An individual submits an Income Tax Return (ITR) to the Income Tax Department of their home country to file information about his income and taxes due for the year. The information in an ITR should be relevant to a certain fiscal year.

Key Steps in Filing Your Tax Return

The methods outlined here will assist you in filing your tax return and completing your self-assessment.

Step 1: Use the Revenue Online Service to File Your Tax Return (Ros)

To use ROS, you must first register. If you’ve previously registered, make sure your ROS certificate is up to date and that you’re able to log in to ROS.

Step 2: on Ros, Fill Out the Pre-filled Online Income Tax Return (Form 11)

A pre-populated Income Tax Return (Form 11) contains information from a variety of sources.

Figures from your Form 11 (2021 Income Tax Return) (if filed)

These statistics only need to be changed if they differ in 2022. You don’t need to do anything if the information hasn’t changed.

Actual earnings and allowances in 2022

Pay as you Earn (PAYE), Pay Related Social Insurance (PRSI), and the Universal Social Charge (USC) are all taken from any job income.

Your medical bills (where you used the Revenue Receipts Tracker).

In the Income Tax Return (Form 11), the following sums will show in a table beside the section (you must put the values into the relevant box):

Contracts that are relevant Home Renovation Incentive claims received from the Department of Agriculture, Food, and Marine payments received from the Department of Social Protection (DSP).

Assist with housing Landlords’ payments.

Step 3: Conduct a Self-evaluation

Your obligation will be calculated and a self-assessment template will be included in your Income Tax Return (Form 11). All you have to do to do your self-evaluation is agree with these statistics. You are not required to calculate income tax, PRSI, or USC.

If you disagree with the ROS estimate, you must make your own determination.

When you’ve finished filling out the form, click the ‘Sign and Submit’ tab.

Step 4: Net Liabilities Statement

Pay on ROS when you’ve completed your Statement of Net Liabilities.

Step 5: Submit Your Return to the Department of Revenue

To transmit the return to Revenue, you must re-enter your password in the ‘Sign and Submit’ box.

Receiving a Refund

If tax was deducted at the source of a payment given to you and you desire a return, you must submit your ITR for the fiscal year in order for your refund to be processed.

Earnings Proof

When you purchase a term plan, your insurer may request your ITR in order to determine the compensating amount to be paid to your beneficiaries in the case of death or incapacity. For this purpose, the ITR is regarded as legally reliable evidence of income.

Finally, what are your thoughts? You may absolutely go that route if you feel strongly about managing and submitting your individual taxes, as well as being responsible for tax filing and your company’s tax refund.

But keep in mind that, on top of operating your business, completing your taxes is a significant task, and if you’re going to do it well, you’ll need to devote the time, energy, and resources necessary. If not, it’s in your (and your company’s) best interests to work with a tax preparer to guarantee that your tax preparation and filing go easily and that you get the most money back.