Form 11, pensions and CGT: End of year accounting deadlines 

It’s Q4 and it’s the busiest time of year for accountants, the self-employed, and many businesses alike. Beat the rush and get started well before the end of October to avoid last minute panics and possibly losing out on deductions.

Income Tax 2023 – Form 11

It’s almost time to submit self-assessment tax returns for the year 2023 (Form 11).

• The ROS Pay and File deadline for 2023’s Income Tax Return (Form 11) is 14th November 2024.
• Paper applications must be lodged by October 31st.
• You may be required to pay preliminary tax for 2024. Ensure you have sufficient funds for this, or contact your accountant to make arrangements with Revenue as a priority.

Late filing may mean penalty surcharge, added interest, and public listing by Revenue. Get your income tax information now and get it to your accountant as quickly as possible.

Form 11 – here’s what’s needed:

As well as income from all sources, useful information includes:

• medical expenses;
• details of capital gains and losses;
• details of rental expenses if claiming the rent tax credit;
• remote working expenses if claiming remote working tax relief;
• details of mortgage interest on principal private residence if claiming the mortgage interest tax credit;
• and details of any pension contributions.

Reduce your tax liability by ensuring you have the correct documentation and applied for any deductions available while running your business. Common allowable expenses can include:

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

It is essential all your details are up to date and accurate; if in doubt, get advice earlier rather than later.  If in doubt, get advice!

Other important financial deadlines include:

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 2024.

If you are using ROS, you can reduce your 2023 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 14th November 2024 for the tax year 2023.

Gifting and Capital Gains Tax

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

Where Capital Gains Tax (CGT) applies, the dates you pay and file CGT are based on the date you sold, gifted or transferred an asset. Ensure you have explored all your options and availed of any applicable reliefs well in advance of these dates.

For any gains and disposals made between:

• 1 January and 30 November (the initial period), you must pay CGT by 15 December of the same year.
• 1 December and 31 December (the later period), you must pay CGT by 31 January of the next year.

Check in with your accountant well before these dates to maximise savings and minimise stress.

Need Form 11 help? Get in touch with us today.