Why income tax returns always seem to sneak up

Most business owners know the basics: a return has to be filed, there's a statutory deadline, and at some point documentation needs to be gathered and the tax calculated. What catches people out isn't the knowledge, it's time. Between a growing business, family life, holidays and the general pace of the year, the deadline arrives faster than expected, every year.

Revenue's deadline in November

Personal income tax returns must be filed by 31 October, or in practice, for most taxpayers filing online, by roughly 14 November. That date naturally becomes everyone's mental anchor, which makes sense when there's so much else competing for attention earlier in the year. The typical pattern follows: documentation gets gathered once summer is over, queries and missing information surface, there's a scramble to track down statements from months ago, and then a rush to file and pay close to the deadline.

Why starting early beats waiting

A simple tax return, largely one salary plus a small number of extras like bank interest, doesn't take much untangling. But as a business grows, personal tax situations tend to grow more complex too: a mix of employment income, dividends, self-employment income, rental income, investment income, pension contributions and preliminary tax payments. Each of these needs its own documentation and review, and rushing that process at the last minute is exactly when errors creep in.

Starting early doesn't mean finalising early, it means beginning the process sooner and giving yourself more time to work through queries and gather documentation. It's also simply easier to explain what you did in September and why while it's still reasonably fresh, rather than trying to reconstruct it a year later. And it means you can enjoy the summer without your accountant chasing you every autumn.

The Sakura process for income tax returns

We work to an internal target of having the majority of a client's income tax information substantially complete by 30 April following the end of the tax year. That's not a filing deadline or a Revenue requirement, it's an internal standard that removes the last-minute scramble for everyone. By that point, we aim to have received core documentation, completed an initial review, flagged any queries, and prepared a draft return, along with an indicative figure for the tax due (including preliminary tax), months ahead of the payment deadline.

• End of January / early February | Our Income Tax Return Checklist is issued.
• Mid-February | You'll receive our guide to the Sakura Client Portal and completing the checklist.
• End of February | A reminder to complete the checklist.
• End of March | We prepare a list of queries and questions based on documentation received, with reminders sent to anyone still outstanding.
• End of April | We send a draft return and an indicative tax liability figure.
• End of October | The return is finalised and submitted to Revenue, already done and dusted for months.

Frequently asked questions

When is the deadline for filing an Irish income tax return?

31 October, though Revenue typically extends this to around 14 November for taxpayers who file and pay online through ROS.

Does starting my tax return early mean I have to finalise it in January?

No. Starting early just means beginning the process of gathering documentation and working through queries sooner, the return itself can still be finalised and filed later in the year, just without the last-minute pressure.

What makes an income tax return more complex?

Having more than one source of income, employment income alongside dividends, self-employment, rental income, investments or pension contributions, each adds its own documentation and calculations, and increases the value of starting early.

Take the next step

If you'd like to talk through getting your income tax return prepared, reviewed and submitted earlier this year, get in touch with Sakura.