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Taxback.com the tax experts, contend that this year, Revenue are better equipped than ever to pursue those who file late – or who don’t file at all. Photo: www.123rf.com

Self-employed, non-PAYE employees and a growing number of PAYE employees with additional income are reminded that the October 31st tax return deadline has passed.

Taxback.com the tax experts, contend that this year, Revenue are better equipped than ever to pursue those who file late – or who don’t file at all.  

Barry Flanagan, Tax Consultant with www.taxback.com said Revenue is fastidious when it comes to self-assessed tax payers filing tax returns and is consistently strict on imposing penalties.

"We’ve worked with a large number of PAYE workers who were surprised to know they too are obliged to file a tax return due to having additional income, like for example, rental or investment income. But failing to file will can often lead to fines and penalties, and the sooner it’s dealt with the lower the likely cost”.

The hugely successful implementation of the LPT, has increased both the scope and quality of information that Revenue have on Irish taxpayers –  Revenue are perfectly entitled to use all information at their disposal, from whatever source, to target increased compliance.

Taxback.com say that those who think they will 'get away' with tardy efforts to file or not filing at all grossly underestimate the resolve of the Revenue. In 2013 Revenue carried out 626,561 interventions resulting in a yield of over €548 million. At the sharp end of compliance, Revenue secured 484 criminal prosecutions.

While the 31st of October deadline has passed, you have until November 14th if you file via ROS to avoid hefty surcharges (5% of the amount of tax payable for the period subject to a maximum surcharge of €12,695 where the return is filed within two months of the deadline.

Otherwise if the return is filed more than 2 months after the deadline, a surcharge of 10% is imposed subject to a maximum of €63,485. In the worst case scenario, people may be faced with tax geared penalties which can be as much as 100% of the tax liability).

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