As you’re aware, the Income Tax / self-assessment Tax Return filing deadline is 31st October 2024.
There is an extension to 14th November 2024 providing you file both (i) your 2023 Income Tax Return and (ii) the Income Tax Balance due for 2023 as well as your 2024 Preliminary Tax payments though ROS.
You should register for Income Tax self-assessment if:
You are obliged register for Income Tax purposes if
If you do not use ROS to file your Income Tax Return , the tax deadline remains 31st October 2024.
The Non-Resident Landlord Withholding Tax (NLWT) system came into operation on 1st July 2023.
Collection agents of non-resident landlords may opt to use the NLWT system.
The 2023 Form 11 Income Tax Return contains a new section that should be pre-populated, providing the gross rental income figure and the withholding tax which have been processed through the NLWT.
For further information, please click: https://www.revenue.ie/en/property/rental-income/nlwt/index.aspx
For complete information, please click: https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-45/45-01-04.pdf
This credit was introduced for 2023 only.
This tax credit is for taxpayers who have made payments in respect of a qualifying loan for a principal private residence.
A new section has been added to 2023 Form 11 Tax Return for the purposes of claiming of the Mortgage Interest Tax Credit.
The relief is available to homeowners, who as of 31st December 2022, with an outstanding mortgage balance of between €80,000 and €500,000 and meet the necessary conditions.
For further information, please click: https https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/land-and-property/mortgage/index.aspx
For complete information, please click: https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-15/15-01-11B.pdf
If you fail to meet the October 31st Income Tax Return deadline, you could be liable to an interest charge for each day you’re late. Statutory Interest on the overdue tax liability is calculated at 0.0219% per day or part thereof.
This is in addition to a surcharge:
Please be aware that the information contained in this article is of a general nature. It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.