Before you dive into tackling the form 11, double check it's definitely the form you need to fill out! Hopefully this video breaks it down into something more manageable 👍 Best of luck!
Weird isn't it, this appears to be the ONLY video on RUclips that actually explains it clearly (and it's aimed at investors not necessarily self-assessors who would require this the most), my guess is if the system was too user friendly people wouldn't feel they'd have to go to accountants to help them do this, much like how lawyers essentially write the laws (so for example if the conveyance system was simplified a lot of solicitors who's bread and butter is house sales and do little else would be out of a job), accountants write the tax system. See also David Graeber's bullshit jobs.
As someone who isn't necessarily an investor, but who's accountant is refusing to answer their phone or email, I for one am grateful that THIS video exists.
As an experienced investor,I can surely say that this channel is underestimated....you guys give very useful information....if comparing to videos like"how to make 10000 a day" I wish I could found such a channel 5 years ago.Thanks
Hi Eugen, This is praise of the highest order - thank you very much for the great feedback. Our goal is to make investing accessible and understandable for everyone - hopefully many more beginners can find us! Hope the earnings season is going well for you! :) - Cian
That was a brilliant run through guys, Revenues videos themselves barely explain what the individual entries refer to. Can't thank you guys enough helped me so much
Thank you guys! Could you do a video especially for the trade section. Where do you enter what for salesmen in Ireland? Like if you have expenses for goods, materials, rent, shipping costs, wear and tear, etc. Regards, Julia
Many thanks for this excellent video. I found it very helpful. Well done on all your hard work in making the video and sharing your expertise so generously.
Hi guys, thanks for posting this and well done for the great content. Question for you, 1 - If you buy stocks and don't sell them, do you need to declare what you bought to the revenue regardless? 2 - If you buy ETFs and stocks and don't sell either, do you still have to submit the form? 3 - If I buy Microsoft stock from a EU country domiciled market, and they pay me dividends, do I still use the US dividend option? Many thanks!
This is amazing gents, keep up the good work! Quick question: I started an Ltd company in 2020, first invoice was issued in December and first payment made to company account was 20th January 2021. I still need to complete a Form 11, however my net profit from 2020 is essentially zero, is that correct?
Howiya Alex, Ste here. Really appreciate it, thanks for the great feedback. Re: your question, yes I would assume the same! If you're obliged to do a Form 11 for 2020, then yep just pop in whatever info you do have, and if the total is zero, then zero is what I'd add. As always, if you've any doubts, pop revenue a message as it's always good to have the paper trail in case of any queries. Good luck with the return! - Ste
Brilliant information. So glad I found this channel.
2 года назад+2
Many thanks for the video!!! Very helpful. I just have a question: I started as self-employed in July of this year(2022). Should I file a Form11 this year or I'm not paying anything until next year?
Yes, don't worry about the first year. No taxes to pay. You have to start paying after your first year. For instance, if you started in July 2022, you have to pay your first taxes in October 2023@@Zokkii
Hey Mícheál, You don't have to pay PRSI as a self employed individual if you earn less than €5,000. More info here: www.gov.ie/en/publication/80e5ab-prsi-pay-related-social-insurance/#prsi-for-self-employed - Cian
Thanks very helpful video. I want to request to please make a video for Taxi Drivers and include PSRI and UCS like pension. and how we can put all that Thanks
This is an incredibly helpful video. Thanks. I registered for Income Tax even though I earn less than 5K. Now I have to file a form 11 and it is trying to tax me on the earnings even though it is under 5K? Any ideas on what to do?
Great videos! Can you make one explaining ESPP and how to pay tax on it with RTSO1? Also, a lot of American companies in Ireland will give new hires a number of shares every X year. How do we pay tax on it? Thanks
Hey Guilherme, Thanks for watching! So, this is an episode that we have on our list and thanks for suggesting. Not easy to navigate as with all things Revenue. I have had experience with this in the past too and there just doesn't seem to be much information out there. ESPP: Need to split the events - when you first "exercise" the option, you will automatically pay income, USC and PRSI on the amount you put in through payroll. However, the part you need to file for is if you made more than you put in i.e. if the value of the shares received is greater than the amount you put in which it usually is with the discount but can also be impacted by price fluctuations during the period. This is considered income so you unfortunately have to pay income, USC and PRSI on it. If you subsequently sell these shares, you may be liable for CGT. If they received dividends, you will have to pay income tax, USC and PRSI. US COMPANIES GIVING EMPLOYEES SHARES: There are many employee share incentive schemes out there but the one I believe is most common is RSU and it sounds like the scheme you are on is RSUs. Are you receiving RSUs (that is my assumption)? If not, then the below may not be applicable - let me know if not and we can go from there. To clarify the rules according to Revenue, you should be deducted Income Tax (IT), Universal Social Charge (USC) and Pay Related Social Insurance (PRSI) at the market value of these shares at the date of vesting. Your employer should deduct this through payroll and pay the tax directly through payroll.There are more details on this with Revenue's guidelines here: www.revenue.ie/en/additional-incomes/employment-related-shares/taxation-of-employment-related-shares/restricted-stock-units.aspx Again, if you subsequently sell these shares, you may be liable for CGT. If they received dividends, you will have to pay income tax, USC and PRSI. Also, I wanted to share two resources from PWC and KPMG on employee shares which have other schemes that may not be the RSU one, as well as a Revenue guide on ESPP. This should help in determining what scheme you are involved in. -PWC Income Determination: taxsummaries.pwc.com/ireland/individual/income-determination -KPMG guide on employee share incentive schemes: home.kpmg/ie/en/home/insights/2021/09/employee-share-incentive-schemes-explained-people-services.html -ESPP: www.revenue.ie/en/additional-incomes/employment-related-shares/taxation-of-employment-related-shares/employee-share-purchase-plans.aspx Hope this helps and let us know if you have any other questions. - Cian
Great video again lads, quick question how would a US REIT be taxed for an Irish investor. I can’t find an answer, I understand ETFs are taxed at 41% exit tax, however as REITS are individual companies how would they be taxed?
How is it determined what your own business year dates are? Is it from day one of registration of sole-trader on ros, or from your very first day of working? Or is it just arbitrary? Oh, great video!
Sorry for the late response - big summer off! Good question, I believe its somewhat 'subjective' but I would say your first 'trading' day - however, I'm not 100% certain. pls let us know if you find a clearer answer!
Folks I am doing my tax return this year and this is a life saver. Thanks a million for this video. I am also wondering; How would you declare staking income from crypto? Would you add it as a trade on top of your main trade; or just add it as "Other Foreign Income (excluding UK income) - Income from all other Foreign Non-Deposit interest, royalties, annuities, dividends on which no foreign tax deducted"? I'd say the second option suits better, but just looking to have your opinion! Revenue is not clear on this at all so it always feel better to check what other people think. Cheers.
Sorry for the late response - big summer off! Yes I also would lean into the second option. Check out our staking tax video as we go into this in a bit more detail! Ste
@@TheLearningsReport Lads no need to apologise! That's grand. I definitely should check it out as well, thanks for the heads up. Keep up with the great work you are doing, it is a life saver for plenty of people out there!
Hey Daithi - cheers for that, glad you're finding the content helpful. So revenue have no direct guidance on what staking income should be taxed as, but using the US as a guideline, they and most other jurisdictions seem to be leaning towards 'income' and in Irelands case, this would mean it's taxed at your marginal rate of income tax. But again, you may want to do further digging on this yourself. Personally, I'd suggest putting it into Other Foreign Income - at least thats where I would put mine! - Ste
Hey! Thanks for the suggestion. We're pretty taxed out for this year, so we may leave the paper one until next year 😉Do you have any specific questions we can help with though? Cheers for watching. - Ste
This is really excellent information - I've got one doubt about the form 11 / CG1 requirements. If there's under 5000 Euro non-PAYE income no form 11 is needed and when selling stock only capital gains to be reported with a CG1. Does that mean if there's no form 11 there's no further income tax to be paid on top of capital gains? e.g. buy a stock for 1000 Euro, sell it for 6000 Euro - is that 33% on the 5000 Euro gain (ignoring the 1270 personal exemption) as well as income tax on the amount that lands in your bank account? Does over 5000 Euro stock proceeds count as non-PAYE and still require a form 11?
Hi Peter, thanks for the comment. If you're selling an asset (such as a stock) you are only liable to pay CGT on the profit from that sale. Income tax would not apply. There are some exceptions (for example, in certain share options schemes offered by employers, or if you have ALSO received dividends from holding a certain stock) but for the majority of cases, you can follow this logic. So in summary, if you are only declaring the profit from the sale of a stock, it doesn't matter if this is €100 profit, or €100,000 profit, you would still only need to file a CG1 form. The €5,000 reference in terms of the Form 11 benchmark, is only for non-paye INCOME, which although confusing, is different from a tax standpoint when comparing income to a capital gain. - Ste
Hello great video, the one thing I would say about the f11 form that possibly most would ask about is the 'Adjustments made to profit/loss accounts' What percentage of expenses should be used when filling in the expenses fields provided?.
Hi Nightshift, Thanks for watching. If the expense is wholly and directly related to the running of the business, you can use 100%. If it is for both business and personal use, it is up to you to assess how much is business related and divide it accordingly. More details here: www.revenue.ie/en/starting-a-business/claiming-a-deduction-for-expenses/index.aspx - Cian
@@TheLearningsReport thanks very much for this Cian. Just to elaborate a little , anything I spend that is used exclusively for the business, car insurance, fuel expenses phone ect. I can claim 100% of that expense.?
@@nightshift4587 it has to be an allowable expense, for example you can't expense client entertainment. But yes, fuel, car insurance and phone would be allowable and if wholly and exclusively used for the business, then you can use 100%. If you're in doubt about whether something is allowable or not, send Revenue a message to clarify. 👍 Also, sharing a guide here which explains allowable expenses in more detail: www.taxback.com/blog/self-employed-expenses-ireland - Cian
@@TheLearningsReport thanks Cian, I've tried to get an answer to this from revenue for the past three months. I'm happy to go along with anything they suggest is the correct percentage, but to date I've had an answer to a question I hadn't asked. Thanks again what you are doing here is very valuable 👍
Really helpful and useful video. I have a question. Can you please advise where on the form 11 do I input management fees and LPT for Irish Rental income. Much obliged.
Hi. Thanks so much for putting this video out. I saw a comment below about RSUs. You mentioned that tax on these (IT, PRSI, USC) are normally paid directly by the employer. If it's an American company and they haven't organised that and you as an individual need to declare and pay where would you enter this info on the Form-11? Thanks.
Hey Tom, Thanks for the question. Your employer should pay the taxes directly, that is the guidance on Revenue's website: www.revenue.ie/en/additional-incomes/employment-related-shares/taxation-of-employment-related-shares/restricted-stock-units.aspx Is this not the case for you? Perhaps you can check with someone in payroll how RSUs are treated in your company. - Cian
Great video and saves me a lot from confusion in filing requirements. Just a quick question on the Eur 5k non-PAYE income. If hypothetically my chargeable gain on sale of shares/cfds is Eur 6k but my net gain subject to tax is only Eur 4.7k (due to Eur 1270 personal exemption), shall I use Form 11 or Form 12? The forms say ‘net assessable non-PAYE income’ so not entirely sure if the Eur 5k is based on the income after the personal exemption. Thanks a lot.
Can you please tell me what is the official exchange rate to use for UK sterling pension income received in 2022 as an Irish tax resident? Or where to find it.
If I want to just pay Preliminary tax for my LTD. Do I have to file a new CT1 form, or can I just pay preliminary tax without filing the form. Since preliminary tax is 100% of last years tax, it’s easy to pay without a form, as it’s the same amount as last year. Thanks for your help gents class content!
Cheers for the comment. So at time of writing, you'd declare either via Form 11 or Form 12. Although, sadly, Revenue still make it confusing to do so. If you're a chargeable individual (e.g. self employed, or you have > €5k in NON-paye income) then you would file your deemed disposal taxes under 'Chargeable Assets' on the Form 11 under the Other Assets Section. If you fall into the Form 12 category (less than €5k in non-paye income, but more than €0) then we've received mixed responses as to where exactly to file those. I've copied below the two main places we've been told are best to declare them, but if you have any doubts, please message revenue directly to double check! 1) On the Form 12: Declare it under 'untaxed income arising in the state' - specifically under 'other investments' 2) Declare it on the CG1 form under 'offshore funds' (Section 1 of the form) - Ste
can someone please help me, If i have Re-Registered as a sole trader recently do i need to file a return this year or will it be october 2023 before my first return? thanks guys great videos
I really appreciate your efforts! A bit off-topic, but I wanted to ask: My OKX wallet holds some USDT, and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). What's the best way to send them to Binance?
Thank you for the video. I don't understand what they mean by Adjusted Net Profit in section 2? Is Profit = total amount of income generated by the sale of goods or services - Expenses ? Also can someone explain please what is exactly Extracts from accounts? Do they mean a bank account?
Great video thanks. I'm trying to set up ROS online and am having an issue with the first step. the error is "Either the tax type you have entered is not valid for this registration number or you have entered the registration number incorrectly" my PPS is correct so I think its the tax type, my previous tax type was PAYE- IND but there is no option for this in the drop down, only option is PAYE-EMP which is incorrect and most probably why I'm getting the error. Any advise offered is very much appreciated. Thanks.
Sorry for the late response, Francis - big summer off! Assume you got sorted, but it sounds like you need to message revenue and ask them to active your ROS account (it's not always activated by default - which makes no sense, but here we are..)
