Tax Compliance: What You Need To Know About 46G Returns

accounting As part of the annual tax compliance it is important that taxpayers ensure that the 46G return is filed each year. The 46G includes details of all payments made in the course of the trade during the period in question.  The return is an information return only and a payment is not required to be submitted along with the return. It is only necessary to report payments to a particular person or entity where the total payments in the year exceeds €6,000.  Total payments to individual/ bodies under €6,000 do not have to be included as part of the return.

Certain other payments can also be excluded from the filing.  The main payments are listed below.

  • Payments to non-residents.
  • Payments to government bodies and semi-state bodies.
  • Payments from which income tax has been deducted.
  • Payments made to a principal contractor for RCT purposes.
Payments exclusive of VAT are required to be included on the return but where the trader has difficulty in providing the VAT exclusive payments due to the accounting records maintained the trader may provide VAT inclusive figures and note on the return that the submission has been made based on VAT inclusive amounts. The majority of traders will be required to file the 46G return online via Ros.  It is possible to prepare a Ros offline 46G return and upload to Ros.  Where there are a large number of items to be reported as part of the return Revenue also provide a facility where an excel sheet can be used to upload the information.  Traders wishing to use this option should request the excel sheet directly from Revenue by contacting them at 3rdpartyreturns@revenue.ie

Need help with preparation and submission of 46G returns?

We are here to help. Please post your comment below or call Eamonn Madden, Tax Manager at Cooney Carey, on 01 677 9000. Alternatively, send him an email: emadden@cooneycarey.ie To keep in touch, connect with us on LinkedIn.

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