Some important dates for the self-employed

A number of important tax dates are coming up for anyone with non-PAYE income, i.e. the self-employed, or someone who earns, say with rental or share income. Self-assessment, as it is known also applies to all directors controlling 15 per cent or more of the share capital of certain companies. This applies even if their income is PAYE assessed.

Preliminary tax due for 1997/98 is due on or before November 1st, 1997 or you may be subject to interest charges of 1.25 per cent per month. (Overpayments only earn 0.6 per cent monthly interest.) The tax you pay must represent 90 per cent of your 1997/98 liability or 100 per cent of your ultimate liability for 1996/97. You can now opt to pay your tax on a monthly basis, but the Revenue Commissioners will require that you pay the equivalent of 105 per cent of the ultimate liability of the pre-preceding year, that is, 1995/96.

Your actual tax return (for the year ended April 5th, 1997) must be filed before or on January 31st, 1998 to avoid a surcharge or penalty that could be the equivalent of 5-10 per cent of the tax owed.