Don't forget your Tax Return!

Sep 9, 2011

Now is the time to start thinking about submitting your Tax Return.  Many people leave their Tax Return until the last minute, causing unnecessary stress.  The Revenue give those of us who need to complete a Return 10 months to submit their Return online, but this does not mean we have to take this long to complete the return.  “Never put off tomorrow what can be done today” was a quotation from Thomas Jefferson and this is definitely true with Tax Returns.

What would happen if you were to complete your Tax Return on 30th January 2012 and found you owed a substantial amount of tax to the Revenue?  How would you go about paying this?  If you are one of the sensible few you will have been putting money aside.  If you have been putting your tax bill out of your mind, how will you pay the debt by the due date?  If you’d submitted your return early and knew there was a tax bill to pay then you could have called the Revenue helpline to ask to arrange a payment plan.

It’s all very well saying that we should save for our tax bills but in reality very few people do.  Once you’ve calculated your tax bill and you know the amount, you can then decide how to pay it.  It may not always be bad news, your tax bill could be less than you think or you could even be due a refund.

Please , if you are completing your Return yourself do it soon to give yourself time to plan for any tax payments.  If you use an Accountant give them the information as soon as possible so they can calculate your tax bill and estimate next years liabilities.  You can plan for future tax payments.

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