Over the last few weeks you may have a received a letter about “Reviewing and Correcting Your Tax Returns” .
You do not need to be concerned about the letter unless you have undeclared income or assets, foreign pension income, bank accounts or assets located outside of Ireland.
Thanks to changes in the 2016 Finance Act the qualifying disclosure option will be no longer available for people who have failed to declare offshore assets by April 30.
So if you if do have a undeclared UK pension, a bank account in Isle of Man, Guernsey, Bahamas or New Castle, rental income from your house in France or Turkey, you should consider making a declaration to the revenue on or before Sunday 30 April 2017.
The revenue published details on how to make a disclosure here.
The letter was a general letter and it was sent to most self assessed tax payers to inform them the qualifying disclosure option for people who have failed to declare offshore assets will end on Monday 1 May 2017.