2021 Irish income tax returns are due in the next 4 weeks.
Mid-October is here. For many people in Ireland that means self-assessment tax returns for the year 2021 (Form 11) are soon due.
There are no major changes from the 2020 tax year, says Thomas O’Regan, Senior Manager at Paul O’Donovan & Associates, but a timely information flow is critical for both meeting deadlines and minimising your tax liability.
The deadline for paper forms is October 31st 2022.
Returns through the Revenue Online Service (ROS) are due two weeks later, on November 16th 2022.
Getting help with your tax return
If you are considering engaging an accounting professional for the first time, information flow is the key to getting it done efficiently, says Thomas. “Before talking to someone have the basic documents such as bank statements, sales and purchase invoices, investment income, and capital gains information assembled.”
People who have a financial advisor should already be engaging with them more often than once a year. While there’s often October rush on financial advisors, Thomas recommends a more wholistic approach; financial planning, including tax planning, should be undertaken regularly to establish targeted financial goals and opportunities.
“A trusted advisor can add value to clients year-round. Engage with them regularly throughout the year, not just at Tax Year end deadlines.”
Allowable expenses for self-assessed tax returns
Don’t miss out on tax savings – make sure you are claiming any allowable expenses available to you. When claiming for expenses incurred running the business, it’s vital that you hang on to your documentation.
Common expenses include:
- Business loans and interest on loans
- Insurance costs
- Rent, rates and some energy costs
- Car, van and travel expenses
- Repair and maintenance of plant and equipment
- Some types of asset purchase
- Consultancy fees and advertising
You can find a complete guide on the Revenue Website.
Ensure you have kept all the relevant documents and that you have only claimed expenses to the amount they are allowed for. It is also essential that all your details are up to date and accurate when you self-assess.
To sum up; be timely, be thorough, keep the receipts and check your options. And if you’re in doubt, get advice.