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Tax Tips September 2017

2016 Personal Income Tax Return

Are you self-employed, a landlord, a company director or in receipt of other income during 2016?  If so, now is the time to prepare all the information to submit your 2016 Tax Return.

Your 2016 Personal Income Tax Return must be submitted to the Inspector of Taxes by 31st October 2017. This Return is a statement of all your income and capital gains for the year ended 31st December 2016.

If you pay and file online using ROS the filing date is extended to 14th November 2017.

The following payments must also be made by 31st October 2017 (or 14th November 2017):

  1. Payment of any balance of Income Tax due for the 2016 tax year; and
  2. Payment of Preliminary Income Tax for the 2017 tax year.

By completing a Tax Return you may be in line for a Tax Refund if you have not claimed all your entitlements.

  • Have you claimed all your medical and dental expenses?
  • Have you claimed all your mortgage interest relief on your home and on your investment properties?
  • Have you claimed credit for Tuition Fees paid to Third Level Colleges?

There are many other credits and allowances that you may be entitled to and you should consult with your tax adviser in relation to these.

Capital Gains Tax

Payment of any Capital Gains Tax due for capital gains made in the period  1st January 2017 to 30th November 2017 is payable by 15th December 2017.

Payment of any Capital Gains Tax due for capital gains made in December 2017 is payable by 31st January 2018.

Remember that Capital Losses made in previous years can be carried forward against Capital Gains made in future years.