A few unforeseen personal expenses arose in the past few months and long story short I have left myself a bit short for my preliminary tax which is 9 or 10k more than I had budgeted for. Has anyone been in this position previously? My accountant advised to just pay the balance for last year and pay the preliminary tax when I can and said that it's unlikely that Revenue will apply interest if I pay up quickly enough. Should I pay what I can off the preliminary tax now or pay it all together, or does this make any difference beyond potentially accrued interest?
Late Payment of Preliminary Tax
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Once your miss the preliminary tax payment date and rules (90% of current year liability or 100% of prior year liability) you are exposed to interest on late payment of tax. Make sure you pay the balance of tax as that will be due and collected immediately upon filing. My advice would be to make payments on account for 2019 as soon as possible to minimise interest which runs at a daily rate that is equivalent to 8% simple interest per year. I've personally seen the Collector General send out letters looking for €500 (equating to c€6K liability paid late).
I would agree with your accountant.
While late payment penalties of 5% and 10% are applied automatically by the ROS system for late payment of current year liabilities, i.e. 2018 they are not automatically levied for preliminary tax.
I have seen many cases where no interest was charged for late payment/underdeclaration of preliminary tax.
While late payment penalties of 5% and 10% are applied automatically by the ROS system for late payment of current year liabilities, i.e. 2018 they are not automatically levied for preliminary tax.
I have seen many cases where no interest was charged for late payment/underdeclaration of preliminary tax.
This was the first year I ever paid preliminary tax for myself or my wife, even though it was clearly due in previous years (though this was not clear to me at the time 
), never heard a peep from Revenue about it. I'm sure this will change, but just agreeing with others that it may not have any adverse consequences...
), never heard a peep from Revenue about it. I'm sure this will change, but just agreeing with others that it may not have any adverse consequences...Sorry for bumping this thread. I was trying to pay the balance today. Do I process the payment as an income tax balancing amount for 2019? There's no option for 2019 Preliminary anymore? Also, is there any way of viewing the outstanding balance for my 2019 preliminary in ROS?
