Paying large amount online to Revenue?

[Zanatoo]

Hi Folks,

I received quite a large gift earlier in the year and being the procrastinator I am, I've left it to the last minute to pay the tax.

At this stage, online is my best option to ensure making the deadline of next Thursday.

My question is, the amount I have to pay is €26k. I've already registered for CAT through myAccount but I'm just wondering if the amount is going to be an issue for the 'direct debit' method of payment? I bank with AIB.

Thanks for any info!

 

[ClubMan]

Why would it be a direct debit if it's a once off payment?
And why do you have 'direct debit' in quotes?
You should check AIB's limits on transfers - e.g.:

Transaction Limit Information - AIB Internet Banking | AIB

aib.ie

 

[Dr Strangelove]

Why would it be a direct debit if it's a once off payment?

It has worked that way for me in the past, albeit smaller amounts.

I suspect Revenue as payee is flagged as ultra low-risk on banks’ systems and less chance of it being blocked or queried.

 

[ClubMan]

I would have expected such a payment to be pushed by the (tax)payer and not pulled by the payee (Revenue) via a Direct Debit?

 

[T McGibney]

Many business people routinely pay sums of that magnitude to Revenue without issue.

Use the ROS debit instruction feature if it's available to you.

Unless you have previously filed a paper CAT Return (if they even exist these days) you have until 14 November to pay online.

 

[Bluefin]

BOI limit is 20k per day…just do 2 transfers and let revenue know through MyEnquiries in myaccount…if AIB has similar transaction amounts

 

[T McGibney]

BOI limit is 20k per day…just do 2 transfers and let revenue know through MyEnquiries in myaccount…if AIB has similar transaction amounts

Those limits don't apply to a ROS debit instruction.

 

[Sue Ellen]

if AIB has similar transaction amounts

€10,000 per day with AIB.

 

[Gordon Gekko]

As Tommy said, there’s no limit on a Single Debit by Revenue. You authorise it via ROS/My Account and they collect it. It could be anything from €10 to €1bn.

 

[Bluefin]

Good to know that…thanks a mil TMcG for that useful info

 

[Zanatoo]

Thank you everyone for the helpful replies. I'll proceed with the DD option.

Unless you have previously filed a paper CAT Return (if they even exist these days)...

...you have until 14 November to pay online.

Paper option still exists.

I know the 14th is the online deadline for Income Tax, not sure if it applies for CAT. I couldn't find any mention of it.

 

[T McGibney]

I know the 14th is the online deadline for Income Tax, not sure if it applies for CAT. I couldn't find any mention of it.

It does. Same terms.

 

[T McGibney]

It does. Same terms.

https://www.revenue.ie/en/tax-profe...ins-tax-corporation-tax/part-38/38-06-01a.pdf Page 6

For beneficiaries who received gifts or inheritances with valuation dates in the year ended 31August 2024, the deadline for your Capital Acquisitions Tax (IT38) online return and onlinepayment is 14 November 2024. Otherwise, the 31 October 2024 deadline applies.The IT 38 can be filed and any liability due can be paid online through ROS or myAccount. Agentsand advisors can complete the IT38 online if linked to that client for CAT.

 

[Freelance]

Thank you everyone for the helpful replies. I'll proceed with the DD option.

Just a small point to avoid any confusion, Revenue refer to it as a Single Debit Instruction (i.e. one off) rather than a Direct Debit (usually recurring)

Single Debit Instructions (SDI).​

You can set up an SDI using ROS or myAccount. This allows you to make once-off payments directly from your bank account. Please check beforehand that your account can accept a direct debit.

See here