Important Tax Deadlines 2020

We are living and working through some challenging times at present with a need to adjust to a ‘new normal’ which can be as difficult in the business world as it is in our home lives. As always, we here at Ecovis DCA want to help our clients and friends stay up to date, and have compiled the current tax return deadline changes we believe you may need to be aware of.

In light of the current public health situation, any shift in deadlines may make all the difference to your company. In addition to the below, it is worth noting that the HMRC are currently readying for Brexit, if your company has dealings with the United Kingdom, it would be wise to stay up to date on any changes here. In these volatile times, any shift in deadlines can be a massive boost to companies.

Income Tax:

The Government have recently stated that income tax will remain unchanged in the coming Budget. The deadline for self-assessed customers filing online will be extended from November 12th to December 10th.*

Corporation Tax:

Revenue recently announced a 4-week extension of the online filing system for Pay and File customers. The new date for customers submitting their 2019 self-assessment online will be Thursday, December 10th. Those not paying online must still file by October 31st. In addition to this change, Revenue has confirmed that the deadline for Corporate Tax return surcharge suspension will remain September 23rd.

Gift Tax:

Revenue has also announced that they will be extending the filing deadline for beneficiaries of gifts or inheritance for the year ending August 31st, 2020. This deadline has been shifted to December 10th for customers to make their CGT return, and as always this must be done via the Revenue Online System (ROS).

Local Property Tax:

For the third time, the reevaluation date for Local Property Tax has been deferred. The new date has been set as November 1st, 2021. This deferral is intended to bring forward legislation on the basis of fairness, bring new homes previously exempt into the system and to ensure that all monies collected in a given county will stay within that county.

Carbon Tax:

Minister for Finance, Paschal Donohoe has stated that he intends to repeat last year’s change to carbon tax and reinvest funds into areas which will assist with climate change.

*Please remember that these deadline extensions apply only to those filing online via ROS. If you are not filing online, your deadlines of October 31st will remain unchanged and failure to file on time may result in disciplinary action.

We hope that this information will be of use to you and that if these extensions are the wiggle room your company needs. As always, we here at EcovisDCA are here for you. Should you require any assistance or guidance on any business or financial matters, Please do not hesitate to contact us.