I'm assuming any increases in currency value needs to be factored into the calculation of CGT? e.g., if selling US stocks at a loss but the currency has increased against euro this needs to be accounted therefore not as much of a loss! Cheers
Hey Brian, Thanks for watching. So, for whatever reason it is in PAYE/BIK/Pensions 2 in Allowable Deduction Incurred In Employment. There is a guide here which might help: www.askaboutmoney.com/threads/remote-working-entry-on-form-11.221683/ Let us know how you get on! - Cian
I am trying to claim the remote working credit. I have entered the relevant details and days which I worked remotely and clicked calculate which it did. My question is how do I avail of this and the final figure is the same as before I entered these details. I cannot find anything which clarifies this! Thanks
Great video and amazing infos on Form 11. Better than Revunue's own video :) Can I ask you a QQ in relation to PAYE section? I am employed by one of the biggest multinational. I see that my PAYE section is not auto populated and Revunue's website is asking me to fill informations such as , How much employer payed for USC or Net tax etc. How can I get this section populated? Should my employer send this info to Revenue or Revenue is responsible with this section?
Hey Mehdi - sorry for the delay in responding but thank you, we had hoped our video would be an improvement, although the bar wasn't particularly high 😅 So before I dive into your question, its worth asking if you're sure you need to file a form 11? If you're an employee and your main source of income is PAYE earnings, you likely don't need to file a Form 11 unless revenue specifically asked you too (or unless you have other NON-paye sources of income > €5,000 to declare in addition to your regular income). - Ste
@@TheLearningsReport Ste, Thank you so much for replying my query. I really appreciate. I am the 100% of shareholder of a LTD company that is why Revenue requested me to provide Form 11( Income Tax). Even tho I don't take any money from the LTD company but I am forced to submit Form 11. Once again thank you
@@mehdiozcinar1477 Ah ok, so you are required to file a Form 11 due to the Ltd company, but the only income you're declaring is from your PAYE job? In that case, yes, I would suggest 1) speaking to your accounts department in your company to figure out why the info isn't populating and 2) I would send the same query directly to revenue to see if perhaps its an issue on their end. Alternatively, you could look at your most recent payslips as that should also give you a breakdown of USC etc. that has been paid. - Ste
So confused, I have PAYE income and make less than 5k a year as self employed.. revenue advised I have to do form 11 as form 12 is not available to me but PAYE plus
I received a tax-free lump sum pension from my late partner's estate. I included it in the IT38S I filed, and a 33% tax was levied on the amount. Could you let me know if I still need to declare this in my annual tax return? The amount is below 200,000.
Hello i did work 2 months in Ireland and know i will leave to Portugal. How i close my fiscal home in Ireland? I can go out in May and just close my fiscal home in January 2023?
Hi Petrus - A little confused by your question, are you referring to your tax domicile or your actual physical home where you spent the past two months?
Hey Sharon - sorry for the late reply on this. Are you sure it's the form 11 you should be filling out? If you were a PAYE earner for those 3 months you did work, you likely need to fill out a Form 12 instead of a form 11. Form 11 is usually for those who are self-employed, or who have > €5,000 in additional NON-paye income (e.g. side hustle income). On the Form 12, you can find the section to add PUP under 8) Payments from Department of Social Protection (page 6 on the paper form) On the Form 11, you can it under 'Social Welfare Payments, Benefits or Pensions received' (Line 243 on the paper form) A handy way to skip through the form is to hit 'Ctrl F' or 'Cmd F' on your keyboard and search 'PUP' in the finder bar! - Ste
Hi, thanks for this video! It cleared a lot of things and helped a lot. I have a question. I have RSU and ESPP provided by my employer, and all the taxes (IT, USC and PRSI) are paid by the employer through the PAYE when shares are released (RSU) or purchased with a discounted price (ESPP). So, the total price of the shares I get in the year is included into Income Tax calculations in the Form 11 (let's assume I need to file the form). Then, when I go and fill in the CGT section myself, I need to include the amount of RSU and ESPP I received and sold, and fill in the losses and gains. This amount is already included in my IT Self Assessment, and it's not going to increase my total income, right? I mean they (in revenue) do not calculate my income as IT + amount from CGT, right? I might be confused because of a wrong assumption that these IT and CGT self assessments are somehow connected, or might be combined into total bigger income later. Just to make it more clear I will try to explain the case in numbers. Let’s say: - My salary is €10,000 per year - I also have RSU options released during the year for €2,000 - Sold them in the same year with a profit of €100 - And ESPP options bought on a total amount of €8,000 - Sold then with a profit of €400 So, in my IT self assessment I have taxable income of €20,000. Next, in my CGT I will declare that I sold shares on the total amount of €10,500, where €10K is a shares price, and 500€ is a profit. So, it won’t make my total annual income to be €30,5k, right? Because it is €20,5k. Hope all this make some sense :) P.S.: And another thing. When I receive some RSUs, more than a half is being sold on my behalf to pay the taxes. When they are sold I usually have a small loss (as the shares’ price drops). So, can I include the losses/gains from such automated “to pay the tax” trades? And asking from a different perspective, should I declare those trades when I fill in the CGT form (or CGT part of Form 11)? Many thanks, if you’ve read it until the end 😂
The Learnings Report - thank you for informative video. I'm not sure how far I would go in completing this form without the information contained in it. One question I would have - I was told by Revenue to complete the Form 11 as I recently paid RTSO tax for shares I bought through my employer (old GESOP - I cannot remember new name for this program, you are basically buying shares of your company with 15% discount). I'm completing the form for 2020 and in that year I didn't sell any shares. I also didn't have any other income except my main one taxed in PAYE way. However, after entering all known to me details the form shows I own money to Revenue. Not massive amount - approx 200. I just wonder - could PAYE tax be so undercounted or it is more likely that I missed some available tax relief in my Form 11? I noted that when I will add on the Form 11 the Health Insurance paid in total by my employer then the Payable Amount is not even 1 euro but not sure is that Health / Medical Insurance a tax relief.
Hey, no worries! So because your questions is so specific to your particular situation, its quite hard for me to give you any useful advice without knowing more personal details (which of course I won't be asking you for!). So unfortunately your best bet is to direct the above question to Revenue via MyEnquiries. There could be any number of reasons for the €200 tax liability, but unfortunately revenue will be the ones who can let you know what that might be for. Sorry we can't be of more tangible help! - Ste
This sounds similar to my case. I registered as self-employed to pay the taxes for selling shares (come from ESPP and RSU) in 2021, however I wasn't aware I had to submit the Form 11 for the 2020 despite the fact there was no gains except the PAYE. On my first attempt to fill in the form I also found I owe some money to Revenue - I'm pretty sure there was a penalty row in "IT Self Assessment" section, but then I made some changes to the form, and it disappeared. As a result I got small refund. From what I remember this might help me: - I adjusted the income according to the “Employment Detail Summary” from revenue.ie. You should have it in My Documents, or be able to request such a doc. - I adjusted personal tax credits according to the records on revenue.ie - I also filled in the “Medical Insurance Relief” section on a “Personal Tax Credits” step. I have a medical insurance as a benefit paid by the employer. So, maybe try to read carefully the “IT Self Assessment” step and figure out where ROS thinks you didn’t pay enough, or some additional charges applied for you.
