Personal Income Tax Returns for 2011 can now be filed with Revenue and are due to be filed by 31 October 2012, subject to the Finance Bill being approved.

Early preparation and filing of your Tax Return is advantageous because:

(a) if a refund is due, it is received shortly after filing the return
(b) if a liability is due, the payment date for this liability is 30 October 2012, but you have the knowledge now of the amount due and can plan your cash flow for the next 9 months accordingly.
(c) You can calculate your preliminary tax liability for 2012 (if using the 100% of Prior Year rule) and plan your cash flow for the next 9 months

And your tax advisor will appreciate not having all the 2011 Income Tax Returns to be prepared in the last few weeks before the tax filing deadline!     

If you would like advice on the information required to complete your Personal Income Tax Return or assistance with its preparation, please do not hesitate to Contact Us.