Can I retrospectively make tax returns?

B

bteaquestion

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Long story short,
PAYE worker, registered as a sole trader to provide a service 3 years ago, Never filed any tax returns, I'm aware that was silly, Hasn't caught up on me yet, Don't want it to.

Can I retrospectively make tax returns, and can i repay what i owe plus whatever penalties and interest are owed over a period of time, or must it be paid in one lump?
 
You will be liable to a 10% late filing surchage for all three years if the non-PAYE taxable income exceeds €5,000. Interest may be charged if you pay the amounts in one go and at the same time as you are filing the tax returns.

I have filed six years returns there recently for a client and no interest was charged. All the amounts were paid upon filing.

If you don't pay the tax in one go for all years you will need to agree an installment arrangement with the Collector General which will include interest.

If you file the tax returns and don't pay the amounts immediately I would expect a demand letter from the Collector General - these issue fairly promptly now.

A word of warning - if you have claimed medical expenses (or other non-standard tax credits) then you may have filed a tax return and not realised it. This is callead a balancing statement (or the wording may have changed) - if you have a tax refund then you may have filed a return. In this case you will need to amend previous years tax years and you may wish to talk to an accountant with regards to this.
 
"A word of warning - if you have claimed medical expenses (or other non-standard tax credits) then you may have filed a tax return and not realised it.

In this case you will need to amend previous years tax years and you may wish to talk to an accountant with regards to this"

Impossible if the OP has previously registered as self assessment.

They probably need the assistance and expertise of an accountant in any event..

Failing to fully and properly resolve a tax default is a serious business.
 
Last edited:
bteaquestion said:
I had looked into self assesment but it feels like the whole thing is a all over my head.
Click to expand...
Just to be clear, if you're a sole trader then almost certainly you are required to do self assessed returns rather than having any choice in the matter. This doesn't mean that you have to do everything yourself and you can engage an accountant/tax advisor to assist if necessary.

A guide to self-assessment

This guide sets out the basic principles of the self-assessment system as it applies to Income Tax and Capital Gains Tax (CGT)
www.revenue.ie www.revenue.ie
 
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