13 TP

Some Key Tax Deadline Dates

Dec 10, 2015

  Even though the Income Tax Return deadline for 2014 has just passed, there are still a number of key deadlines which individuals will need to be aware of.  One such date is 15th December 2015, which is the payment date for Capital Gains Tax (CGT) on assets disposed between 1st January 2015 and 30th November 2015. To assist you in understanding the relevant filing deadlines we have outlined below the key dates which you should be aware of.  

Capital Gains Tax

In 2009 the Revenue Commissioners revised the payment periods for Capital Gains Tax to the following dates:

Capital Gains Tax – Payment Dates

Assets Disposed BetweenPayment Deadline
  
1st January 2015 – 30th November 201515th December 2015
  
1st December 2015 – 31st December 201531st January 2016

 

Capital Gains Tax - Return of details of disposal

Assets Disposed BetweenDetails to be included inDate Due
   
 1st January 2015 – 30th November 2015Income Tax Return for the year ended 31st December 201531st  October 2016
   
1st December 2015 – 31st December 2015Income Tax Return for the year ended 31st December 201531st October 2016
   

  If however, you are not required to complete an Income Tax Return you should then return the details of the disposal through a Form CG1.  It must be noted that details of the disposal are required to be made even if a capital loss was incurred. If you have disposed of an asset between 1st January 2015 and 30th November 2015 and would like assistance in calculating your tax liability arising, please do not hesitate to contact a member of our team.  

Local Property Tax

The following are the various payment options available, along with the relevant dates by which you are required to make your choice:

Payment MethodPayment Notification Deadline DatePayment taken
   
Direct Debit25th November 2015Monthly from 15th Jan 2016 to 15th Dec 2016
   
Deduction from Salary25th November 2015Deducted from salary over the course of 2016
   
Single Payment7th January 2016Date on which you complete the transaction
   
Single Debit Authority7th January 201621st March 2016 or earlier date, if specified by the tax payer

  While the dates for payment by direct debit and deduction from salary have passed, you may still avail of these options for 2016, but it would be advisable to contact the Local Property Tax Section of the Revenue Commissioners as soon as possible to ensure there is enough time to have your preference in place before the start of the new year. If however you paid your LPT through Direct Debit or Deduction from Salary in the prior year, and you wish to continue this method for 2016, no action is required to be taken.  

Income Tax

Even though the Income Tax Return deadline for 2014 has just passed in November, we outline the current Income Tax filing deadlines for 2016:

ReturnDate Due
  
Submission of Income Tax Return for the year ended 31st December 201531st October 2016
  
Payment of balance of 2015 Income Tax Liability31st October 2016
  
Payment of Preliminary Income Tax for the year ended 31st December 201631st October 2016
  

  With many taxes now falling under the “Self Assessment” scheme, it is important for the tax payer to be aware of the various deadlines and payments dates applicable.  If such deadlines are missed or returns are filed incorrectly, the Revenue Commissioners may apply an interest charge on the liability due. If you have any queries in relation to the above or require any assistance in calculating any possible liabilities that may arise, please do not hesitate to contact us here.   

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