The significance of 31 October...

Brendan Burgess

Brendan Burgess

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I will be speaking about this tomorrow on radio, so can I check my facts please.

Applies to:
Self-employed
Directors required to make a return
PAYE employees with non PAYE income
PAYE employees who want to make pension contributions for previous year

Must have their tax return for 2005 (for income and capital gains) submitted and any balance due paid.
Must pay their preliminary tax for 2006
Must pay their CGT on any gains up to 30 September 2006

Last date for making a pension contribution to claim against 2005 income

Can extend the deadline to 16 November if using ROS. Can make pension contributions to 16 November as well.

If they don't make their return on time...
Is the penalty 5% of the tax due for two months i.e. 30 November, rising to 10% after that?
 
Brendan said:
I will be speaking about this tomorrow on radio, so can I check my facts please.

Applies to:
Self-employed
Directors required to make a return
PAYE employees with non PAYE income

Must have their tax return for 2005 submitted and any balance due paid.
Must pay their preliminary tax for 2006
Must pay their CGT on any gains up to 30 September 2005

Last date for making a pension contribution to claim against 2005 income

Can extend the deadline to 15 November if using ROS.

If they don't make their return on time...
Is the penalty 5% of the tax due for one month, rising to 10% after that?
Click to expand...

Sounds about right Brendan, but:
I would add
Must file gains made in 2005
And they must pay CGT on gains made between 1/1/06 and 30/9/06 not 30/9/05 which will then be filed in 2007
Ros can be used to extend 16/11/06 if needed but it takes a circa 2 weeks to register and get digital cert, so dont try logging in that day without a registration number password etc...
However you must use ROS to both pay and file
Revenue have confirmed pension top up can also be made up to 16/11/06 and be used against 2005 income, but remember age restricts the amount of pension amount that qualifies, any unallowable can be carried foward and is not lost
Lastly, to ensure on time return must be date stamped on or before 31/10/06

What radio station and what time i will take a listen
 
Brendan said:
Can extend the deadline to 15 November if using ROS.

If they don't make their return on time...
Is the penalty 5% of the tax due for one month, rising to 10% after that?
Click to expand...

Brendan,

AFAIK the date is actually 16 November.

The 5% penalty applies to returns received up to 2 months after the original deadline, i.e. 31 October.
 
Brendan said:
PAYE employees who want to make AVCs for previous year
Click to expand...
I don't think that this is strictly correct. The deadline applies to any pension contributions and not just AVCs - e.g. regular occupational pension contributions, personal pension/Retirement Annuity Contract (RAC) contributions, PRSA contributions etc.
 
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