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Self-Assessed Tax Filing Deadline Extended to 10 December – What You Need To Know

  • CAT deadline also extended
  • Self-employed individuals can now deduct 2020 losses from 2019 profits – reducing tax bill
  • How to file your tax return easily online

Self-assessed taxpayers will now have an extra four weeks to file their tax return in 2020.

Revenue has announced that the deadline for 2019 self-assessed income tax returns and 2020 preliminary tax payments has been extended to 10 December. The previous deadline was 12 November.

The extension will come as welcome news for countless businesses across Ireland.

"Any assistance at all that the can be provided to business owners throughout Ireland to allow them time to get back on their feet must be welcomed," said Marian Ryan, consumer tax manager at Taxback.com.

Taxpayers who do not intend to pay and file online cannot avail of the extension and must adhere to the 31 October deadline.

Finally, if you are a beneficiary of a gift or inheritance with a valuation date in the year ended 31 August 2020, you will also have until 10 December to make a Capital Acquisitions Tax (CAT) return and pay your tax liability.

Download your FREE Self-Assessed Irish Tax Guide

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How to prepare for the tax deadline

Filing your tax return does not have to be a stressful endeavour.

At Taxback.com we file self-assessed tax returns for our customers all day, every day!

Our experienced tax team will take care of all of your tricky tax paperwork, ensure you are claiming every relief you’re entitled to and minimise your tax bill – all for a fraction of the cost of hiring an accountant.

What’s more, we guarantee your tax compliance with Revenue.

We take the hassle out of filing your Irish tax return


Self-employed individuals can now use 2020 losses against 2019 profits

Revenue have announced that self-employed individuals can claim to have their 2020 losses and certain unused capital allowances carried back and deducted from their 2019 tax year profits -  reducing the amount of income tax payable on those profits.

In previous years, where a self-assessed individual incurs a loss for a year of assessment, that loss could only be carried forward and set against the profits of the following tax year.

However, under the new scheme, losses of up to €25,000 from the 2020 tax year can be deducted from 2019 profits.

The relief is available to individuals carrying out a trade or profession, either as sole traders or in partnerships.

The €25,000 limitation applies to both trading losses and capital allowances.

In other words, self-assessed individuals with unused wear and tear allowances for plant and machinery or writing-down allowances for industrial buildings, structures and farm buildings can also deduct 2020 losses from 2019 profits.

It is also possible to make an interim claim – based on estimated provisional amount lost and not the one actually incurred.

It’s important to note that if you submit an interim claim, you will be required to make a final claim in order to avoid an under/overestimated loss or capital allowances relief that is carried back to 2019.

In order to qualify, taxpayers must be fully tax compliant with Revenue. Finally, claims to avail of this scheme cannot be made after 31 May 2021.

Download your FREE Self-Assessed Irish Tax Guide

Get Yours Here!

How to deduct 2020 losses from 2019 profits on your tax return

The easiest way to avail of the new loss relief scheme is to file your tax return with Taxback.com.

Why file with Taxback.com?

  • Simple online process – no complicated forms
  • A dedicated, experienced tax accountant will manage your tax return from start to finish
  • You’ll claim every tax credit and relief you’re entitled to
  • We will minimise your 2020 tax liability
  • 24/7 Live Chat tax support

Our Irish self-assessed tax team are waiting to help you file.

We take the hassle out of filing your Irish tax return


About The Author

Kristina Valcheva - Digital content writer @ Taxback.com

Kristina is a digital content writer at Taxback.com. She has a strong interest in finance and technology, and her background is in media, journalism and sales.

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