Revenue settlement.

[Mr peabody]

Hi all,I'm not sure if I'm posting this with the right format but here goes. I'm currently after filling tax returns for 2012,2013 and 2014 (all late obviously I know). I'm in a position to pay the bill which includes about €1500 in penalties but I'm just wondering is there any point ringing revenue to try and reduce it a bit for immediate payment.

 

[Bronte]

No do not ring revenue, and are you sure you have calculated everything correctly. The reason I suggest not ringing is you might land yourself in even more hot water. What is it you are paying tax on, do you want to post up the figures to see if anyone can suggest that you've forgotton to claim something.

Most of all are you sure you don't want to hire an accountant, money well spent and tax deductable. They can probably help to mitigate your penalties etc.

 

[Joe_90]

I'm currently after filling tax returns for 2012,2013 and 2014 (all late obviously I know). I'm in a position to pay the bill which includes about €1500 in penalties .

Have you filed the returns and they were each subject to a 10% surcharge for late filing? Or you had a Revenue audit and the penalties were €1,500?

If it's the surcharge then unless you have a compelling reason they won't be waived.

 

[Mr peabody]

My apologies, I should have said that it was an accountant that did my returns and everything is done accurately and yes,they were all subject to the surcharge. What I'm just wondering is there any leeway with revenue regarding trying to knock a few pounds off it.

 

[Joe_90]

If it's a 10% surcharge that means the tax was €15,000, you might be lucky if they don't charge you interest at 8% per annum.

In the absence of a compelling reason they won't waive the surcharges.

 

[T McGibney]

This is the sort of question you should have asked your accountant. Had someone here unwisely sent you off to ring the Revenue, thus unwittingly drawing attention to yourself, you would have exponentially increased the risk of being hit with further penalties or interest.

 

[Tuttlinghorn]

thanks to the OP and those who answered. I suspect I might be in the same boat as OP but just want to check how screwed I am.

I exercised some share options in 2013 and just recently realised that I now need to complete a self assesment every year. I am PAYE, no other income.
Got a late notice from revenue (which I lost ..*) and have the replacement letter telling me to file a return. Am now realising (I think) that the late filing surcharge means a +10% on top of the tax I have already paid via PAYE. I'm not a company director.
Am I right in thinking I am now liable for this +10% ? Anything to be done ?

* yes, a complete muppet