September through to October is one of our busiest times of the year where our clients start to panic that the deadline for their tax return is fast approaching. We recommend you file early this year to avoid this inconvenience in the coming months.
Here we outline a few reasons why you should file early:
Faster processing times
Waiting until October often means refunds will take longer to issue as Revenue are inundated with last minute returns. If you file your tax return early it will be processed soon after, meaning any refund due could be in your bank account instead of with Revenue.
Reduce the risk of penalties
Keeping your tax return until the last minute could increase the chances of your tax return being filed late. While we will do everything we can to ensure your compliance, if we receive the return last minute and are missing information, it can be difficult to file the return. If this is the case you will be handed a late filing fee, based on the total tax liability due for the year.
More time with us!
Beat our October rush by preparing your return in advance of the deadline. You will get to spend more time with your accountant here and have adequate time to discuss your tax planning opportunities for the year ahead.
Time to plan and manage any liabilities owed
If you complete your tax return early, you are only required to pay any tax liability owed by the normal due date. If there is a tax liability due to Revenue, you have plenty of time to talk through payment options with your accountant and prepare a payment plan well in advance.
How we can help
For more details or for a confidential discussion please call us on 021 4321799 or email
info@paulodonovan.ie
