Income Tax Deadline 2021: The Who, What, When and How of Filing Your Income Tax Return

Income Tax Return Deadline Ireland 2021

Each year, many people living and working in Ireland are required to file an income tax return with the Revenue Commissioners and pay tax on the profits they have made during the year.

We help thousands of people in a wide range of professions across Ireland to complete their income tax returns each year.  That’s why we put together everything you need to know about submitting your income tax return this year.

Who Needs to File a Tax Return?

The short answer

Generally, if you earn non-PAYE income, you must file an income tax return.

The long answer

There is a wide variety of ways you might earn income for which you must file a tax return including:

Self-employment
Rental income
Freelancing
RCT subcontracting
Investments
Foreign income (including pensions)
Company shares or share options
Capital Gains Tax (CGT)
Nixers / Side Hustles 
SARP (Special Assignee Relief Programme)
Proprietary Directors

It is important to remember that even if your main source of income is PAYE, you may still need to file an income tax return.

For example, Joe has a full-time job at a factory, for which he is paid tax via the PAYE system. Joe also teaches a yoga class every Saturday morning. Even though Joe’s main job is at the factory, he still must file a tax return and declare his non-PAYE income from the yoga classes to the Revenue Commissioners. 

What (and How Much) Do I Need to Pay?

The short answer

You are required to pay the balance of tax for 2020 and preliminary tax for 2021.

The long answer

The amount of tax you are required to pay will depend upon a number of factors including your total annual income, your tax rate band and any tax credits you can claim against this income.

Speaking generally however, there are two payments you will have to make by the tax return deadline: preliminary tax for 2021 and the balance of tax for 2020.

Preliminary Tax is the estimated amount of tax that you will have to pay for the current tax year (2021). The amount of preliminary tax you pay must be at least equivalent to either:

90% of the tax due for 2021
100% of the tax due for 2020

The balance of tax for 2020 refers to any tax you owe that was not already paid in your preliminary tax the previous year.

If you file your tax return after the deadline, you will also have to pay a surcharge of 5% of your tax due up to €12,695 (within two months of the deadline) or 10% of your tax due up to €63,485 (after 2 months past the tax return deadline).

When Do I Need to Submit My Income Tax Return?

The 17th of November 2021 deadline only applies to those who use ROS to submit ALL of the following:

  1. Submit 2020 Form 11 online
  2. Pay 2020 Income tax balance online
  3. Pay 2021 Preliminary tax online

If only one of the above is completed via ROS, your return & payments are due by the 31st October.

Remember, your tax return and payment must all be submitted by the tax return deadline. Failure to do so may result in a surcharge, interest and penalties.

How Do I Know If My Tax Return Is Correct?

The short answer

Ask a tax expert!

The long answer

If you are required to file an income tax return, you must do so through self-assessment. This can be a very stressful experience, as filing late or submitting an incorrect return can result in costly penalties. That is why we always suggest consulting a tax expert before filing your annual income tax return.

For over 20 years, the Tax Return Plus team has been helping people across Ireland to complete their tax returns, making sure they are filed and paid correctly and on time. Get a quick quote from our experts and let us take the stress out of your filing this year.

Get a Quick Quote

Please complete our simple form to receive a free, no obligation quote from our Certified Accountants within 1 working day.
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Rental Income

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