As the Pay & File Deadline approaches, self-employed individuals and company directors may face a 10% Surcharge on their income tax return if they have not yet complied with their Local Property Tax (LPT) obligations.
It is possible to avoid this LPT Surcharge by doing the following:
If these actions are taken before the income tax return is filed, no LPT Surcharge will apply (provided the income tax return itself is filed on time).
If you believe that your LPT position needs to be regularised, this should be addressed well in advance of the income tax filing deadline, to avoid unnecessary complications.
For more information read Revenue’s Guidelines.
Contact Dylan Byrne for further information. Contact OSK Tax Consultants for all queries related to your tax return today.
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