Hi thanks this video is so helpful. I'm new to this and first return. I have airbnb which was renovated extensively causing a big loss in 2020. Do I claim all the renovation work including purchases of new furniture, fixtures & fittings, electrical appliances, labour etc as 'Other Capital Allowances" under capital allowances section? Also how do I show these expenses under expenses and deductions section? Probably very silly questions so sorry in advance.
Hey Sandra, Glad you found the video helpful. So, firstly you will just need to clarify whether you are getting the income as trading income or miscellaneous income. I'm going to assume that it is trading income given that you put a lot of work into it. With trading income you can potentially offset the full amount of repairs or else a capital allowance of 12.5% annually on new fixtures and fittings. You can check out further resources on this below. Again, for the first year and assuming it's capital allowances, I think you can put them in Other Capital Allowances. For expenses and deductions, they can go in the extracts of accounts section. There is a section in the extracts of accounts for "Depreciation, Goodwill Capital Write Off" but this is for intangible assets. You can bring this loss into the second year and also claim another 12.5% that year on capital allowances. Sharing some other resources here for you: - rentalincome.ie/tax-tips/#:~:text=of%20Capital%20Allowances.-,How%20much%20can%20be%20claimed%3F,for%20the%20next%208%20years. - www.revenue.ie/en/property/rental-income/irish-rental-income/what-expenses-are-allowed.aspx - home.kpmg/ie/en/home/insights/2019/11/capital-allowances-explained.html And in case you haven't seen: ruclips.net/video/QRb4aBL4nBU/видео.html :) Hope this helps, let us know if you have any other questions. - Cian
Hi - Could you do a piece in this video on remote working expenses please? I see it on Form 11 in PAYE/BIK/Pensions 2. I am filling out Form 11 for the 1st time - have most of it done but it seems for Form 11 you put in the 10% fuel and 30% broadband (for 2020) whereas in PAYE people only returning in Myaccount, you put in the full costs (and presumably Revenue do the 10% and 30% calculations?)? I am aware that for Form 11 it is the number of working days at home minus bank holidays and minus annual leave days all over the number of days in the year (366 in 2020). So in a nutshell (!) my question is in Form 11 is it the total of the 10% and 30% of the relevant amounts that I put in and not the full relevant amounts as in Myaccount? Thanks!
Hey M - a good question and thanks for highlighting. I believe it's the total amount (and then revenue do the calculations) but I'm not 100% on this (still yet to submit my own) so might be worth dropping revenue a quick note in my enquiries to be sure. If in the meantime I get an answer myself, I'll post it here! Let us know how you get on. Cheers - Ste
Hey - not 100% sure on this one and don't want to give you incorrect information. Have you been able to get in touch with revenue to see what they say about the situation? Not sure how it works when you're both receiving a state benefit but also receiving income. Sorry we can't be of more help, but please let us know what answer revenue give you so we know what to tell the next person :) - Ste
Thanks for the video! The part that confused me the most is the preliminary tax section. I only have a PAYE job and a stock options with the company which forced me to file a form 11 . Would I put 0 in preliminary tax for the next year?
Hey Kintaro, Thanks for watching! To caveat, we are not tax advisors, etc. so if in doubt, raise an enquiry on MyEnquiries. For preliminary tax, it is usually associate to self-employed income. Given you are a PAYE worker, you pay a lot of tax throughout the year whereas self-employed individuals do it at one point and hence Revenue have the need for preliminary tax to enable cash flow. Given that you just have stock options from your job, I don't think preliminary tax would be applicable to your situation but as I said be sure to check with Revenue. I will be chatting to Revenue soon so will enquire about whether preliminary tax is applicable for PAYE workers with other income. 👍 More details on preliminary tax here: www.revenue.ie/en/self-assessment-and-self-employment/guide-to-self-assessment/what-is-preliminary-tax.aspx - Cian
Hey Kintaro, I chatted to Revenue last night and preliminary tax may be applicable for you if you are receiving any non-PAYE income outside of your PAYE job. This could be dividends from your stock options, perhaps? There are different rules on what amount you would pay which I linked in the comment before. If you do have non-PAYE income, you would then need to input this amount (90% current year, 100% preceding year, 105% pre-preceding year as per the guide) into the preliminary tax section. Hope this helps and any questions just shout. - Cian
Hey Creedonc, Great question, had to check with Revenue there and got the below response. "Dear Cian, Please see the following Tax Duty Manual 27-02-01 to guide you with the declaration of your ETF : www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-27/27-02-01.pdf You enter any gains as well as deemed disposals of ETFs at the rate of 40% under the heading 'Offshore Funds' in the Foreign Income panel. Payment from or a disposal of an interest has to be included in the Form 11 for tax purposes." I was under the impression that the tax rate was 41% but this is where Revenue want us to put it so it must be 40%. 🤷 Hope this helps and any questions, let us know. - Cian
Regarding Irish-based peer-to-peer lending (Linked Finance), Interest gained on This would go into Section 6 - Irish Other Income? My second question is where within that section and would it be yearly even if loans are still repaying? Thank you, kind regards.
Quick question, In purchases in the trading account items section is that all purchases including unsold stock or os it just purchase cost based on the stock sold?
Hi Hishee, What do you mean by "another account"? Definitely worth keeping tabs on how much needs to be declared in your broker or on an Excel sheet. - Cian
@@TheLearningsReport sorry i meant would another current account be needed for any side hustles so then its easier to distinguish between employment income and side hustle income. Cheers
@@hisheeelijah1482 Yes this would definitely be recommended! I personally use Revolut's Business app for any side hustle income, as it's far easier to track from a tax standpoint and will make your life a whole lot easier come tax season!
@@TheLearningsReport Quick query (hopefully!). The 'Register for ROS' option doesn't appear for me in the 'Manage my record' section of the MyAccount homepage. I've asked Revenue why but have been waiting a while for a response. If I use the first principles way to Register for ROS on their website, do you know will the info that would have been pre-populated via the 'Manage my record' way also be pre-populated if registering for ROS this way? Just a little bit wary before trying the other way. Thanks a million.
Quick question: I am a non- resident landlord, with a buy to let house in Dublin. I only receive rent from this 1 property and that's the only Ireland-generated income. When I file my form 11, do i need to report any overseas income/ stock/ dividends/ rents/ assets etc?
