late filing

S

sioux

Guest
Hi guys and girls

Just an inquiry what, if any are the fees charged by revenue for late filing of returns in relation to a rental property. I should have sent in 2006, 2007 returns.
Any advice gratefully received.
 
If " YOU " approach the Revenue Commissioners, and tell them that you wish to bring your tax affairs up to date, and declare, your rental Income for that time,they will assist you, and almost certainly not charge interest on arrears.
But if they find out, and approach you first, then you can forget about any discretion they may have to waive interest for arrears.
Either way, they will find out eventually, so if you do it now, it will not look like you were trying to evade paying tax.
 
I doubt it very much if they will waive the interest on the arrears but they may waive the penalties which can run to 100% of the tax due. I think the interest is around 1% per month (not totally sure with this figure, it may have dropped). So for the 2006 return which should have been filed in October 2007 you would be looking at around 19% and for 2007 at around 7%.
 
Guys this may be off-topic. My CRO return is late as its been on my accountant's desk for the past few months. Interest has accrued.... do I have any comeback or should I have to pay late filing penalties through other's negligence. Any advice?
 
Demand that your accountant pay the late filing fee...and tell him/her that if they don't you'll take your business elsewhere. Then when he/she (hopefully) pays the fee, take your business elsewhere as they're obviously inept.
 
qwikbrownfox said:
Guys this may be off-topic. My CRO return is late as its been on my accountant's desk for the past few months. Interest has accrued.... do I have any comeback or should I have to pay late filing penalties through other's negligence. Any advice?
Click to expand...

I've seen this happen. If you can show that he delayed submission then insist he pays. You probably know that it is an initial E100 plus E3 per day thereafter up to a maximum of E1,200. An important thing to remember is that you now cannot be audit exempt for another two years.
 
You must log in or register to reply here.
Back
Top