I am filling out my FORM 11 on ROS for 2011 and on the final Tab, sign and submit I am prompted to enter my tax due for 2011 and also my Preliminary tax for 2012.
Can anybody tell me:
What are the panalties/implications of putting €0 into the Preliminary tax field even though I did trade in 2012.
I lost my building trade job as an employee in 2009 and was un-employed for 2 years before I decided to start operating as a sole trader myself as I could not find employment. I , like alot of unemployed people struggled and fell behind with general bank loans/credit union loans/car payments etc so I had a few debts at the time I became a sole trader.
The result of this is that I have not managed to save all my preliminary tax for 2012 while I was trying to juggle finances in my 1st year as a sole trader.
I have every intention of paying my tax and being fully tax compliant but I am just wondering what is the best to do here
Do i enter zero into the premlinary tax field?
Is it better to enter in my Preliminary tax amount I have calculated?
Can i enter it in but not pay it, or just give them what I have and make up the amount as soon as possible.
If I only give them what I can afford then I am assuming I can only enter in that amount that I have put by and that does not reflect the correct amount of Preliminary tax I have calculated is due for 2012.
Is there any use talking to the Revenue about this or is it just a case of pay up we don't care?
Any advice is greatly appreciated.
Regards, Conor.