TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Earlier Budgets, Earlier Self-Assessment Deadlines?

Earlier Budget Days are inevitable following the so-called “Two Pack” agreement under the EU Stability and Growth Pact. Much of the existing budgetary process, which normally is completed in the first week of December, will be finalised much earlier. This could well have implications for the date on which Self Employed Income Tax returns and payments are made to Revenue, because the information contained in those returns is used in the preparation of Budget Estimates.

Chartered Accountants Ireland, along with the other CCAB-I bodies, is insisting that earlier tax payment dates will increase cash flow pressure massively on businesses, especially in a market where there is little lending to the SME sector. Bringing in earlier tax payment dates will destroy jobs and damage prospects for recovery in the domestic sector.

We believe it would be simply impossible for many Irish businesses to comply with earlier income tax payment arrangements, especially seasonal businesses like farming. Officials could compile adequate estimates of the tax being paid by the self-employed without bringing forward the payment dates. This is because of the high level of compliance by the self-employed, and because the entire tax payment and filing system is carried out online for the sector. Any variances would be immaterial relative to the country’s Budget overall. We will do our utmost to ensure that there is proper consultation on this vital issue.