Tax & Pensions Deadlines Donegal

by | Sep 30, 2022 | Retirement & Pensions, Back to Blog

Tax & Pensions Deadline Advice 2022: What you need to know

Tax & Pensions deadlines are fast approaching.

Whether you’re an employee, self-employed or company Director, the deadline for tax returns is 31st October but you NEED to start the process ASAP to avoid missing out.

Individuals who both pay and file their tax returns through the Revenue On-line Service (ROS) have until Wednesday 16th November 2022 to pay a pension contribution and elect to backdate the income tax relief against the 2021 tax year. Those who do not qualify for the ROS extension must do this by 31st October 2022.

Tax & Pensions Deadline 2022 What you need to know? Advice First Financial

Are you an employee?

Tax & Pensions Deadlines Donegal

Employees can also pay a pension contribution and set it against their 2021 tax bill. To claim income tax relief on their pension contribution, employees must pay their contribution to the appropriate pension contract for their circumstances.

> PRSA or Personal Pension: where the employee had Schedule E income during 2021 but was not a member of their employer’s company pension scheme.

> AVC or PRSA AVC: where the employee had Schedule E income during 2021, was a member of their employer’s company pension scheme during 2021 and is still in that same employment. This includes those who received the covid-19 wages subsidy scheme.

Self Employed?

Tax & Pensions Deadlines Donegal

A self-employed client who wants to pay a personal pension or PRSA contribution and backdate the income tax relief against their 2021 earnings needs to do the following
1. Pay the contribution to the life office or PRSA provider on or before the deadline, and
2. Submit their tax return to Revenue on or before the deadline

Who files a self-assessment tax return?

Tax & Pensions Deadlines Donegal

> Self employed
> Propriety directors who own more than 15% of a company
> Those with non-PAYE income
> Members of company pension schemes who pay AVCs and want to backdate income tax relief to 2021

If you have questions or need advice on Tax & Pensions Deadlines , call 074 9103938 or email now

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