Hey - Sorry for the late reply on this one! So my thoughts would be no - if its just the property income you're declaring as 'Irish source' then I don't think you would need to for the others you mention. That being said, always good to double check so might be worth dropping the question to revenue via My Enquiries just to get something in writing from them to put your mind at ease. Thanks for the question, Ste
Hey Jinghang - So just to clarify, if you're filing this year then technically you should have already paid your tax for last year You should be able to make a payment through ROS, or through your MyAccount page. I'd recommend contacting revenue to double check with them what your best next steps are. Hope it all works out! - Ste
Hey Dave - for whatever reason, some users need to message revenue for that button to be activated. I did at first also! They’re pretty quick to action it usually, just pop them a note via myenquiries 👍🏻 - Ste
Before you dive into tackling the form 11, double check it's definitely the form you need to fill out! Hopefully this video breaks it down into something more manageable 👍 Best of luck!
can you make a video regarding delivery riders and how he pay their tax, please
Absolutely excellent. Why can't our state body explain their own system as clear as this!
😂❤
Weird isn't it, this appears to be the ONLY video on RUclips that actually explains it clearly (and it's aimed at investors not necessarily self-assessors who would require this the most), my guess is if the system was too user friendly people wouldn't feel they'd have to go to accountants to help them do this, much like how lawyers essentially write the laws (so for example if the conveyance system was simplified a lot of solicitors who's bread and butter is house sales and do little else would be out of a job), accountants write the tax system. See also David Graeber's bullshit jobs.
As someone who isn't necessarily an investor, but who's accountant is refusing to answer their phone or email, I for one am grateful that THIS video exists.
As an experienced investor,I can surely say that this channel is underestimated....you guys give very useful information....if comparing to videos like"how to make 10000 a day" I wish I could found such a channel 5 years ago.Thanks
Hi Eugen,
This is praise of the highest order - thank you very much for the great feedback. Our goal is to make investing accessible and understandable for everyone - hopefully many more beginners can find us!
Hope the earnings season is going well for you! :)
- Cian
We're really lucky to have such thorough step-by-step material available for free. Thanks lads!
Honestly couldn’t have done it without you guys! Saved me so much time and stress! Thank you!
No worries, Fiona - glad it helped!
@@TheLearningsReport can you make a video regarding delivery riders and how he pay their tax, please
The only helpful video about that topic on RUclips. This was a life saver!
That was a brilliant run through guys, Revenues videos themselves barely explain what the individual entries refer to. Can't thank you guys enough helped me so much
Thank you guys! Could you do a video especially for the trade section. Where do you enter what for salesmen in Ireland? Like if you have expenses for goods, materials, rent, shipping costs, wear and tear, etc.
Regards, Julia
Brilliant! Thanks for the helpful guidance!
hi I am a ghost doing my form 11 from beyond the grave.
This is sooo helpful thank you I can rest in peace now
Loving the channel, many thanks for the detailed explanation.
I'm self-employed since July 2023, when do I suppose to file Form 11?
Do you have a video of filling in a Form 11 for sole traders , I only started my company last year ( October 23 )
Many thanks for this excellent video. I found it very helpful. Well done on all your hard work in making the video and sharing your expertise so generously.
Hi guys, thanks for posting this and well done for the great content. Question for you, 1 - If you buy stocks and don't sell them, do you need to declare what you bought to the revenue regardless? 2 - If you buy ETFs and stocks and don't sell either, do you still have to submit the form? 3 - If I buy Microsoft stock from a EU country domiciled market, and they pay me dividends, do I still use the US dividend option? Many thanks!
good
Hi lads, great informative video. Could you please make a video on Non- Resident Landlord Withholding that came in 2023 (NLWT) Thank you. Mark
This is amazing gents, keep up the good work!
Quick question:
I started an Ltd company in 2020, first invoice was issued in December and first payment made to company account was 20th January 2021. I still need to complete a Form 11, however my net profit from 2020 is essentially zero, is that correct?
Howiya Alex, Ste here. Really appreciate it, thanks for the great feedback.
Re: your question, yes I would assume the same! If you're obliged to do a Form 11 for 2020, then yep just pop in whatever info you do have, and if the total is zero, then zero is what I'd add. As always, if you've any doubts, pop revenue a message as it's always good to have the paper trail in case of any queries.
Good luck with the return!
- Ste
Hi there, I'm a ghost! Haha, ah fair play lads - very helpful video, much appreciated. Subbed for future vids 🤝
😂 Cheers Ciarán. Glad to hear you're still trading from the other side. Thanks for watching and for the sub.
- Ste
Brilliant information. So glad I found this channel.
Many thanks for the video!!! Very helpful. I just have a question: I started as self-employed in July of this year(2022). Should I file a Form11 this year or I'm not paying anything until next year?
I’m wondering the same thing. Did you find out?
Yes, don't worry about the first year. No taxes to pay. You have to start paying after your first year. For instance, if you started in July 2022, you have to pay your first taxes in October 2023@@Zokkii
Guys, great video. The threshold for PRSI.. if you are self employed earning less than €352 in that year, are you exempt from PRSI contribution?
Hey Mícheál,
You don't have to pay PRSI as a self employed individual if you earn less than €5,000.
More info here: www.gov.ie/en/publication/80e5ab-prsi-pay-related-social-insurance/#prsi-for-self-employed
- Cian
This is brilliant! Would this tutorials information be transferable to the Form 11S?
unbelievably helpful! I would choose 'income tax' rather then CGT if Im a freelancer self employed right?
Thanks very helpful video. I want to request to please make a video for Taxi Drivers and include PSRI and UCS like pension. and how we can put all that Thanks
This is an incredibly helpful video. Thanks. I registered for Income Tax even though I earn less than 5K. Now I have to file a form 11 and it is trying to tax me on the earnings even though it is under 5K? Any ideas on what to do?
Great videos! Can you make one explaining ESPP and how to pay tax on it with RTSO1? Also, a lot of American companies in Ireland will give new hires a number of shares every X year. How do we pay tax on it? Thanks
Hey Guilherme,
Thanks for watching!
So, this is an episode that we have on our list and thanks for suggesting. Not easy to navigate as with all things Revenue.
I have had experience with this in the past too and there just doesn't seem to be much information out there.
ESPP:
Need to split the events - when you first "exercise" the option, you will automatically pay income, USC and PRSI on the amount you put in through payroll. However, the part you need to file for is if you made more than you put in i.e. if the value of the shares received is greater than the amount you put in which it usually is with the discount but can also be impacted by price fluctuations during the period. This is considered income so you unfortunately have to pay income, USC and PRSI on it.
If you subsequently sell these shares, you may be liable for CGT. If they received dividends, you will have to pay income tax, USC and PRSI.
US COMPANIES GIVING EMPLOYEES SHARES:
There are many employee share incentive schemes out there but the one I believe is most common is RSU and it sounds like the scheme you are on is RSUs. Are you receiving RSUs (that is my assumption)? If not, then the below may not be applicable - let me know if not and we can go from there.
To clarify the rules according to Revenue, you should be deducted Income Tax (IT), Universal Social Charge (USC) and Pay Related Social Insurance (PRSI) at the market value of these shares at the date of vesting. Your employer should deduct this through payroll and pay the tax directly through payroll.There are more details on this with Revenue's guidelines here: www.revenue.ie/en/additional-incomes/employment-related-shares/taxation-of-employment-related-shares/restricted-stock-units.aspx
Again, if you subsequently sell these shares, you may be liable for CGT. If they received dividends, you will have to pay income tax, USC and PRSI.
Also, I wanted to share two resources from PWC and KPMG on employee shares which have other schemes that may not be the RSU one, as well as a Revenue guide on ESPP. This should help in determining what scheme you are involved in.
-PWC Income Determination: taxsummaries.pwc.com/ireland/individual/income-determination
-KPMG guide on employee share incentive schemes: home.kpmg/ie/en/home/insights/2021/09/employee-share-incentive-schemes-explained-people-services.html
-ESPP: www.revenue.ie/en/additional-incomes/employment-related-shares/taxation-of-employment-related-shares/employee-share-purchase-plans.aspx
Hope this helps and let us know if you have any other questions.
- Cian
Is it possible to add an attachment to help
With the expression of doubt section?
Thank you so much for this! You're both lifesavers
Great video again lads, quick question how would a US REIT be taxed for an Irish investor. I can’t find an answer, I understand ETFs are taxed at 41% exit tax, however as REITS are individual companies how would they be taxed?
How is it determined what your own business year dates are? Is it from day one of registration of sole-trader on ros, or from your very first day of working? Or is it just arbitrary? Oh, great video!
Sorry for the late response - big summer off!
Good question, I believe its somewhat 'subjective' but I would say your first 'trading' day - however, I'm not 100% certain. pls let us know if you find a clearer answer!
just confirming if self employed, use Paye/bik/pension (2)
for PUP pymts
Responded on the other comment, Vikki! Let us know if you have any other questions!
- Cian
Hi lads. So which form does RCT fall under lads form 11???
Yes
Perfectly explained. Guys could you make a video about tax amendment please? Thanks
Folks I am doing my tax return this year and this is a life saver. Thanks a million for this video.
I am also wondering; How would you declare staking income from crypto? Would you add it as a trade on top of your main trade; or just add it as "Other Foreign Income (excluding UK income) - Income from all other Foreign Non-Deposit interest, royalties, annuities, dividends on which no foreign tax deducted"? I'd say the second option suits better, but just looking to have your opinion! Revenue is not clear on this at all so it always feel better to check what other people think. Cheers.
Sorry for the late response - big summer off!
Yes I also would lean into the second option. Check out our staking tax video as we go into this in a bit more detail!
Ste
@@TheLearningsReport Lads no need to apologise!
That's grand. I definitely should check it out as well, thanks for the heads up.
Keep up with the great work you are doing, it is a life saver for plenty of people out there!
@@TheLearningsReport can you make a video regarding delivery riders and how he pay their tax, please
THANK YOU THIS IS SO HELPFUL!
Who would be obliged to pay preliminary tax for the following year, and how would that be calculated? Thanks.
Thanks for the video guys…very helpful
Just found your channel. Just what I was looking for. I saw your video on crypto staking first. Where do you enter that on form 11?
Hey Daithi - cheers for that, glad you're finding the content helpful. So revenue have no direct guidance on what staking income should be taxed as, but using the US as a guideline, they and most other jurisdictions seem to be leaning towards 'income' and in Irelands case, this would mean it's taxed at your marginal rate of income tax. But again, you may want to do further digging on this yourself.
Personally, I'd suggest putting it into Other Foreign Income - at least thats where I would put mine!
- Ste
Great video, can you do something similar with a physical form 11 and how to compares to the online form?
Hey! Thanks for the suggestion. We're pretty taxed out for this year, so we may leave the paper one until next year 😉Do you have any specific questions we can help with though? Cheers for watching.
- Ste
GREAT VIDEO, very informative and helpful
This is really excellent information - I've got one doubt about the form 11 / CG1 requirements. If there's under 5000 Euro non-PAYE income no form 11 is needed and when selling stock only capital gains to be reported with a CG1.
Does that mean if there's no form 11 there's no further income tax to be paid on top of capital gains? e.g. buy a stock for 1000 Euro, sell it for 6000 Euro - is that 33% on the 5000 Euro gain (ignoring the 1270 personal exemption) as well as income tax on the amount that lands in your bank account?
Does over 5000 Euro stock proceeds count as non-PAYE and still require a form 11?
Hi Peter, thanks for the comment.
If you're selling an asset (such as a stock) you are only liable to pay CGT on the profit from that sale. Income tax would not apply. There are some exceptions (for example, in certain share options schemes offered by employers, or if you have ALSO received dividends from holding a certain stock) but for the majority of cases, you can follow this logic.
So in summary, if you are only declaring the profit from the sale of a stock, it doesn't matter if this is €100 profit, or €100,000 profit, you would still only need to file a CG1 form. The €5,000 reference in terms of the Form 11 benchmark, is only for non-paye INCOME, which although confusing, is different from a tax standpoint when comparing income to a capital gain.
- Ste
@@TheLearningsReport excellent, thanks for walking me through this!
@@TheLearningsReport can you make a video regarding delivery riders and how they pay their tax, please
Hello great video, the one thing I would say about the f11 form that possibly most would ask about is the 'Adjustments made to profit/loss accounts'
What percentage of expenses should be used when filling in the expenses fields provided?.
Hi Nightshift,
Thanks for watching.
If the expense is wholly and directly related to the running of the business, you can use 100%. If it is for both business and personal use, it is up to you to assess how much is business related and divide it accordingly. More details here: www.revenue.ie/en/starting-a-business/claiming-a-deduction-for-expenses/index.aspx
- Cian
@@TheLearningsReport thanks very much for this Cian. Just to elaborate a little , anything I spend that is used exclusively for the business, car insurance, fuel expenses phone ect. I can claim 100% of that expense.?
@@nightshift4587 it has to be an allowable expense, for example you can't expense client entertainment. But yes, fuel, car insurance and phone would be allowable and if wholly and exclusively used for the business, then you can use 100%.
If you're in doubt about whether something is allowable or not, send Revenue a message to clarify. 👍
Also, sharing a guide here which explains allowable expenses in more detail:
www.taxback.com/blog/self-employed-expenses-ireland
- Cian
@@TheLearningsReport thanks Cian, I've tried to get an answer to this from revenue for the past three months. I'm happy to go along with anything they suggest is the correct percentage, but to date I've had an answer to a question I hadn't asked. Thanks again what you are doing here is very valuable 👍
Really helpful and useful video. I have a question. Can you please advise where on the form 11 do I input management fees and LPT for Irish Rental income. Much obliged.
Great video! Thanks Lads!
Thank you very much! Your video is much detailed than Revenue's videos lol
I am not seeing the 'Register for ROS' link within myAccount. Would you know if the process for registering for ROS from myAccount has changed?
For filling form 11, should I select CGT or "Income Tax" when registering for ROS?
Hello! I have a question. Where do you introduce your RCT (Relevant Contract Tax) income in Form 11? Thanks
Hi. Thanks so much for putting this video out. I saw a comment below about RSUs. You mentioned that tax on these (IT, PRSI, USC) are normally paid directly by the employer. If it's an American company and they haven't organised that and you as an individual need to declare and pay where would you enter this info on the Form-11? Thanks.
