Income tax deadline looms large

One of the most important dates from a tax point of view is Oct 31, 2012.

It marks the deadline for filing paper income tax returns (Form 11) for self employed persons and for filing paper tax returns for any person who has income other than PAYE income (Form 12).

In general if a person’s only form of income is from PAYE-type sources including employments, social welfare or pension income, then there is no obligation to submit an income tax return, either Form 11 or Form 12. However, there may be a benefit in submitting one, especially where there are credits to be claimed which have not been taken into account when operating PAYE on their income.