The main deadlines in April 2017 for businesses are Corporation Tax returns for a company with a 31st July 2016 year end. The Corporation Tax return must be filed and the balance of any tax paid by 23rd April 2017 online. This is to avoid a surcharge on late filing of returns and interest on late payment of tax.
If you are a company and have a 31st May 2017 year end, Preliminary Tax must be paid before 23rd April 2017. For most companies 100% of last year’s liability or 90% of this year’s liability should be paid. If you think you may be large company i.e. your company had a corporation tax bill of €200,000 or more in its last financial year, please contact your DBASS member of staff as soon as possible as different rules apply. In this situation the first instalment of preliminary Corporation Tax is due by 23rd day of the month in the 6th month after year end. For example, a large company with a October 2017 year end is liable to pay 50% of the Corporation Tax liability for the preceding accounting period or 45% of the Corporation Tax liability for the current accounting period by the 23rd April 2017. The second instalment as normal is due before the 23rd day of month in the 11th month of financial year (23rd September in above situation). Correct Preliminary Tax should be paid to avoid unnecessary interest.
As per every month, Relevant Contractors Tax (RCT) and PAYE/PRSI/USC/lLPT (if monthly requirement) returns and payment should be made online by the 23rd day of the month.
Monthly VAT return VAT3 and payment for March, and Annual VAT3 return and payment for the period April 2016 - March 2017, as applicable together with Return of Trading Details for the accounting period ending in relevant vat period should be made online by the 23rd day of the month.
All businesses should now be paying and making returns online through ROS -Revenue’s Online System. This gives extra time to file and ensures compliance.
Filing all returns and paying all tax as it falls through is very important. It avoids surcharges, penalties and interest being applied by Revenue. It also decreases risk of a Revenue audit and investigation. It is also important because it ensures your business records are up-to-date and provides better information to enable better decisions be made.
Income Tax returns for individuals for year ended 31st December 2016 are due by the 31st October 2017 or 16th November 2017 if return is filed online with full and appropriate payment of Preliminary Tax for 2017, and Income Tax balance due for 2016 (extended date to be confirmed by Revenue). We would advise that you should get all information regarding your return in to DBASS early in year. This will make it possible to make arrangements to pay any tax later in year. It may also give an opportunity for timely tax planning from your DBASS advisor.
A reminder to all clients in the construction, forestry and meat processing that electronic RCT system must be used for all payments to and contracts with subcontractors. There are very severe penalties for non-compliance so if you have any concerns in relation to your compliance you should contact DBASS immediately.
From 1st January 2016, when a Landlord rents a residential premises under the Rent Supplement or Housing Assistance Payment scheme for a period of 3 years there is an additional interest relief available. If this is relevant to you, please contact DBASS straight away and we we will advise on terms, conditions and responsibilities of the landlord.
The Help to Buy Incentive is designed to assist first-time buyers with obtaining the deposit required to purchase or self-build a new house or apartment to live in as their home. The incentive provides for a refund of Income Tax and DIRT paid over the previous four tax years to first-time buyers who purchase or self-build a new house or apartment to live in as their home. It is available from 19 July 2016 until 31 December 2019. If you think you may be eligible or are property developer, please contact your DBASS advisor.
A full list of return and payment dates for the month of April 2017 are listed on Revenue’s Tax Calendar: Click Here >
If you have any queries relating to the upcoming deadlines or tax reminders, or need help with your tax, please contact your DBASS advisor or call 01 849 8800 to speak to a DBASS tax advisor.