimate expenses against your self-employed income
- Ensure all income is noted e.g. rent earned from an investment property, share dividends, maintenance payments, foreign pensions, income earned for ‘nixers’ (such as lectures or grinds), any profits you make from exercising share options
- Make sure to include taxable social welfare income such as pensions, job seekers benefit, maternity benefit
- You should also declare any interest earned on deposit accounts, including foreign accounts
- Remember, if your property tax obligation is not up to date by the time you file your income tax return a surcharge will be incurred
Declan McNamara identifies an area that many may not be aware of “Whilst an income may be exempt from tax, it may still need to be returned to revenue, an example would include income earned from keeping a foreign student in your home. Other exempt income, such as forestry income and childcare income, whilst tax exempt, may be assessable to USC and PRSI”
What Moran McNamara can do for you?
Olivia Sugrue, FCCA, Moran McNamara’s newly appointed accountant outlines. ‘We offer a comprehensive accounting and taxation service to ensure you meet your filing obligations with the revenue commissioners, ensuring the return is prepared in the most tax efficient manner, potentially saving you money.
Should you prepare your own tax return, we also offer a Review Service, providing assurance that your computations and returns are correct and you are availing of all eligible tax reliefs.’Call us on 071 9671524 to find out more.