Self correction of mistakes on tax return

Self-correction of mistakes on tax returns already submitted to Revenue

If you made a mistake in preparing and submitting a tax return or vat return, Revenue allows taxpayers time to self-correct the tax return or vat return without incurring a penalty

This subject to the following conditions;

1) the taxpayer must notify Revenue of the adjustments to be made [either in
writing or electronically through the Revenue On-Line (ROS) service]
2) the taxpayer must include a computation of the correct tax or duty and statutory
interest payable. Currently 8% per annum
3) a payment in settlement must accompany the submission. This can done on ROS as well
4) for bi-monthly/quarterly/half-yearly remitters of VAT, if the net underpayment of
VAT for the period being corrected is less than €6,000, the amount of the tax
can be included (without interest or notification to Revenue) as an adjustment
on the next corresponding VAT return following that in which the error was
made.

The time limit for self correction for self employed taxpayers for 2018 income tax returns already submitted is 31st October 2020 next.

Subject to qualifying criteria

Any queries give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie