Revenue is issuing a corporation tax return reminder notice to those who have failed to file the Form CT1 for the period ended 30 June 2020. The letters will issue to approximately 14,000 taxpayers and are expected to be delivered today, Monday 5 July. The letters detail that the temporary suspension of surcharges and restrictions of reliefs in relation to the late filing for CT1s ended on 30 June 2021.
It also advises that late filings after 30 June will be liable to surcharge and restrictions of reliefs as appropriate.
Forms CT1 filed after this date will be surcharged as normal by reference to their original filing due date as per Section 1084 TCA 1997. The normal surcharge is 5 percent when a return is filed within 2 months of the filing date and increases to 10 percent when a return is late by 2 months or more.
The letter also advises companies experiencing difficulties in finalising information required to complete the Form CT1 due to COVID-19 to file on a ‘best estimate’ basis.
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