IT self assessment late surcharge

Algernon3

Hi, I missed the deadline for filing my return and now face paying the rather unnecessary cost involved. The amount of tax payable has to be increased by 5% and I am wondering as to whether this amount can be accounted for as a business cost as it has essentially reduced my income or is it just taken that this figure is paid from my net earnings after tax.

thx in advance for any light shed on this issue

y0ssar1an22

technically no. you can expense it in PL but you have to addback interest on late payment of tax when computing taxable profits.

into general expenses and say nothing is what some people would say to do

Xander10

https://www.boards.ie/discussion/2058322894/it-self-assessment-late-surcharge

No. Fines etc are not allowed as a deduction against income

windowcills

Sorry to hear you were fined

If you have a good reason ring revenue as they might let you off once

and sure to keep your stuff in order, as they like to audit late payers