Act now to meet financial deadlines in 2023

2023 year-end accounting deadlines are here

It’s Q4 and it’s the busiest time of year for many accountants. Check in with your accountant well before these dates to maximise your savings – and minimise your stress!

Income Tax 2022

It’s almost time to submit self-assessment tax returns for the year 2022 (Form 11).

  • The deadline for paper forms is the 31st October.
  • For those who file and pay taxes online, or through their accountants using ROS, the deadline is two weeks later on 15th November 2022.

Reduce your tax liability by ensuring you have kept the documentation for and applied for the wide range of tax deductions for expenses incurred while running the business. Not sure what you can claim? Common allowable expenses can include:

  • Insurance costs
  • Consultancy fees
  • Advertising
  • Rent and rates
  • Energy
  • Business loans and interest on loans
  • Car, van and travel
  • Repair and maintenance of plant and equipment
  • Asset purchase

It is essential that all your details are up to date and accurate when you self-assess. If in doubt, get advice!

Pension planning

Company owners and employees alike should check in on their pension options and obligations well before the year end deadline of 31st Dec 2023.

If you are using ROS, you can reduce your 2022 personal tax by making contributions to your pension scheme. Personal pensions and AVCs should be considered by those that wish to make a contribution before 15th November 2023 for the tax year 2022.

Capital Gains Tax

For any gains made between 1st January 2023 and 30th November 2023 the applicable CGT should be paid by 15th December 2023. Ensure you have explored all your options and availed of any applicable reliefs.

The annual gifting exemption closes on 31 December. You can make a tax-free gift of €3,000 per person each year.

Business budgeting for 2024

Business owners should avoid a December panic by preparing their budget for 2024 well in advance.

Do you have enough protection and cover? Consider whether your cover levels are still adequate and accurate, including: key person insurance cover, life assurance cover, critical illness cover, income protection and provision for pension for both company directors and employees.

We also recommend getting ahead of payroll changes now. There are various  changes coming (including Enhanced Reporting Requirements on 1 January 2024) and Revenue has said they will be focusing on compliance in this area.

Our advice is that you should start planning in October to have your budget in place and ready to start on January 1st.

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