Personal Tax Deadlines – Fast Approaching
There are a number of Personal Tax deadlines fast approaching. Please contact the team at PKF as soon as possible to finalise and submit your tax returns on time to avoid Revenue penalties.
Income Tax
The 31 October deadline for submission of the 2020 personal tax return is fast approaching. To ensure that your return is prepared in a timely manner you should provide your tax advisor with all relevant information no later than 30 September. We operate on a first come first served basis, if you leave it till October to get the information to your tax advisor they cannot guarantee that the deadline will be met.
31 October is also the deadline date for payment of balancing income tax for 2020 and preliminary income tax for 2021. If Revenue do announce an extension we can make the payments for the later date but all returns must be filed by 31 October. There is an extension to 17th November 2021, provided the tax return is filed through ROS and the 2021 preliminary tax and the 2020 income tax balance are fully paid via ROS on or before 17th November 2021.
Capital Acquisition Tax (CAT)
If you received or became entitled to receive any gifts or inheritances between 1 September 2020 and 31 August 2021 you may have a reporting requirement and/or a liability to discharge. The deadline date for submission of the return and payment of any liability is 31 October 2021. There is an extension to 17th November if the tax payment and CAT return are completed through ROS.
Capital Gains Tax (CGT)
In order to avoid an interest charge for late payment, the deadline for preliminary tax payments for capital gains tax is as follows:
tax on disposals made between 1 January 2021 and 30 November 2021 will be due for payment by 15 December 2021, and
tax on disposals made between 1 December 2021 and 31 December 2021 will be due for payment by 31 January 2022.
Therefore, can you advise of any disposals made to date or plans to do so.
Local Property Tax (LPT)
The next valuation date for LPT is 1 November 2021. This means that you will need to self-assess the value of your property as on that date. This valuation will determine how much LPT to be paid each year from 2022 to 2025. The deadline date for submission of the valuation and your LPT return is 7 November, with the payments commencing in January 2022 if paying by monthly direct debit or as a deduction from your salary / State Benefit or March 2022 if paying in one lump sum. Failure to file a return on time or discharge your LPT can result in Revenue levying a surcharge for non-compliance on your submitted personal tax return for the year.
Please contact the Tax team at PKF as soon as possible to finalise and submit your tax returns on time to avoid Revenue penalties.