With the 2025 Income Tax filing deadline approaching, September is a good time for company directors, business owners and other self-assessed taxpayers to get their tax affairs in order.

The standard Pay and File deadline is 31 October 2026. For qualifying taxpayers who both file their 2025 Income Tax Return and make the required payment through ROS, the deadline is extended to 18 November 2026.

For individuals with more complex financial affairs, however, preparing an Income Tax Return should be about more than simply meeting the filing deadline.

It is an opportunity to review your overall tax position, ensure all relevant income and transactions have been captured and identify any reliefs or planning opportunities that may be available.

Why It Pays to Start Early

For company directors and business owners, personal tax affairs are rarely limited to one source of income.

A return may need to take account of:

• salary and director’s remuneration;
• dividends and other investment income;
• rental income;
• pension contributions;
• shareholdings and investment transactions;
• capital gains or losses;
• foreign income or assets; and
• tax reliefs and credits available during the year.

Starting the process early gives your tax adviser time to review the complete position, identify missing information and deal with any areas requiring further consideration before the filing deadline.

It can also reduce the risk of discovering an unexpected tax liability shortly before payment is due.

Don’t Forget Preliminary Tax for 2026

The Pay and File deadline is not only about settling your 2025 tax position.

Self-assessed taxpayers may also be required to make a Preliminary Tax payment for 2026.

This means the payment due in October or November can include both the balance of Income Tax due for 2025 and Preliminary Tax for the 2026 tax year.

Revenue requires Preliminary Tax to meet certain minimum payment rules. In broad terms, this will generally be based on either the previous year’s liability or an estimate of the current year’s liability.

Calculating this well in advance provides greater certainty around the total cash requirement and allows business owners and directors to plan accordingly.

Use the Tax Return as an Annual Tax Review

For individuals with significant or varied financial interests, the annual Income Tax Return also provides a useful opportunity to take a broader look at their tax affairs.

This may include reviewing pension contributions, investment activity, capital transactions, sources of income and other changes that could affect the current or future tax position.

The objective should not simply be to file a compliant return, but to ensure that your tax affairs have been properly considered as a whole.

How Gallagher Keane Can Help

At Gallagher Keane, we support company directors, business owners and other self-assessed individuals with:

• preparation and filing of Income Tax Returns;
• calculation of 2025 balancing tax liabilities;
• Preliminary Tax calculations for 2026;
• review of available tax reliefs and credits;
• capital gains and investment-related tax matters; and
• ongoing personal tax planning.

If your 2025 Income Tax Return involves more than a straightforward filing, September is the right time to start the process.

Speak with our tax team to ensure you are prepared well ahead of the deadline.

info@gallagherkeane.ie