There is a potentially expensive sting in the tail for pay and file taxpayers who have not yet paid & filed their LPT. For these taxpayers the filing of their 2012 income tax return will trigger an LPT surcharge. It is important to note that the surcharge is calculated on your income tax liability not the LPT, and that this surcharge is in addition to the LPT liability plus any interest that may arise for late payment. Additional penalties may also apply for non-compliance with LPT filing obligations and Tax Clearance Certs will not be issued where issue where LPT returns or payments are outstanding.
If you want to avoid this LPT surcharge then make sure you have filed and paid your LPT BEFORE you file and pay your income tax. If you file your income tax return first then the LPT surcharge will be applied.
To find out more contact McLaughlin McGonigle, St Helens, St Oran’s Road Buncrana, Co. Donegal. Tel +353 (0)74 9321420 / Fax +353 (0)74 9321421/or email: email@example.com or go to the Revenue Website