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Revenue Update

25/05/2016 By ODK

MonAY
Avoid an LPT Surcharge

Is your LPT up to date? Where your LPT return is outstanding or the agreed payment arrangement is not being met on the date your Income Tax return is filed, Revenue may impose a 10% surcharge on your Income Tax liability. If a surcharge is levied, and the LPT is subsequently brought up to date, the surcharge will be capped at the lower of the original surcharge and the amount of the LPT liability. Avoid this LPT surcharge by ensuring your LPT is up to date before your Income Tax return is filed.

New eTax Clearance System
A live eTax Clearance system has been in place since 1 January 2016. There is a transition period in 2016 during which existing paper tax clearance certs are valid up until their expiry date. If you have a paper tax clearance cert that is about to expire, you should apply for eTax Clearance through ROS. You will then be issued with a Tax Clearance Access Number (TCAN). Under the new system, there is no expiry date as the tax clearance will remain in place unless it is rescinded by Revenue due to non-compliance. If this happens, a notice will be sent to your or your agent’s ROS Inbox. Applicants will be automatically re-assessed every 6 months, in addition to manual re-assessment as part of Revenue’s compliance monitoring activities. Third parties can verify your eTax Clearance online once you provide them with your TCAN and PPSN/tax reference number. Ensure that your tax affairs are kept up to date to avoid losing your tax clearance.

Tracey O’Leary ACA – 021 4628188 – tol@odk.ie

 

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Chartered Accountants & Statutory Auditors
Bridge House
Cork
Ireland

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