Revenue Tax Briefing

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Revenue Tax Briefing Issue 3, -

Full Self-Assessment

1 Introduction

The Finance Act 2012 introduced full self-assessment for chargeable persons, via part 41A of the Taxes Consolidation Act 1997.

For the years 2012 and prior, the old rules as set out in Parts 39 and 41 of the Act apply in relation to raising assessments, amending assessments, appeals, expressions of doubt, etc.

The new Part 41A applies for:

  • Corporation Tax where the accounting period commences on or after 1 January 2013,
  • Income Tax for the year 2013, and
  • Capital Gains Tax for the year 2013.

This new part requires the customer, or their agent, to self-assess when making a tax return, and allows for a penalty where no self-assessment is made.

In general, Revenue will not raise assessments, but there is provision to do so:

  • Where the customer fails to make a return (S. 959AC),
  • Where the customer makes a return, but fails to self-assess; Revenue can issue a self-assessment on the customers behalf (S 959U) – however a penalty may be incurred for failing to self-assess.
  • Where Revenue is not satisfied with the adequacy of a return (S. 959AC).

1.2 Making a Self-Assessment

When completing a tax return a customer must self-assess. The ROS tax returns (Form 11, Form 1, and CT1) will compute the Income Tax/Corporation Tax liability as before and provide an indicative calculation of the liability. The customer, when making the self-assessment, can choose to accept Revenue’s calculation or disregard it and enter his/her own figures. When the return and self-assessment is submitted, Revenue will not issue a notice of assessment. Instead, a notification acknowledging the self-assessment will issue. This acknowledgement will contain a copy of the self-assessment.

1.3 Failure to Self-Assess

Where a chargeable person does not make a self-assessment when filing a return of income s/he is liable to a penalty of €250 (S 959X). However, where a paper return is filed on or before the 31 August in the year following the year of assessment, no penalty will be incurred (S 959S).

Where a customer does not self-assess, Revenue will issue a self-assessment on the customer’s behalf and a notice of assessment raised under Ch. 4 of Part 41A will issue (S959U).

1.4 Appeals

There is no appeal against a self-assessment or an amended self-assessment made by the taxpayer.

1.5 ROS – Mandatory Completion of Self-Assessment Panel

Customers who file their tax return through ROS for 2013 et seq. must self-assess. The Form CT1, Form 11 and Form 1 contain new self-assessment panels for Corporation Tax, Income Tax and Capital Gains Tax, as appropriate.

In the Form CT1, the Corporation Tax self-assessment panel is mandatory. In the Form 11 and Form 1, the Income Tax self-assessment panel is mandatory. These panels must be completed in all cases before these forms can be submitted to Revenue.

However, the ROS calculation facility will calculate the customer’s liability and provide an indicative self-assessment for the customer in this new panel – see paragraph 2 at link below.

Full details on completion of Form 11 and Form CT1 self-assessment panels.