With the busy tax compliance season quickly approaching, staying on top of your client’s tax deadlines is crucial. Below are a few key pay & file timelines to help you and your clients avoid any unwanted late return interest, surcharges, or penalties.

Capital Acquisitions Tax (“CAT”)

The valuation date for CAT is important as it determines when a CAT return and potential liability is due. Where the valuation date is:

• between 1 January and 31 August, the pay and file deadline is 31 October in that year
• between 1 September and 31 December, the pay & file deadline is 31 October in the following year

It should be noted that where the IT38 return is filed online, and payment is made online the above deadline in respect of gifts or inheritance with valuation dates in the year ended 31 August 2024 is extended to 14 November 2024.

Determining the valuation date of a gift or inheritance as indicated above will set the pay and file timeline for your client. The valuation date for a gift is normally the date of the gift transfer.

For an inheritance, the valuation date can sometimes be more difficult to determine. Generally, the valuation date for an inheritance is the earliest of the following dates:

• the date the executor or administrator is entitled to retain the asset for your benefit
• the date on which the asset is retained
• the date the executor or administrator gives the asset to you

It should always be assessed whether a CAT return is required upon receipt of a gift or an inheritance. A return will be required even if no liability is due where greater than 80% of the relevant tax-free group threshold is exceeded. In addition, a return is also required where a relief claim such as Agricultural Relief or Business Relief is being made.

Capital Gains Tax (“CGT”)

The payment date for a CGT liability is as follows:

• for disposals made between 1 January 2024 and 30 November 2024, the payment will be due on 15 December 2024
• for disposals made between 01 December 2024 and 31 December 2024, the payment will be due on 31 January 2025

For companies, the corporation tax on capital gains will be due in line with their normal corporation tax returns. However, where a company has a disposal of development land which gives rise to a CGT liability, this will be due based on the above CGT timelines.

In circumstances where an individual is a chargeable person for income tax purposes and files Form 11 income tax returns, the return of the information in respect to a disposal for CGT purposes should be included on their Form 11 income tax return. Depending on the circumstances of the individual, for example, where they only have PAYE income / non-PAYE income of less than €5,000, a paper Form 12 or an online Form 12 can be used to return the CGT disposal. In other circumstances a Form CG1 can be completed where the alternative methods are not suitable.

Income Tax
The pay and file deadline in respect of the 2023 tax year is 31 October 2024. However, when taxpayers complete their Form 11 Income Tax returns online and pay online, the deadline is extended to 14 November 2024.

It is important to ensure that preliminary tax obligations are considered when filing the income tax return and making a payment to Revenue. In general, the amount of preliminary tax for a year must be at least equal to the lower of the following two amounts:

• 90% of the tax due for that particular year
• 100% of the tax due for the prior year

Corporation Tax

Whilst the specific accounting periods of a company will dictate the compliance timelines, for companies with a year-end of 31 December 2023 the CT1 return will be due on the 23rd September 2024.

Again, it is important to also be mindful of preliminary tax obligations when filing and making a CT payment.

If the company is a large company with a 01 January 2024 to 31 December 2024 accounting period, the first preliminary tax instalment was due by the 23rd of June 2024. The second preliminary tax instalment will be due by the 23rd of November 2024.

For small companies with the same accounting period, the preliminary tax will be due in one instalment by 23rd November 2024.

The above are just a few of the many upcoming tax compliance deadlines which are approaching. These are in addition to the other tax compliance requirements including VAT returns, payroll obligations, stamp duty returns, dividend withholding tax obligations etc.

As you can see, the upcoming tax compliance season presents a complex landscape with various deadlines and requirements. While we have outlined some key points, it is important to note that specific client circumstances can vary.

Our team at OmniPro Tax & Legal is well-versed in navigating these complexities and can provide advice across the different tax heads to assist you or your clients. Do not hesitate to reach out to us for expert advice on any specific tax queries or concerns your clients may have.

The contents of this article are meant as a guide only and are not a substitute for professional advice. The author/s accept no responsibility for any action taken, or refrained from, as a result of the material contained in this document. Specific advice should be obtained before acting or refraining from acting, in connection with the matters dealt with in this article.