Income Tax Returns

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Income Tax Returns

 - Received a Pay and File Reminder Letter recently? Don’t worry! You received this as you filed an Income Tax Return for a prior tax year.

Pay & File Payment Reminder letters issue annually every September. These serve as a reminder that:

  • Payment of Preliminary Tax for the current year of assessment, must be paid by 31 October, and
  • Payment of the balance of Income Tax for the previous year, must be paid by 31 October.

If you are still unsure of your obligations why not call us now – 01 4977651 and we can put your mind at ease.

Whether you are an individual with a single source of income or an individual with multiple sources of income, both domestic and foreign, we can assist you.

Our services include:

    • Advice on whether or not you need to file a tax return.
    • Preparation of your tax return incorporating all sources of income.
    • Preparation of rental statements for investment properties.
    • Ensuring you obtain tax relief for foreign tax paid in other jurisdictions.
    • Preparation of UK Tax Returns, particularly for UK rental properties and share portfolios.
    • Preparation of Capital Gains Tax computations and advice on relevant payment dates.
    • Assisting you in meeting your annual filing and payment obligations.

What is Income Tax?

Subject to certain exceptions and exemptions, income tax is chargeable on all income arising in the State to individuals, partnerships and unincorporated bodies.

The most common form of income tax is PAYE or Pay As You Earn deducted by employers from pay. Self-assessment applies to the self-employed and those with income from non-PAYE sources.

Exemption from Income Tax

There is provision for exemption from income tax, subject to conditions, of certain profits or income. The principal exemptions are from income tax on:

    • Incomes below certain thresholds.
    • Income derived from certain leasing of farm land.
    • Certain earnings of writers, composers and artists.
    • Interest on Savings Certificates, Savings Bonds and Instalments Savings Schemes, subject to certain upper limits on holdings.
    • The discount on certain non-interest-bearing Government securities, and the premium on certain others.
    • Investment income arising from the investment of compensation payments made by the Courts, or under an out-of-court settlement, in respect of personal injury claims where the individual is permanently and totally incapacitated from maintaining himself/herself as a result of the injury.

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