Are you prepared for Income Tax Deadline: 31 October 2014?!

With the Income Tax deadline for 2013 fast approaching the tax return season has officially begun!

It is always advisable that you gather your information early to ensure your return is processed well in advance of the 31st October deadline so as you can be advised of any tax due in good time.

Of course, if you intend to pay in full and file online – (the Pay and File system) you may avail of the extended deadline of the 13th November 2014.

We have prepared a Tax Return Checklist which can be useful to double check that you have considered all relevant information to be included in your return. Don't forget to talk to Imelda Prendergast – prendergasti@osk.ie, OSK Accountants for Contractors on 01 439 4260 or www.osk.ie if you have any questions regarding your tax return.

When signing off on 2013 return of income ensure that you are prepared and that you claim all reliefs, allowances and credits you are entitled:

• Medical expenses incurred and not reimbursed by your private health insurance provider
• Qualifying tuition fees
• Pension contributions - payments made into your pension scheme up to an including the 31st of October 2014 can be claimed as a relief against your income tax liability for the tax year ended 31 December 2013
• Maintenance payments incurred under a legally enforceable separation / divorce agreement
• Be sure to let your tax advisor know if there has been a change to your circumstances which may result in you becoming eligible for any relief, allowance and credits  so they can be included in your return
• You are obliged to retain all supporting documentation for a period of six years, unless your Inspector of Taxes advises otherwise
• Don't forget about Preliminary Tax - it is just as important as paying the tax due for the current year! There are three options to calculating preliminary tax due;
  Pay 90% of your total tax liability for 2014.
  Pay 100% of your tax liability for 2013*.
  Pay 105% of your total tax liability for 2012.”

OSK Contracting are the leading specialists in providing accounting and tax services to contractors. Contact Imelda Prendergast Director OSK Contracting for more on 01 439 4206 or prendergasti@osk.ie or visit www.osk.ie.