THOUSANDS of self-employed and PAID employees with untaxed income have had a few more days to file tax returns.
Accountants under pressure had called for an extension of the payment and filing deadline in recent weeks, but Revenue had insisted there would be no extension.
The deadline was today, but Revenue has now decided to extend it until 5 p.m. on Friday.
In a Tweet, the tax administration said, âWe are aware that many agents work until midnight to meet payment and reporting obligations.
âIn light of the current developments of Covid-19, we are extending the payment and file deadline to Friday, November 19 at 5:00 p.m. “
Over half a million self-assessed people struggled to meet the initial deadline.
Revenue’s online systems crashed again last week, but Revenue insisted it would not respond by extending the deadline for payment and reporting.
He has now turned around.
Last week, the collapse of the portal for filing a property tax return was one of the factors that led Revenue to extend the deadline for submitting property tax claims.
And last Tuesday, Revenue’s online services, including myAccount and ROS, were shut down for two hours.
Norah Collender of Chartered Accountants Ireland welcomed the extension, but said it would have been more helpful if it had been announced on Monday.
Accountants urged those who have yet to file a case to act quickly to try to meet the new deadline.
He said if the deadline is too tight, then taxpayers should try to mitigate the impact of late filing surcharges imposed by the tax administration.
Income tax surcharges of between 5 and 10 percent of the tax payable may be imposed on those filing late.
Barry Cahill of Taxback.com said this time of year can be stressful for people.
He said many of those affected are small and medium-sized business owners who are busy with the day-to-day running of a business and may have lost track of their tax affairs.
âOur advice to people is to try to keep a cool head, not ignore deadlines and bring in experts when necessary. “
Taxback.com says two things could happen if you file late. You will be subject to both interest and surcharges.
âIncome may charge interest at a rate of 0.0219 pc of your liability per day or part of a day that you extend past the deadline.
âIt might seem like a small percentage, but it all adds up. Legally, Revenue has the right to charge interest to anyone who is late paying their liability, but in reality this is rarely charged, and if it is, usually only for tax evaders or tax evaders. “
Mr. Cahill said the second possible supplement was the 5pc supplement, increasing to 10pc.