Key Tax Deadlines for 2024: What Irish Residents, Business Owners and Employers Need to Know

As we move into 2024, one of the most important things Irish residents and business owners can do to avoid unnecessary stress and penalties is to stay on top of tax filing deadlines. Missing a deadline can result in fines, interest on late payments, and additional paperwork—all of which can easily be avoided with proper planning. In this blog, we’ll outline the key tax deadlines for 2024 and offer tips on how to prepare ahead of time to ensure you file your taxes smoothly.

1. Key Tax Deadlines for Individuals

Whether you’re a PAYE employee or a self-employed contractor in Ireland, understanding these tax deadlines is essential for staying compliant and maximizing your tax refund.

• January 31st, 2024: Deadline to pay any balance of tax owed for the year 2023 if you are self-employed or pay taxes under the self-assessment system. This also includes making any preliminary tax payments for the 2024 tax year. It’s crucial to make these payments on time to avoid interest charges.
• September 30th, 2024: This is the traditional deadline for filing your tax return under the self-assessment system (Form 11). If you are self-employed or earning additional income outside your primary job, this date is particularly important. However, if you file your return online using the Revenue Online Service (ROS), the deadline is typically extended to mid-November, giving you a little more breathing room. Do keep checking the dates OR just have us on board and we will take care of all this hassle for you.
• Medical Expenses & Other Deductions: Throughout the year, it’s important to keep track of any medical expenses, home renovation costs, or other deductible expenses, as these can be claimed during your tax filing to potentially reduce your tax bill.

2. Key Tax Deadlines for Business Owners

For business owners in Ireland, there are additional deadlines that you’ll need to stay on top of to ensure your business remains in good standing with Revenue.

• September 23, 2024: This is the due date for filing Corporation Tax returns for companies with a year-end of December 31st, 2023. You must file your CT1 form and pay any outstanding tax due by this date to avoid penalties. The company must make this payment on or before the 23rd of the ninth month. Companies that fail to pay and file electronically must submit their return and pay any associated tax. These companies must pay this tax on or before the 21st of the month.
• VAT Return Deadlines: Value Added Tax (VAT) returns are typically filed every two months. On the 19th day of the month following the end of each taxable period. The tentative deadlines are:
  • January 19th, 2024: For the November-December 2023 VAT period.
  • March 19th, 2024: For the January-February 2024 VAT period, and so on.

It’s important to stay on top of these deadlines to avoid late fees, which can add up quickly.

• PAYE Modernisation Filing Deadlines: Under the PAYE Modernisation system, employers are required to file employee payroll details in real-time. Each time you pay your employees, you need to submit a return to Revenue, ensuring that both your employees’ taxes and PRSI are accurately recorded. Failure to comply can result in penalties. 

3. Key Tax Deadline for Employers: 

The return filing frequency, return due date and payment due date for all employers in respect of PAYE/USC/PRSI/LPT is as follows: 

Eligible employers who are currently on a monthly basis for PAYE/USC/PRSI/LPT remittance and who wish to remit on a quarterly basis should apply in writing to the Collector General using MyEnquiries.

4. Tips for Staying Ahead of Deadlines

• Use Online Tools: Revenue’s Online Service (ROS) is a valuable tool for both individuals and business owners. It allows you to file your tax returns, make payments, and manage your tax affairs all in one place. Make sure to register and get comfortable with ROS early on to avoid last-minute issues.
• Keep Organized Records: One of the easiest ways to stay on top of tax deadlines is by keeping detailed and organized financial records throughout the year. This includes maintaining receipts for deductible expenses, invoices for self-employed income, and payroll information for business owners. If staying organized feels overwhelming, let TaxReturned.ie handle the heavy lifting for you. With expert tax assistance, you’ll have peace of mind knowing your taxes are in the best hands, and you’ll never miss a deadline again.
• Set Calendar Reminders: Set reminders on your phone or computer for each of the key deadlines to ensure you don’t miss any. A simple reminder can help you avoid penalties and ensure you’re fully prepared when tax season comes around.
• Consult a Tax Professional: Taxes can be complicated, especially if you run a business or have multiple income sources. Consulting a tax advisor or accountant can save you time, help you find deductions you might not be aware of, and make sure you stay compliant with all deadlines. We, at TaxReturned.ie offer seamless tax solutions for people like you. 

4. Consequences of Missing a Deadline

If you miss a tax deadline, the consequences can vary depending on the type of tax and the length of the delay. For individuals and business owners, late filing can result in interest charges on unpaid taxes, fines, and additional penalties. In severe cases, prolonged non-compliance can lead to legal action from Revenue. To avoid these scenarios, it’s always best to plan ahead, stay organized, and seek professional advice if needed.

Tax deadlines may seem far off, but they have a habit of sneaking up on you. By preparing early and staying organized throughout the year, you can ensure a smoother tax season in 2024, avoid penalties, and potentially maximize your refund. At TaxReturned.ie, we specialize in helping anyone and everyone to navigate the complexities of tax filing. Whether you need help organizing your documents, filing your return, or identifying deductions, we’re here to assist.

Ready to take the stress out of tax season? Contact our team of experts at TaxReturned.ie today for personalized assistance with your 2024 tax returns. We’ll help you meet every deadline and ensure you’re getting the most from your refund. Visit TaxReturned.ie to get started today!