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Revenue Irish Tax Firm

Important Tax Deadlines 2020

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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 that 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 Ecovis DCA are here for you. Should you require any assistance or guidance on any business or financial matters, please do not hesitate to contact us.

TAX DEADLINE EXTENSION

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Nothing strikes fear into the hearts of business-owners quite as harshly as a looming tax deadline. Here at DCA Accountants we aim to make your day brighter and simpler, so we are delighted to bring you the news of an extension on the ROS Pay & File Tax Deadline.

 

Now, before you all celebrate too much, it is a very slight extension. The previous deadline was October 31st 2015, and has now been shifted to November 12th 2015. Not quite as magnificent a time lapse as you might have hoped, but it might give some much needed wiggle room. This extension will only apply if you file your FORM 11 tax return and use Revenue’s Online Services (ROS) to complete the required income tax payment.

 

We would advise completing this ASAP, as opposed to waiting it out until the last minute to avoid unnecessary stress or mistakes in filing.

 

Whilst this is a welcome extension for most, it is noteworthy that the deadline is becoming consistently earlier each year making returns increasingly difficult. As such, it is vital to stay on top of your documentation throughout the year.

 

It is not yet known if this extension will apply to all tax returns, and until this is confirmed we would suggest assuming that it remains October 31st and aiming for this date in order to avoid any issues. If all taxes are paid under the PAYE system and you yourself had a Capital Gain in 2014, FORM CG1 CAPITAL GAINS TAX must be completed and returned by October 31st.This new extension will not apply.

 

Whilst this extension may be of relief to some, it is advised to carry on as normal and as though the deadline remains at October 31st as it is safer to act under this assumption, than take chances and risk penalties. As always, should you have any concerns or queries we at DCA Accountants are available to assist you in this matter.