This is now dealt with under the Self Assessment rules which came into force in 1997. Income charged to tax is now that of the current tax year.

• If you want the Inland Revenue to calculate your tax and issue an assessment, your Tax Return and schedules must be submitted to the Tax Office by the 30th September for that tax year. Otherwise your Tax Return and calculation of tax payable must be submitted by the following 31st January together with your cheque.
• Tax is payable on the 31st January and 31st July of each year with the balancing figure either payable or refundable on the following 31st January.
• All entries on the form must be completed and not left blank or marked 'to be agreed'. The Revenue have a year from the filing date to investigate an enquiry and you have a year to make any amendments to your Return if this is necessary.
• Records and documents relating to your Return should be kept for 2 years from the end of the tax year. If you are in business or let property you should retain the records for 6 years.
• There are fixed penalties for late submission of Returns and not keeping records. Interest and surcharges will apply to non-payment or late payment of tax.
• It is your responsibility to obtain a Return if you are liable to tax and a form has not been issued to you.
• Partners will receive details of their share of profit from the partner so designated to act and employees will receive details of their pay and benefits from their employer.
• You are responsible for your own Return and tax where applicable. If you have any doubts about your obligations or require assistance, please get in touch with us. We will gladly help you.