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Your guide to the Annual Self-assessed Tax Return

First appearing as a special report in the Sunday Business Post, 3 October 2021, Catherine O’Neill and Colin Forbes provide a handy guide to completing your 2020 self-assessed tax return

As the days get shorter, this can only mean one thing, the annual self-assessed tax return filing deadline is just around the corner. 

Preparing and filing your annual self-assessed tax return can be a daunting task for any taxpayer, but fear not, our detailed guide to completing the Form 11 will make the task easier and may even help you to save some tax along the way.

We have concentrated on the main areas of focus while highlighting the various tax reliefs that you may be entitled to claim. If you have made complex investments such as foreign life insurance policies or wish to claim property-based incentives, you should engage with a professional tax adviser.

Paper or online?

ROS calculates the taxes due for you as opposed to you crunching the numbers on the paper version. The following must be completed online on or before this deadline:

  • File the Form 11
  • Pay any balance of income taxes for 2020
  • Pay your preliminary income taxes for 2021.

You should allow eight working days approximately to complete the ROS registration process so that you are able to pay and file by the deadline.

How do I register for ROS services?

You can click on the Register for ROS link on www.revenue.ie and follow these steps:

  1. Apply for your ROS Access Number
  2. Apply for your Digital Certificate
  3. Retrieve your Digital Certificate and view your account

If this is your first time filing a Form 11, you will need to make sure you are registered for Income Taxes by following the e-Registration process on the ROS website or by completing the Form TR1 which can be found on www.revenue.ie.
 

Please note this article first featured in the Sunday Business Post on 3 October 2021 and was re-published kindly with their permission on our website.

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