1.

Check you have access to ROS

• you don’t use ROS regularly, check that you can still log on, or
• you replaced your computer during the year, you may need to transfer the ROS Cert to the new computer or reset your login.

Revenue’s “ROS Help” webpage has information on what to do in both scenarios.

2.

Regularise your Local Property Tax (LPT) before submitting your Income Tax Return

If you don’t, a surcharge will automatically be applied – equivalent to 10% of your Income Tax Return liability. While this particular surcharge is capped at the amount of the LPT bill once it’s paid, you can avoid this surcharge altogether by regularising your LPT before you submit your Form 11.

You can check your LPT record on ROS. If you have engaged a tax adviser to prepare your Income Tax Return, they won’t have access to your LPT record so, you’ll need to check it on ROS yourself.

3.

Review and adjust, if necessary, the pre-populated information on Form 11

If you are a proprietary director of a company (i.e. broadly you own or control more than 15% of the ordinary share capital of the company) and were paid director’s fees or a bonus for 2019 after the end of the company’s financial period, this information is not included in the pre-populated figures.

As proprietary directors are taxed on the “earnings basis”, the return will need to be adjusted to reflect a bonus or fee which was

• earned in 2019,
• paid within 6 months of the end of the financial period, and
• with a credit included for the estimated tax or USC deducted from the payment through the payroll (where those deductions were paid to Revenue).

For more information and guidance, look at Section 5 of Revenue’s ROS Form 11 Manual here.

4.

If you made a loss in 2020, you can carry it back to 2019

You can make an “interim claim” for this loss relief on your 2019 Income Tax Return based on your estimated losses for 2020. This may result in a refund of Preliminary Income Tax you paid for 2019.

Revenue has a manual on this loss relief here. It includes worked examples of relief claims with a suggested methodology that you can use, and document, when estimating your 2020 loss or allowances for an interim claim.

5.

Know your options

You can opt to warehouse your 2019 balancing payment and the 2020 Preliminary Tax amount due for 12-months, where, due to COVID-19, there has been a minimum reduction of 25% in your total income relative to 2019.

To avail of this warehousing scheme, you must complete the Statement of Net Liabilities (SNL) on the Form 11 to confirm the balancing payment due for 2019 and your 2020 Preliminary Tax liability. You also need to submit your Form 11 by 6pm 11 December.

If you underpaid Preliminary Tax for 2019, you cannot warehouse the balance of tax due for 2019. But, the 2019 balance may be included in a “Phased Payment Arrangement” with Revenue. This will allow you to pay the liability in instalments that qualify for a reduced rate of interest on late payments of 3%, rather than the normal 8% rate.

To avail of this special 3% rate, you must enter into a Phased Payment Arrangement with Revenue online and also file your return no later than 6pm 11 December 2020. This Revenue Information Booklet includes details on the conditions of these schemes and practical examples.

6.

Nominate a refund bank account

So if you are due a refund, ensure you have nominated a refund bank account to minimise delays in receiving your refund.

7.

Don’t mix up your dates for dealing with Capital Gains Tax (CGT)

8.

View Revenue’s resources on completing Form 11

Revenue also published a “ROS Pay & File – Useful Tips” Manual covering a variety of tips on completing the return. There are screenshots from ROS which make it easier to follow.

9.

Be aware of Revenue’s helplines and their opening hours

10.

If you need help this year, approach a tax adviser now

A late return is liable to a 5% or 10% surcharge of your Income Tax liability.