Tax

Tax deadlines - February/March 2019

Feb 11, 2019
EY’s Helen Byrne, Sherena Deveney and Brendan McSparran outline the relevant compliance dates for February and March.

REPUBLIC OF IRELAND

RELEVANT DATES FOR COMPANIES

14 February 2019
Dividend withholding tax return filing and payment date for distributions made in January 2019.

21 February 2019
Due date for payment of preliminary tax for companies with a financial year ended 31 March 2019. If this is paid using Revenue Online Service (ROS), this date is extended to 23 February 2019.

Due date for payment of initial instalments of preliminary tax for companies (not “small” companies) with a financial year ended 31 August 2019. If this is paid using ROS, this date is extended to 23 February 2019.

23 February 2019
Last date for filing corporation tax return Form CT1 for companies with a financial year ending on 31 May 2018 if filed using ROS.

Due date for any balancing payment in respect of the same accounting period.

Loans advanced to participators in a close company in the year ended 31 May 2018 may need to be repaid by 23 February 2019 to avoid the assessment (on the company) of income tax thereon.

A concessional three-month filing extension for iXBRL financial statements (not Form CT1) may apply. For 28 February 2018 year-ends, this should extend the iXBRLW to 23 February 2019.

28 February 2019

Last date for filing third-party payments return Form 46G for companies with a financial year ending on 31 May 2018.

Latest date for payment of dividends for the period ended 31 August 2017 to avoid Sections 440 and 441 TCA97 surcharges on investment, rental or professional services income arising in that period (close companies only).

Country by Country Reports (CbCRs)/Equivalent CbCRs for the fiscal year ended 28 February 2018 (where necessary) must be filed with Revenue no later than 28 February 2019.

14 March 2019
Dividend withholding tax return filing and payment date for distributions made in February 2019.

21 March 2019
Due date for payment of preliminary tax for companies with a financial year ended 30 April 2019. If this is paid using ROS, this date is extended to 23 March 2019.

Due date for payment of initial instalments of preliminary tax for companies (not “small” companies) with a financial year ended 30 September 2019. If this is paid using ROS, this date is extended to 23 March 2019.

23 March 2019
Last date for filing corporation tax return Form CT1 for companies with a financial year ending on 30 June 2018 if filed using ROS.
Due date for any balancing payment in respect of the same accounting period.

Loans advanced to participators in a close company in the year ended 30 June 2018 may need to be repaid by 23 March 2019 to avoid the assessment (on the company) of income tax thereon.

A concessional three-month filing extension for iXBRL financial statements (not Form CT1) may apply. For 31 March 2018 year-ends, this should extend the iXBRL deadline to 23 March 2019.

31 March 2019
Last date for filing third-party payments return Form 46G for companies with a financial year ending on 30 June 2018.

Latest date for payment of dividends for the period ended 30 September 2017 to avoid Sections 440 and 441 TCA97 surcharges on investment, rental or professional services income arising in that period (close companies only).

CbCRs/Equivalent CbCRs for the fiscal year ended 31 March 2018 (where necessary) must be filed with Revenue no later than 31 March 2019.

PERSONAL TAXES 

31 March 2019
Deadline for claiming separate assessment and nominating assessable spouse for 2019. 

GENERAL

23 February 2019
P35 deadline for employers for 2018 (assuming returns and tax payments are made through ROS).

Due date for Special Assignee Relief Programme employer returns for 2018.

31 March 2019
Return of information in relation to share options or rights granted in the year ended 31 December 2018. A similar deadline applies in connection with reporting obligations for forfeitable and convertible shares given to employees and directors.

NORTHERN IRELAND

RELEVANT DATES FOR COMPANIES

The key dates for corporation tax purposes will, in most instances, depend on a company’s accounting period end date. The dates below are for a company with a 12 month accounting period ended 31 December 2018.

14 January 2019
Due date for third quarterly instalment payment for “large” companies.  A “large” company is defined as having total taxable profits in excess of the upper limit (being £1.5 million divided by the number of 51% group companies plus one and adjusted accordingly for length of period).

PERSONAL TAXES

31 January 2019
Deadline for submission of tax return (individuals, partnerships and trusts) for 2017/18 by internet filing, with a £100 penalty for failure. 

All tax due for 2017/18 to be paid by this date. 

First payment on account towards the taxpayers 2018/19 liability is due. 

Deadline for amending the 2016/2017 tax return. Note that amending the tax return, will extend the enquiry period by 12 months from the end of the quarter period of submission. Quarters run April, July, October and January.

Any 2016/17 tax returns submitted after this date will be subject to a penalty amounting to the higher of £300 or 5% of the tax due for the year. This can be increased to as much as £3,000 or 100% of the tax due if HMRC consider that an individual is deliberately not filing the tax return. 

Any tax for 2016/17 not paid by this date will be subject to a 5% penalty (in addition to an interest charge). 

The trustees of all relevant trusts and complex estates that have incurred a liability for any relevant tax in the tax year 2017/2018 must register beneficial ownership information about the trust on TRS, by no later than 31 January 2019, if they have not already done so. 
 
Relevant taxes are:

  • Capital gains tax;
  • Income tax;
  • Inheritance tax;
  • Land and buildings transaction tax (in Scotland);
  • Stamp duty land tax; and
  • Stamp duty reserve tax or stamp duty.
The lead trustee may have to pay a penalty if they do not register the trust before the registration deadline. If they do not register or update the information, and cannot show HMRC that they took reasonable steps to do so, the penalties are:

  • £100 for registering up to three months after the deadline;
  • £200 for registering between three to six months after the deadline; and
  • £300 or 5% of the total tax liability in the relevant year (whichever is higher) for registering more than six months after the deadline.

Penalties will not be issued automatically and will be reviewed on a case-by-case basis.  

Note that if the trustees incurred income tax or capital gains tax liabilities in 2016/2017 they should already have registered.

If you have sold or disposed of a UK residential property after 5 April 2015 and are a:

  • Non-resident individual;
  • Personal representative of a non-resident who has died;
  • Non-resident who’s in a partnership;
  • Non-resident landlord;
  • Non-resident trustee;
  • Non-resident company or fund; and
  • UK resident meeting split year conditions and the disposal is made in the overseas part of the tax year.
You have 30 days from the date of conveyance to report your disposal on the non-resident Capital Gains Tax return, and pay any tax due. 

If you do not submit and pay HMRC by the deadline you may have to pay a penalty and interest both on the late filing of the return and late payment of any tax due.

Penalties for missed deadlines:

  • £100 if up to six months late;
  • A further penalty of £300 or 5% of any tax due, whichever is greater, if more than six months; and
  • A further penalty of £300 or 5% of any tax due, whichever is greater, more than 12 months.
If any non-resident capital gains tax remains unpaid after 31 January after the end of the tax year of the disposal, a late payment penalty of 5% of the tax outstanding will be charged.

There are exceptions to the pay now rule if you already have an existing relationship with HMRC – for example, through Self Assessment. If you do, you can either:

Pay when you submit your non-resident Capital Gains Tax return; or
Defer payment until your normal due payment date through Self Assessment (i.e.31 January following the tax year of disposal).

2 March 2019
Any tax due in respect of 2017/18 and not paid by this date will be subject to a 5% penalty (in addition to an interest charge).