Hey Tom,
Thanks for the question.
Your employer should pay the taxes directly, that is the guidance on Revenue's website: www.revenue.ie/en/additional-incomes/employment-related-shares/taxation-of-employment-related-shares/restricted-stock-units.aspx
Is this not the case for you? Perhaps you can check with someone in payroll how RSUs are treated in your company.
- Cian
I'm trying to file the form 11 but the website has changed, there is no register for Ros button here. 😅 How do i do?
Great video and saves me a lot from confusion in filing requirements. Just a quick question on the Eur 5k non-PAYE income. If hypothetically my chargeable gain on sale of shares/cfds is Eur 6k but my net gain subject to tax is only Eur 4.7k (due to Eur 1270 personal exemption), shall I use Form 11 or Form 12? The forms say ‘net assessable non-PAYE income’ so not entirely sure if the Eur 5k is based on the income after the personal exemption. Thanks a lot.
Excellent tutorial. Highly Recommended.
Thanks, Ray! Glad you liked it. 👍
- Cian
Can you please tell me what is the official exchange rate to use for UK sterling pension income received in 2022 as an Irish tax resident?
Or where to find it.
If I want to just pay Preliminary tax for my LTD. Do I have to file a new CT1 form, or can I just pay preliminary tax without filing the form. Since preliminary tax is 100% of last years tax, it’s easy to pay without a form, as it’s the same amount as last year. Thanks for your help gents class content!
Hi Lads, Great Video, if i were just paying Deemed disposal tax on ETF after 8 year would i use the form 11/12 or CG1 form?
Thanks!
Cheers for the comment. So at time of writing, you'd declare either via Form 11 or Form 12. Although, sadly, Revenue still make it confusing to do so.
If you're a chargeable individual (e.g. self employed, or you have > €5k in NON-paye income) then you would file your deemed disposal taxes under 'Chargeable Assets' on the Form 11 under the Other Assets Section.
If you fall into the Form 12 category (less than €5k in non-paye income, but more than €0) then we've received mixed responses as to where exactly to file those. I've copied below the two main places we've been told are best to declare them, but if you have any doubts, please message revenue directly to double check!
1) On the Form 12: Declare it under 'untaxed income arising in the state' - specifically under 'other investments'
2) Declare it on the CG1 form under 'offshore funds' (Section 1 of the form)
- Ste
can someone please help me, If i have Re-Registered as a sole trader recently do i need to file a return this year or will it be october 2023 before my first return? thanks guys great videos
I really appreciate your efforts! A bit off-topic, but I wanted to ask: My OKX wallet holds some USDT, and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). What's the best way to send them to Binance?
Thank you for the video. I don't understand what they mean by Adjusted Net Profit in section 2? Is Profit = total amount of income generated by the sale of goods or services - Expenses ? Also can someone explain please what is exactly Extracts from accounts? Do they mean a bank account?
I realise I have health expenses receipts for 2020/2021 but can't seem to correctly amend the already filed f11 Please help!
Great video thanks. I'm trying to set up ROS online and am having an issue with the first step. the error is "Either the tax type you have entered is not valid for this registration number or you have entered the registration number incorrectly" my PPS is correct so I think its the tax type, my previous tax type was PAYE- IND but there is no option for this in the drop down, only option is PAYE-EMP which is incorrect and most probably why I'm getting the error. Any advise offered is very much appreciated. Thanks.
Sorry for the late response, Francis - big summer off!
Assume you got sorted, but it sounds like you need to message revenue and ask them to active your ROS account (it's not always activated by default - which makes no sense, but here we are..)
@@TheLearningsReport can you make a video regarding delivery riders and how they pay their tax, please
I'm assuming any increases in currency value needs to be factored into the calculation of CGT?
e.g., if selling US stocks at a loss but the currency has increased against euro this needs to be accounted therefore not as much of a loss! Cheers
Hi Lads - great video -- how do I claim for remote working or e-working in a form 11 ?
Hey Brian,
Thanks for watching.
So, for whatever reason it is in PAYE/BIK/Pensions 2 in Allowable Deduction Incurred In Employment. There is a guide here which might help:
www.askaboutmoney.com/threads/remote-working-entry-on-form-11.221683/
Let us know how you get on!
- Cian
If I was a PAYE worker with
Great video lads.
The real question here is does Cian only one shirt and waist coat or does he have multiples of the same colour?
Does Revenue allow you to own more than one shirt?!? 🤔
@@TheLearningsReport I think you’ve found the subject of your next video!
If you decide to file and pay later what are the payment options? Can you pay in instalments?
Can I amend a form 11 if I have submitted and made a mistake? Thanks.
I am trying to claim the remote working credit. I have entered the relevant details and days which I worked remotely and clicked calculate which it did. My question is how do I avail of this and the final figure is the same as before I entered these details. I cannot find anything which clarifies this! Thanks
Great video and amazing infos on Form 11. Better than Revunue's own video :)
Can I ask you a QQ in relation to PAYE section? I am employed by one of the biggest multinational. I see that my PAYE section is not auto populated and Revunue's website is asking me to fill informations such as , How much employer payed for USC or Net tax etc.
How can I get this section populated? Should my employer send this info to Revenue or Revenue is responsible with this section?
Hey Mehdi - sorry for the delay in responding but thank you, we had hoped our video would be an improvement, although the bar wasn't particularly high 😅
So before I dive into your question, its worth asking if you're sure you need to file a form 11? If you're an employee and your main source of income is PAYE earnings, you likely don't need to file a Form 11 unless revenue specifically asked you too (or unless you have other NON-paye sources of income > €5,000 to declare in addition to your regular income).
- Ste
@@TheLearningsReport Ste, Thank you so much for replying my query. I really appreciate.
I am the 100% of shareholder of a LTD company that is why Revenue requested me to provide Form 11( Income Tax). Even tho I don't take any money from the LTD company but I am forced to submit Form 11.
Once again thank you
@@mehdiozcinar1477 Ah ok, so you are required to file a Form 11 due to the Ltd company, but the only income you're declaring is from your PAYE job? In that case, yes, I would suggest 1) speaking to your accounts department in your company to figure out why the info isn't populating and 2) I would send the same query directly to revenue to see if perhaps its an issue on their end.
Alternatively, you could look at your most recent payslips as that should also give you a breakdown of USC etc. that has been paid.
- Ste
Does one need to use Form 11 when declaring rental income from an overseas rental property?
well done lads.helped me so much also good content threw out your channel
Cheers Liam, really appreciate it.
So confused, I have PAYE income and make less than 5k a year as self employed.. revenue advised I have to do form 11 as form 12 is not available to me but PAYE plus
Hi, When filing a tax return for a limited company director, which tax type should we choose?
I received a tax-free lump sum pension from my late partner's estate. I included it in the IT38S I filed, and a 33% tax was levied on the amount. Could you let me know if I still need to declare this in my annual tax return? The amount is below 200,000.
