Missed the Income Tax Return Deadline? Here’s What You Need to Know!

Missing the income tax return deadline can be stressful, but it’s important not to panic—or ignore it! While filing late can lead to financial penalties, there are ways to minimise the impact and ensure it doesn’t happen again. Here’s what you need to know to get back on track and prepare for a smoother tax year ahead.

1. File Your Return ASAP to Minimise Penalties

The longer you wait to file your tax return, the higher the penalties and interest charges will be. Acting quickly is essential.

• If you file within two months of the deadline, the surcharge may be limited to 5% of the total tax due.
• If you file after the two-month mark, the surcharge increases to 10%.

Filing promptly can significantly reduce the financial impact.

2. Explore Potential Penalty Waivers

In some cases, Revenue may waive penalties if you can demonstrate a valid reason for missing the deadline, such as:

• Illness
• Bereavement
• Other unforeseen circumstances

If you believe you have a reasonable cause, be sure to gather any supporting documentation and apply for a waiver through Revenue.

3. Be Aware of Increased Audit Risk

A late income tax return can increase the likelihood of a Revenue audit. This process can be stressful and time-consuming, so it’s crucial to:

• File your late return as soon as possible to reduce audit risk.
• Start organising your financial records now to avoid issues in the future.

4. Get Organised for Next Year

Avoiding a late return in the future starts with early preparation. Here are some steps to help you get ready for next year:

• Gather your financial documents early, including income statements, expense records, and relevant receipts.
• Stay on top of deadlines by setting reminders well in advance.
• Work with a trusted professional to ensure your tax return is accurate and submitted on time

How Icon Accounting Can Help

At Icon Accounting, we offer a fully managed service for contractors, which includes the completion and submission of your Income Tax Return—all included in our pricing. Here’s how we make it easy for you:

• Dedicated Account Manager: Each self-employed professional is assigned a dedicated account manager to provide personalised support and ensure you maximise your tax return.
• Expert Tax Return Team: Our experienced tax team handles the entire process, from preparing your return to filing it on time.
• Maximise Your Return: We work diligently to ensure you claim all eligible expenses and deductions, so you receive the maximum return possible.

With Icon Accounting by your side, you’ll have peace of mind knowing your tax affairs are in expert hands

Let’s Make 2025 a Smooth Tax Year!

If you missed this year’s deadline, don’t worry—we’re here to help you get back on track. Reach out to your dedicated account manager or contact our team today for guidance.

Let’s work together to ensure 2025 is a stress-free and successful tax year!