Income Tax Deadline 2023 FAQ

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The income tax return filing deadline is 31st October 2023.

Taxpayers can avail of an extension to the normal filing date of 31st October 2023 and instead file by 15th November 2023 if they file both their return of income and make the appropriate payment though ROS for:

1. Income tax balance due for 2022, and
2. Preliminary income tax due for 2023,

The responsibility is on the individual taxpayer to file the return, calculate the liabilities due and pay these liabilities on time.

Don’t leave it too late – gathering your documents can take time so act now to avoid missing the deadline and incurring penalties.

We advise you to seek guidance from OSK when preparing your return in order to ensure the correct liabilities are calculated.

What details do you need to send in to OSK to prepare your income tax return?

• Details of your income from all sources for the year ended 31st December 2022,
• Details of any dividends or deposit interest received in 2022,
• Rental income and expenditure details including mortgage interest certificate for the year ended 31st December 2022,
• Receipts in respect of any medical expenses incurred during the year 2022,
• Details of pension contributions paid,
• Details of any assets acquired or disposed of in 2022 (Capital Gains Tax),
• Details of any gifts or inheritance in 2022 (Capital Acquisition Tax).

How long do you need to keep books and records?

It’s important to note that you are obliged to keep records relating to the return for a period of 6 years after the period to which the information relates.

What reliefs are available against your income tax liability?

There are a number of deductions / reliefs you can claim against your income tax liability. These include, but are not limited to, the following –

• Tax relief at the standard rate (20% in 2022) for medical expenses paid is available.
• A tax credit of €245 (€490 joint) is available in 2022 where a taxpayer or his / her spouse / civil partner is at least 65 years of age during the year of assessment.
• Tax relief at the standard rate (20% in 2022) is available in respect of certain third-level tuition fees paid to approved colleges.

What happens if you miss the deadline?

If you miss the October 31st tax return deadline you may be charged interest for each day you go over, along with a surcharge.

1. Where your 2022 return is submitted after the 31st October 2023 but before 31st December 2023 the surcharge will be calculated as the lesser of a 5% surcharge of the tax due or €12,695.
2. Where your 2022 return is submitted after the 31st December 2023 the surcharge will be calculated as the lesser of 10% of the tax due or €63,485.

The surcharge is calculated on the full tax payable for the year and does not take account of any payments on account.

The surcharge for a proprietary director is calculated before deduction of PAYE paid during the year.  

What are the penalties of you don’t pay tax your liability?

Interest on overdue tax is calculated at a rate of 0.0219% (from 01.07.2009) per day or part of a day.

Any underpayment in income tax will result in interest penalties.

The amount of preliminary tax paid must be sufficient and must be paid on time in order to avoid any interest on overdue tax.

If the payment amount is correct, however it is paid late, there may still be an exposure to interest.

Contact OSK Tax today to get your tax return filed before the income tax deadline.

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