R
A friend has been billed by the Revenue commissioners for late payment of capital gains tax. The tax was paid a year late, ( it was paid as soon as the taxpayer got the money and was in a position to pay ) but the taxpayer has been billed a high penalty charge ( about 10% I think ),and a high interest charge ( over 10% I think ) and the years interest on the penalty - even though the penalty was paid promptly( within a few weeks of being notified of the penalty. Also the revenue had the cheque for a week before they lodged it...is the revenue commissioner entitled to charge interest to the day it hit the taxpayers account ?
His accountant said some people escape having to pay penalties + interest. Anyone any experience here?
A friend has been billed by the Revenue commissioners for late payment of capital gains tax. The tax was paid a year late, ( it was paid as soon as the taxpayer got the money and was in a position to pay )
Would you mind to clarify the above please...
how can one get a CGT bill while not having got the money , e.g. no gain yet, especially considering that GCT is a self-assessment tax afaik?
it is that the "gain" money had been used for something else before the bill arrived and therefore no available anymore for paying it?
I rather think that after the scorn you've hurled at the Accountants who give general advice freely on the Board, you'll be lucky to get any sensible help with your query. Just an observation.
mf
I rather think that after the scorn you've hurled at the Accountants who give general advice freely on the Board, you'll be lucky to get any sensible help with your query.
Who makes up these charges and interest rates? Where can I get 10% on my money?
This attitude doesn't surprise me. How else are we going to pay for berties wages?
I assume, I'm not an accountant so can't give a professional opinionWho makes up these charges and interest rates? Where can I get 10% on my money?
Its not just 10% - the penalties and interest total over 20% just for being a year late.
Only a year, yeah i see your point, they should have given him 5....
The taxpayer physically had no money to pay before he did so. He was not trying to evade paying the CGT, he paid as soon as he could. He did not expect to be hit with a bill for over 20%.
The taxpayer physically had no money to pay before he did so. He was not trying to evade paying the CGT, he paid as soon as he could. He did not expect to be hit with a bill for over 20%.
Can you clarify something for me please. Did this person have an accountant fill out the Capital Gains form for them.
Rabbit are you saying the accountant was late sending in the CGT form?
At what stage in the process did the elderly person call an accountant.
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