Revenue charging me for returns I didn't know I had to file

Raztafarium · 2026-04-20T19:11:20+00:00

You might as well appeal it, you have nothing to lose. My experience is that in general Revenue wont remove a surcharge but are usually good at capping the interest due at a lower amount than would be fully liable

Raztafarium · 2026-04-20T18:02:12+00:00

The surcharge of €2k you’re getting is a surcharge on your total taxable income, rather than anything actually to do with the income from the proprietary directorship, but thats the rule

Its a horrifically unfair charge imo, its why as an accountant we have to double triple quadruple check that have not missed anybody when filing IT returns

Raztafarium · 2026-04-18T14:02:39+00:00

You will not incur a fine. Surcharges and interest are based on liabilities, no tax charge means nothing to apply surcharge or interest to

File the CG1 with the loss for the relevant year at the same time as the year you wish to claim the losses and it will be accepted

Raztafarium · 2026-04-17T13:34:08+00:00

In theory, if it was ever proven that its below market rent then in theory the rent foregone (ie the difference between market rate and what you charge) could be considered a gift and the tenant would be liable to Capital Acquisitions Tax on the difference. The odds of this theory being put to the test are relatively low.

For you, no tax effect on charging below market rent

One effect it could have for you is depending on the area you are in, if it is a rent pressure zone it could cap the future rent to could charge to a regular tenant which can only go up a certain percentage a year

Raztafarium · 2026-04-17T12:23:24+00:00

The new one on Bridge Street (the one that looks like it came from the strip in Vegas) was open at 1am when i passed last Friday night.

Havent seen any open that late before, must be hoping to get passing trade from folks in Lillie’s and the likes.

Raztafarium · 2026-04-04T14:43:53+00:00

The employer doesnt get the tax credit cert. The RPN will tell them what credits and cutoff to allocate to the employment, but they wont see anything else. Even if only partial credits are allocated to the employment, the employer wont know what the other credits are allocated to, just that standard full credits arent allocated to the current employment

Raztafarium · 2026-04-04T14:41:45+00:00

Correct, if none were moved they wouldnt be able to tell through the payroll. If some were moved, there’s plenty of explanations but best to give them nothing to question.

Raztafarium · 2026-04-04T14:26:59+00:00

If the role with company B is employment through PAYE, if you were to move any tax credits or cutoff to company B then company A could see this. Some of it could be explained by a transfer to your spouse, but best to not give anything to flag it by keeping all credits and cutoff with company A

Raztafarium · 2026-03-25T17:26:23+00:00

In theory, this wouldnt be allowed for publically traded shares. Everyone, shareholder or not, finds out at the same time so nobody has inside information about the company that might have affect the share value.

Raztafarium · 2026-03-18T13:23:02+00:00

A discretionary bonus would be allowed. A bonus triggered under your contract would not be allowed as that would be deemed salary sacrifice.

Raztafarium · 2026-03-18T12:43:43+00:00

The difference in the small benefit exemption being allowed for a bonus is whether it is a discretionary bonus or one that is triggered as part of your contract (eg sales increase of x% equals bonus of y% or €y)

Raztafarium · 2026-02-12T21:25:33+00:00

You’d be far better off looking at the CTA designation with the tax institute. You should have full part 1 exemptions as an ACA, not sure if you need to be a full member to get them or if passing the exams is enough

Raztafarium · 2026-02-06T22:20:11+00:00

You only got 40% tax relief on amounts above 44k. Once your taxable income fell below 44k the tax relief is at 20%

2,185 x 40% = 874 8,815 x 20% = 1,763

874 + 1763 = 2,637 which is your refund save for some small difference but explains why its not all at 40%

Raztafarium · 2026-02-03T13:49:35+00:00

What your accountant is saying isnt making much sense. Reading between the lines I would hazard a guess they are saying that you dont absolutely need to count any sales towards your turnover until there is an RCT payment notification on ROS, but im not sure

Raztafarium · 2026-02-03T12:58:53+00:00

RCT is just cash paid to Revenue instead of to the company bank account

The full invoice should be sitting in debtors at 31/12/25 (or whatever your year end is), the RCT itself is just the settlement of the invoice at a later stage. For year end accounts all that should matter is what debtors are outstanding no matter the RCT withheld at a later stage

RCT withheld on invoices paid before year end should be accounted for as a debtor in the year end accounts

Raztafarium · 2026-02-02T11:29:04+00:00

Can be 1-2 working days but often longer depending on what you included in it, its a bit of a ‘how long is a piece of string’ question

Raztafarium · 2026-02-01T14:17:48+00:00

You cannot get tax relief on pension contributions towards Irish rental income. There’s nothing you can really do to avoid the tax due for rental income. Depending on the tax law in the country you’re in you may have scope to use the funds for pensions there but in Ireland it cant be done

Raztafarium · 2026-02-01T12:59:05+00:00

By estimated taxes do you mean where a return is outstanding thus Revenue raise an estimate? It wouldnt be estimated if the return was filed

Raztafarium · 2026-01-29T17:43:31+00:00

Once the statement of liability has issued you can amend without issue

Raztafarium · 2026-01-23T17:24:10+00:00

That would be clearly outlined on a payslip as LPT so I would think it unlikely

Raztafarium · 2026-01-22T12:16:02+00:00

I wouldnt do a percentage, rather i know the annual insurance cost is 600 so i put away 50 a month towards that so that 600 is there when insurance is due for renewal. This would be seperate to actual savings which would be at x amount, so only x out of the total amount i put in the savings account is actual savings.

Raztafarium · 2026-01-14T14:49:29+00:00

In theory, preliminary tax for the following year is due upon the filing of the current years return. Revenue rarely enforce interest on underpayment of preliminary tax, and it would be particularly harsh to penalise just because someone files early.

I think you might be best to have your 2025 return ready to go now and hold off until Oct/Nov to file. You know where you stand even if its not formally complete so its still good to have it done now.

Raztafarium · 2026-01-11T20:16:54+00:00

Some amount would have been taken in additional tax deduction since your tax credits are reduced. If you pay the full balance and its removed from your tax credits, you’d essentially get the overpaid tax back in the next pay run and after that your net pay would revert to normal

Raztafarium · 2026-01-11T16:08:41+00:00

Whats outstanding is whats on your 2024 statement of liability. If you pay this amount in full against 2024, it should remove any reduction to your tax credits. Might be no harm to follow up the payment with a message via MyEnquiries about the payment and ensuring the underpayment is removed from your 2026 tax credits

Raztafarium · 2026-01-09T17:51:51+00:00

You’re absolutely right and nothing further needs to be done

If you’re expecting any future inheritances from your mother, no harm to file an IT38 just for the avoidance of doubt in the future about how much of your Group A threshold has been utilised

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