Your Guide to Preparing for the Income Tax Return

As an independent professional or contractor in Ireland, the upcoming tax return deadline for your 2024 income is fast approaching. Whether you're a freelancer, sole trader, or self-employed individual, it's crucial to understand the key dates, required forms, and available tax reliefs to ensure a smooth filing process.

Key Deadlines for 2025

Paper Filers: 31 October 2025.
Online Filers via ROS: Extended to 13 November 2025.
Payment Due Date: All taxes owed for 2024 must be paid by the relevant deadline.

The Irish tax year runs from 1 January to 31 December, with income earned during the year declared the following October (e.g. 2024 income is due by October 31st, 2025).

Who Needs to File an Income Tax Return?

An Income Tax Return is required for anyone with income not fully taxed at source. This includes:

Company Directors
Landlords
Individuals with non-PAYE income (e.g. investment income, dividends, or foreign income)

For contractors specifically:

Those operating through a Director Umbrella Company or Personal Limited Company must complete an Income Tax Return.
Contractors under a PAYE Umbrella Company are usually not required to file unless they meet one of the above criteria.

Understanding Form 11

Independent professionals must complete Form 11, the Income Tax Return for self-assessed individuals. This captures all income earned during 2024, from freelance fees to consultancy work, rental income, or dividends. It also allows you to calculate your liability and claim reliefs.

Why is an Income Tax Return Required?

An Income Tax Return ensures:

All income is declared (freelance, rental, dividends, or director’s income).
Compliance with Revenue requirements.
You claim the tax credits and reliefs you’re entitled to.
Underpayments or overpayments are calculated — potentially resulting in a refund.

Available Tax Reliefs and Credits

Ireland offers several reliefs and credits that can significantly reduce your tax bill. Common ones include:

Rent Tax Credit – up to €1,000 (individuals) / €2,000 (jointly assessed couples).
Pension Contributions – deductible against taxable income.
Medical & Dental Expenses – unreimbursed medical treatments and non-routine dental work.
Remote Working Relief – a portion of home utility costs.
College Fees Tax Credit – for eligible tuition costs.
Mortgage Interest & Health Insurance Reliefs.

Filing Tips for Independent Professionals

Maintain Accurate Records – track income/expenses throughout the year – you can upload a copy of these records to the Icon Accounting app and portal if you are an icon accounting client.
Consult a Professional – expert support ensures compliance and optimisation.
File Early – avoid last-minute errors and penalties.

For Icon Accounting clients, the process is fully managed at no additional cost — including Form 11 completion, draft computations, and Revenue submission, making it a stress-free experience.

What if You Miss the Deadline?

Missing the deadline leads to surcharges:

Within two months: 5% of tax due.
After two months: 10% of tax due.

Interest also accrues until the balance is paid. In exceptional cases (illness, bereavement), Revenue may waive penalties.

Completing your Income Tax Return may seem daunting, but with the right preparation, it can be straightforward. By knowing the deadlines, filing Form 11 correctly, and maximising available reliefs, you can reduce your liability and stay compliant.

If you need support, Icon Accounting’s fully managed service ensures contractors and independent professionals have expert guidance every step of the way. Get in touch if you wnat to know how we can support you in comeplting the Income Tax Return and manage your accounting needs too.