Due to the economic recession and the lower tax take from the business sector, the Revenue are on a mission to collect every cent they are owed says a leading tax consultant.
The Tax Clinic
Michael Coll, from The Tax Clinic, says that there has been a huge increase in the number of PAYE workers who are being questioned by the Revenue about their different sources of income.
The Letterkenny-based businessman says if you are in receipt of any other income apart from your income earned as an employee you may have an obligation to declare this on what is called a Form 12.
Mr. Coll says that you may have been sent out a Form 12 for the following reasons:
• You could have been chosen at random to complete a Form 12.
• The Revenue may have obtained third party information regarding additional non-PAYE income such as payments from the Department of Agriculture, Rental Income etc.
• You have had a gain subject to Capital Gains Tax during the year, an example would be property or shares sold.
His advises if you have received a Form 12 do not ignore it. You must complete the form honestly ensuring that you declare your income from all sources. In some circumstances it may be beneficial to seek professional advice.
To find out more log onto www.thetaxclinic.ie or call into either the High Road Letterkenny or Main Street Killybegs”
Letterkenny Office – 074 91 60550 (Michael)
Killybegs Office – 074 97 32055 (Mabel)
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