Now is a good time to consider paying your income tax by direct debit for 2016. Payment of Preliminary Income Tax by Direct Debit enables you to spread the payment over the calendar year for which the tax is due instead of making one payment by October 31st.
This facility is available through Revenue and although you will be making the payment early, when it comes to next year you should have all your taxes paid by the payment date. This will ease the burden that is usually associated with the 31 October tax deadline. Of course this is provided the correct calculation of your preliminary tax is made now - if you choose to pay by direct debit you must pay 105% of the tax liability for the pre- preceding year of assessment.
It’s important to note that your return of income together with any balancing payment for the current year of assessment must be submitted, irrespective of the payment method, on or by the 31st October of the following year.
We are setting up the direct debit method of tax payment for a number of clients so if you wish to get set up or, if you would like further details please contact your OSK tax adviser or Imelda Prendergast on 01 4394206.
A video message from Tadgh O'Sullivan, Director.
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