Don’t forget self-assessment deadline – October 31

‘Money matters’ require prudence and sound advice

FILING self-assessment tax returns is an important (if tedious) task but the good news is now is the time for you to get moving as the deadline of October 31 is fast approaching.

With the ever changing ways in which people are employed nowadays – most notably in the ‘ gig economy’, more people are now filing self-assessment tax returns themselves. Basically, people are now either self-employed or are hired on a ‘contract for service’ basis which means they are hired for a fee and must therefore look after their own tax returns.

For example, revenue requires anyone receiving income from sources where some or all of the tax cannot be collected under the PAYE system to comply. Such as? People attaining profits from rents, investment income, foreign income, foreign pensions, maintenance payments to separated persons, fees, profits arising from various share options and incentives.

Ideally, you should start gathering and submitting things like invoices, receipts, bank statements and all records of purchasing that is business related by July or August. This not only cuts down on the workload as October 31 nears, but also negates the intrusion of unwanted stress. Being organised when filing your self-assessment tax returns is no different to anything else you do - if it’s well planned it’s usually not a problem.

Also note that you are required to pay the balance of any tax outstanding for the previous year and complete a self-assessment for the current year. The filing date can also be extended until November 14 if you file and pay tax returns online through the Revenue Online System (ROS).

Revenue has a detailed and comprehensive website full of advice and tips and you can also register online at revenue. ie by using their eRegistration service or by completing a TRI form. Below is a brief overview of what you need to know:

Who should file a self-assessment tax return? Someone that is self-employed and/or with nonPAYE income such as rental income or investment income which is not taxed through the PAYE system. If you are a self-assessment taxpayer - under Pay and File - you must pay income tax and file your tax returns for 2016 on or before 31 October, 2017.

What about married couples and civil partners? Married couples and civil partners are obliged to submit one income tax return showing the income of both spouses (or both civil partners unless they have made a formal election to have their tax affairs WHETHER it’s a college loan, insurance, business accounts, taxation, or a retirement savings scheme, knowing who to turn to for advice is important when it comes to finance. The term ‘personal finance’ is a broad umbrella and there are multiple strands to what exactly is meant by this.

How you spend and save money impacts on your life and it’s something that should not be taken for granted, and while many of us get distracted on a daily basis by life’s other pressing matters, one should look around at the many financial institutions dotted throughout Kerry which are tailor-made to provide a first class financial service. Asking for help is one of the most important things you’ll do when faced with a financial dilemma and while most of us prefer to guess our financial headaches away, this is unwise.

If ‘ location’ is among the most important criteria for real-estate, than ‘consultation’ is surely up there when it comes to personal finance. Arranging a consultation session with local financial advisers won’t do any harm and this is the first and easy step to settling those money matters. Being able to sit with experts who are prepared to offer advice in jargon-free, layman’s terms is a worthwhile venture.

Prudent planning is important in any walk of life and with so many financial products available, it can be difficult to compare all the options and make the decision best suited to your needs. This easily happens once confusion sets in and it’s best to get independent financial advice. As aforementioned, the need for financial advice is a broad and varied one and the basis of a good, long-term financial decision rests on some short-term attention to detail. dealt with separately).

‘Pay and File’ details to note before October 31: • File your 2016 Income Tax

Return.

• Make a self-assessment for

the year 2017.

• Pay any balance of income tax

outstanding for 2016.

• Pay your Preliminary Income

Tax for 2017.