Mandatory Electronic Filing & Payment of Tax
14 March 2011
You are probably already aware of ROS, the Revenue’s on-line tax return filing and payment system. It’s a very efficient, user friendly and reliable system and most of our clients’ tax returns are currently filed using this system.
In the main, however, companies and individuals have had a choice regarding whether to file by ROS or by paper return. Later this year, this choice will be severely curtailed.
Currently some companies are already required to file and pay tax through the Revenue on-Line Services as follows:
- Companies whose tax affairs are dealt with by Large Cases Division.
- Companies with a turnover greater than €7.3m, and over 50 employees.
The requirement to file online will be extended to a far wider group of tax payers this year as follows.
From 1 June 2011 Returns and/or Payments must be made on-line by the following categories of tax payers:
- All companies
- All trusts
- All partnerships
- Individuals filing stamp duty returns as respects instruments executed on or after 1 June 2011
- Individuals or companies filing a return of payments to third parties (Form 46G)
- Individuals subject to the high earners restriction
- Individuals benefiting from or acquiring Foreign Life Policies, Offshore Funds or other Offshore products
- Individuals claiming a range of property based incentives (Residential Property and Industrial Buildings Allowances).
From 1 October 2011 Returns and/or Payments must be made on-line by the following:
- Employers with more than 10 employees.
Capacity Constraints
Revenue may exclude a person from the obligation to pay and file electronically, if they are satisfied that the person does not have the capacity to do so. In this context “capacity” is defined to mean access to the requisite technology, both hardware and software.
What next?
These changes will probably apply to you. Baker Tilly Ryan Glennon is already fully ready to deal with the obligation to file online. If you have any concerns or queries on these changes please feel free to contact us on 01 496 5388 or tax@bakertillyrg.ie
