October 31st Tax Return Filing – Are You Ready?

Posted in Income Tax, Personal Finance Advice, Taxation

October 31st is fast approaching!

Just a little more than 2 months left for anyone under self-assessment to submit their tax return and pay their tax bill.

What October 31st means…

If you’re under self-assessment, either on or before October 31st you must…

  • Make your tax return for the 2015 tax year.
  • Pay any balance of tax due for 2015.
  • Pay Preliminary Tax for 2016.

What do you need to?

Right now…

If you’ve not already contacted your accountant and provided the information they need to prepare your accounts and tax return, then you should do so right now.

This will make sure you get enough notice as to the amount of tax you’ll need to pay.

Over the next few weeks…

Consider your cashflow to make sure that you’ll have the funds on hand to make your tax payment.

Ideally you should be setting aside a portion of your monthly earnings to build up a tax reserve that will cover your tax payment. This means you don’t have to worry when tax day comes as the money will already be there.

Of course in the real world this isn’t always possible!

So you may need to consider other options to fund your tax payment. Perhaps it means cutting back on other expenditure for a few months. Or obtaining finance – though once you get into this pattern it can be very hard to get out of.

If you’re in financial difficulties and struggling to make the payment, it’s best to get in touch with Revenue sooner rather than later. Leaving matters and hoping they won’t notice is a strategy that will always fail. But being upfront means a manageable payment plan can often be negotiated.

Need help?

Just give us a call on 021 431 0266.

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