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Irish Property Tax

Revenue has extended the Irish self-assessed tax filing deadline to December 10

Irish property owners have an extra four weeks to file their tax return in 2020.

The Irish tax authorities (Revenue Commissioners) have announced that the self-assessed income tax filing deadline for 2019 returns has been extended to Thursday, December 10.

The deadline has also been extended for beneficiaries who received inheritances or gifts in the year ending August 2020 to file a capital acquisition tax return (CAT) and pay their liability through ROS.

To qualify for the extension, taxpayers must file and pay online, otherwise, the return is due no later than 31 October.

When do you need to file an Irish tax return?

What happens when sole traders make a loss?

Revenue have also announced that self-employed individuals can reduce the amount of income tax payable on their 2019 profits by deducting any 2020 losses and certain unused capital allowances from last year’s income.

Traditionally, where a sole-trader incurs a loss for a year of assessment, that loss could be only carried forward and set against the profits of the following tax year.

However, the new scheme permits that up to €25,000 of loss incurred during 1 January – 31 December 2020 to be carried back to the year of assessment 2019.

The limitation of €25,000 applies to both trading loss and capital allowances. If the claim for trading loss uses the full limit, any unused capital allowances will be carried forward to the following year as usual.

Before such claims are made, the taxpayer should be fully tax compliant and the claims cannot be made after 31 May 2021.

Read more about property tax in Ireland.

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