Tax Return Deadline 2013

The 31 October personal income tax return deadline is 31st October so it’s time to gather your information together to ensure your return is processed well in advance of the income tax return deadline 2013.

Of course, if you intend to pay your tax in full and file online you may avail of the extended Pay and File deadline which is Thursday 14th November 2013.

Don’t forget, to take advantage of the extended income tax return deadline, you must, by 14 November next:

1. file your 2012 Form 11 Income Tax return using the online ROS system
2. make your ‘Pay & File’ payment via ROS, to cover:

• your Preliminary Tax for 2013;  and
• any remaining balance of Income Tax you owe for 2012.

The extended tax returns deadline will only apply, if:

• you file your Form 11 tax return on ROS; and
• you use ROS to make the required Income Tax payment.

To help you in preparing for the income tax return deadline we have put together some helpful tips and advice.

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

• details of your earned income for the year, including P60’s and tax credit certificates,
• details of all investment income (eg, rental income, bank/building society interest/dividends etc)
• details of any chargeable assets acquired or disposed of by you during the year,
• receipts in respect of any medical expenses incurred during the year,
• details of any new sources of income i.e. items not included on your last return of income.
• details of any other reliefs you may be entitled to, e.g. permanent health insurance, rent relief, retirement annuity contributions etc.

 Pension contributions – how much is allowable?

Contributions made to approved pension schemes are allowed in full, subject to certain limits. The following are the percentage relief limits:

Age                              % of gross income

Aged under 30                  15%

Aged 30 to 39                   20%

Aged 40 to 49                   25%

Aged 50 to 54                   30%

Aged 55 to 59                   35%       

Aged 60 and over              40%

The maximum gross income figure for relief purposes is €115,000 for 2012 and 2013.

Any unused allowances may be carried forward to subsequent years. The last date for making contributions and claiming relief is 31 October in the following tax year.  For further details, please refer to leaflet IT14 available on www.revenue.ie.

Medical expenses – how much is allowable?

Tax relief is granted for a wide range of unreimbursed medical expenses paid by the taxpayer on behalf of him/herself or on behalf of any other person. Relief is not available for any expense which may have been or will be reimbursed by your health insurer. Tax relief is only available at 20%.

Tax relief may be claimed in the tax year in which the payment was made or in the year in which it was incurred.  Receipts do not need to be submitted with your tax claim however, receipts should be kept for all expenses incurred in the event of Revenue choosing your claim for a detailed inspection. The forms you need to make claim are Med 1 and Med 2, which can be easily downloaded from the Revenue website. For a comprehensive listing of allowable and non-allowable expenses please refer to leaflet IT 6 available on www.revenue.ie.

Tuition fees – how much is allowable?

Tax relief may be claimed on tuition fees on certain approved undergraduate, postgraduate and foreign language and information technology courses. From the tax year 2007 onwards an individual may only claim tax relief on fees paid for an approved course as long as the individual has paid the fees themselves.  Tax relief is not available for administration, registration, examination fees or any part of the tuition fees which are met by grants, scholarships or employers. A full list of approved colleges and courses is available on the Revenue website (www.revenue.ie) from leaflet IT 31.

Contact OSK today to ensure your income tax return is files on timeand avoice paying late payment fees and penallties.