Personal Tax Compliance can seem like a minefield. The different tax filing and payment dates, as well as the various obligations for taxpayers, make it challenging to understand and stay on top of.

Many taxpayers are not fully aware of the reliefs available to them, just as they are not fully aware of the potential errors or difficulties that can arise in the absence of professional advice.

Whether you have an obligation to file an Income Tax return, Capital Gains Tax return or Capital Acquisition Tax return, we can help. Our tax department has a wealth of experience and expertise on all areas of Taxation.

Understanding your Tax obligations

First and foremost, it is crucial to understand what your personal Tax obligations are. You will either fall into one of two categories – A) You are a PAYE taxpayer and as such, your tax is deducted by your employer; or B) You are a self-assessed individual. It is possible to fall into both categories depending on your income and tax liability. For example, PAYE individuals in receipt of gross non-PAYE income of €50,000 or more from all sources, regardless of reliefs, losses or other deductions that have reduced their trading or investment income to nil, are obliged to file a self-assessed income tax return. Similarly, a PAYE individual will be required to file an income tax return if they or their spouse/civil partner:

  • Sold an asset;

  • Opened a foreign bank account;

  • Acquired a foreign life policy;

  • Has availed of certain tax reliefs;

  • Acquired a material interest in an offshore product or fund.

We are here to help

If you are unsure of whether or not your personal tax affairs are adequately in hand, our experienced Tax advisory team provide Tax Planning support to clients, along with the following suite of Personal Tax Compliance services:

  • Preparation and submission to the Revenue Commissioners of your Irish income tax returns and calculation of your income tax liability;

  • Preparation of your self-employment and rental accounts;

  • Preparation of Irish and Foreign investment income schedules;

  • Liaising with Revenue in respect of your tax affairs and dealing with revenue audits;

  • Preparation of your capital gains tax and capital acquisitions tax computations and providing advice regarding the availability of tax reliefs;

  • Preparation and submission of CAT gift and inheritance tax returns;

  • Advising on availability of tax credits, allowances and reliefs in the tax year and how to maximise same.

Why HLB Sheehan Quinn

Our Tax advisory team provides a tailored approach that responds to the specific needs and requirements of each individual client.

HLB Sheehan Quinn is part of the HLB International network of advisory firms. We offer a full suite of international tax compliance services to ensure that any non-Irish tax obligations are also met.

If you would like assistance in understanding your Tax obligations and managing your income tax returns, please contact our team to arrange a call or a meeting.