Fear of making a costly mistake is uppermost in the minds of those who file, according to research commissioned by tax advisory firm FastTax.ie.
Formerly called PayLessTax.ie, FaxTax.ie helps people file returns online.
Survey found many Irish taxpayers fear they are not claiming allcredits they are eligible for. Photo: stock image
Today’s News in 90 Seconds – September 24th
The self-employed and PAYE earners who have untaxed income, such as rental income or dividends, have to file a tax return called Form 11 by the end of next month. People filing online have until November 19.
The phrase “tax return” conjures feelings of stress and anxiety for more than half of survey respondents, according to the survey conducted by iReach Insights of a nationally representative sample of 1,000 people.
Three in five admitted having at least one significant worry when filing tax returns.
Some reported feeling organised or confident, but the dominant emotion was apprehension.
Nearly 40pc of respondents said “fear of making innocent mistakes that could be costly” was their biggest worry.
This was closely followed by “being overwhelmed or confused”.
The findings highlight some of the emotional and practical difficulties people face
The research indicates that less than half of Irish adults are confident they are claiming all eligible tax credits and deductions, suggesting many could be missing out on entitlements.
A quarter of people said they spent a day or more working to file their taxes every year.
Cathal Maxwell, the founder of FastTax, said the process should be taking no longer than two hours, with many customers completing their return in under one hour.
This was provided they had the right information and supports, he said.
Kel Galavan, a money coach and founder of Mrs Smart Money, said the research showed that for many people the tax season was a period of genuine stress and uncertainty.
“The findings highlight some of the emotional and practical difficulties people face,” she said.
“From fear of errors to the complexity of the process, it’s clear taxes are a source of anxiety and confusion for a majority of Irish adults.”
The market research also found that one in three respondents do not know whether they are even required to file a Form 11.
Nearly a quarter of respondents could not identify any scenario for which a Form 11 is required.