Self-Assessed tax deadline extended to 10th December

27 Oct 2020

In our latest guest blog, provide tips for a successful self-assessed tax return. 


Top tips for filing your 2020 return

Self-assessed taxpayers will have an extra four weeks to file their tax return in 2020.

Revenue has announced that the deadline for 2019 self-assessed income tax returns and 2020 preliminary tax payments has been extended to 10th December. The previous deadline was 12th November.

What’s more, if you are a beneficiary of a gift or inheritance with a valuation date in the year ended 31 August 2020, you will also have until 10 December to file a Capital Acquisitions Tax (CAT) return and pay your tax liability.

However, it’s important to note that taxpayers who do not intend to pay and file online cannot avail of the extension and must adhere to a deadline of 31 October.

6 tips to follow when filing

1) Be organised

In order to file your tax return, you will need to have all of your invoices and eligible receipts close at hand.

If you kept your documents organised during the year, you will thank yourself at the tax deadline!

But if you haven’t been so organised, don’t wait until the last minute to gather the documents required to file. You may need a little extra time should any unforeseen issues arise.

And remember, a good cloud-based accounting system is available from as little as €20/€30 per month – which is not much to spend when you are saving yourself a world of tax trouble.

2) Know your expenses

Only expenses made ‘wholly’ and ‘exclusively’ for business purposes can be offset against your taxable income.

If you have an expense that was incurred for both business and private use, Revenue may allow the business element to be deductible (private vs business use of a car).

Some common types of tax deductions include:

  • Equipment
  • Wear and tear
  • Business travel
  • Utility bills

3) 2020 losses can be deducted from 2019 profits

In addition to the tax deadline extension, Revenue have also announced that self-employed individuals can claim to have their 2020 losses and certain unused capital allowances carried back and deducted from their 2019 tax year profits –  reducing the amount of income tax payable on those profits.

Typically, losses could only be carried forward and set against profits of the following tax year.

However, under the new scheme, losses of up to €25,000 (applies to both trading losses and capital allowances) from the 2020 tax year can be deducted from 2019 profits.

4) File before the deadline

There are four additional weeks in 2020 to file your return. That should be plenty of time.

It’s bad enough having the pay and file on time without having to cough-up late payment penalties too!

5) Assume you will be audited

There is very little you can do to avoid an audit from Revenue (roughly one in every 20 audits are selected randomly). So, with this in mind, it’s important to assume you will be audited at some point. To prepare for an audit, make sure you keep every document (invoices, receipts etc.) organised in a safe place for a period of at least 6 years.

6) Ask for help if you need it

You can always file your tax return directly with Revenue before the 10 December deadline. The main advantage of choosing this option is that it is free. However, you will have to file on your own. And the burden of ensuring that you have completed your return correctly will lie solely with you.

Filing your tax return alone is not always a walk in the park. Many self-employed workers are unsure of what they can and can’t claim and find it difficult to fully avail of all of their entitlements.

If you’d like a hand with your return, you can always contact a tax agent like

Their tax team will handle all of your paperwork and ensure you are claiming every relief you’re entitled to – minimising your tax bill.

Why choose

  • Simple and stress-free online service – no complicated forms
  • will manage all of the paperwork – compliance with Revenue guaranteed
  • Minimise your 2020 tax liability
  • 24/7 tax guidance from a Personal Tax Advisor, Live Chat agents, email support and more
  • Free, no-obligation quote

Find out more about filing your self-assessed tax return with here

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