Hello i did work 2 months in Ireland and know i will leave to Portugal. How i close my fiscal home in Ireland? I can go out in May and just close my fiscal home in January 2023?
Hi Petrus - A little confused by your question, are you referring to your tax domicile or your actual physical home where you spent the past two months?
THANK YOU
Hi could you tell me where I would add the pandemic unemployment payment ...?? Worked for 3 months and then 9 months pup?? Thanks
Hey Sharon - sorry for the late reply on this. Are you sure it's the form 11 you should be filling out? If you were a PAYE earner for those 3 months you did work, you likely need to fill out a Form 12 instead of a form 11. Form 11 is usually for those who are self-employed, or who have > €5,000 in additional NON-paye income (e.g. side hustle income).
On the Form 12, you can find the section to add PUP under 8) Payments from Department of Social Protection (page 6 on the paper form)
On the Form 11, you can it under 'Social Welfare Payments, Benefits or Pensions received' (Line 243 on the paper form)
A handy way to skip through the form is to hit 'Ctrl F' or 'Cmd F' on your keyboard and search 'PUP' in the finder bar!
- Ste
If you live in Ireland but you receive a salary from a UK company (remote work) would you then put this income in the foreign employment section?
Hi, thanks for this video! It cleared a lot of things and helped a lot.
I have a question. I have RSU and ESPP provided by my employer, and all the taxes (IT, USC and PRSI) are paid by the employer through the PAYE when shares are released (RSU) or purchased with a discounted price (ESPP). So, the total price of the shares I get in the year is included into Income Tax calculations in the Form 11 (let's assume I need to file the form).
Then, when I go and fill in the CGT section myself, I need to include the amount of RSU and ESPP I received and sold, and fill in the losses and gains. This amount is already included in my IT Self Assessment, and it's not going to increase my total income, right? I mean they (in revenue) do not calculate my income as IT + amount from CGT, right? I might be confused because of a wrong assumption that these IT and CGT self assessments are somehow connected, or might be combined into total bigger income later.
Just to make it more clear I will try to explain the case in numbers. Let’s say:
- My salary is €10,000 per year
- I also have RSU options released during the year for €2,000
- Sold them in the same year with a profit of €100
- And ESPP options bought on a total amount of €8,000
- Sold then with a profit of €400
So, in my IT self assessment I have taxable income of €20,000.
Next, in my CGT I will declare that I sold shares on the total amount of €10,500, where €10K is a shares price, and 500€ is a profit. So, it won’t make my total annual income to be €30,5k, right? Because it is €20,5k.
Hope all this make some sense :)
P.S.: And another thing. When I receive some RSUs, more than a half is being sold on my behalf to pay the taxes. When they are sold I usually have a small loss (as the shares’ price drops). So, can I include the losses/gains from such automated “to pay the tax” trades? And asking from a different perspective, should I declare those trades when I fill in the CGT form (or CGT part of Form 11)?
Many thanks, if you’ve read it until the end 😂
In Section 2 - Self-Employed Income for the profit and loss...is loss the expenses I had?
Just on the topic who should file for a form 11 is it the same case for sole traders
The Learnings Report - thank you for informative video. I'm not sure how far I would go in completing this form without the information contained in it. One question I would have - I was told by Revenue to complete the Form 11 as I recently paid RTSO tax for shares I bought through my employer (old GESOP - I cannot remember new name for this program, you are basically buying shares of your company with 15% discount). I'm completing the form for 2020 and in that year I didn't sell any shares. I also didn't have any other income except my main one taxed in PAYE way. However, after entering all known to me details the form shows I own money to Revenue. Not massive amount - approx 200. I just wonder - could PAYE tax be so undercounted or it is more likely that I missed some available tax relief in my Form 11? I noted that when I will add on the Form 11 the Health Insurance paid in total by my employer then the Payable Amount is not even 1 euro but not sure is that Health / Medical Insurance a tax relief.
Hey, no worries! So because your questions is so specific to your particular situation, its quite hard for me to give you any useful advice without knowing more personal details (which of course I won't be asking you for!). So unfortunately your best bet is to direct the above question to Revenue via MyEnquiries. There could be any number of reasons for the €200 tax liability, but unfortunately revenue will be the ones who can let you know what that might be for. Sorry we can't be of more tangible help!
- Ste
This sounds similar to my case. I registered as self-employed to pay the taxes for selling shares (come from ESPP and RSU) in 2021, however I wasn't aware I had to submit the Form 11 for the 2020 despite the fact there was no gains except the PAYE. On my first attempt to fill in the form I also found I owe some money to Revenue - I'm pretty sure there was a penalty row in "IT Self Assessment" section, but then I made some changes to the form, and it disappeared. As a result I got small refund.
From what I remember this might help me:
- I adjusted the income according to the “Employment Detail Summary” from revenue.ie. You should have it in My Documents, or be able to request such a doc.
- I adjusted personal tax credits according to the records on revenue.ie
- I also filled in the “Medical Insurance Relief” section on a “Personal Tax Credits” step. I have a medical insurance as a benefit paid by the employer.
So, maybe try to read carefully the “IT Self Assessment” step and figure out where ROS thinks you didn’t pay enough, or some additional charges applied for you.
Thanks for sharing!
@@TheLearningsReport can you make a video regarding delivery riders and how they pay their tax, please
Do you provide training?
What needs to be filled in in Irish
untaxed income section, please?
Thank you guys :)
No problem, answered in your first comment! 👍
Hi thanks this video is so helpful. I'm new to this and first return. I have airbnb which was renovated extensively causing a big loss in 2020. Do I claim all the renovation work including purchases of new furniture, fixtures & fittings, electrical appliances, labour etc as 'Other Capital Allowances" under capital allowances section? Also how do I show these expenses under expenses and deductions section? Probably very silly questions so sorry in advance.
Hey Sandra,
Glad you found the video helpful.
So, firstly you will just need to clarify whether you are getting the income as trading income or miscellaneous income. I'm going to assume that it is trading income given that you put a lot of work into it.
With trading income you can potentially offset the full amount of repairs or else a capital allowance of 12.5% annually on new fixtures and fittings. You can check out further resources on this below.
Again, for the first year and assuming it's capital allowances, I think you can put them in Other Capital Allowances. For expenses and deductions, they can go in the extracts of accounts section. There is a section in the extracts of accounts for "Depreciation, Goodwill Capital Write Off" but this is for intangible assets.
You can bring this loss into the second year and also claim another 12.5% that year on capital allowances.
Sharing some other resources here for you:
- rentalincome.ie/tax-tips/#:~:text=of%20Capital%20Allowances.-,How%20much%20can%20be%20claimed%3F,for%20the%20next%208%20years.
- www.revenue.ie/en/property/rental-income/irish-rental-income/what-expenses-are-allowed.aspx
- home.kpmg/ie/en/home/insights/2019/11/capital-allowances-explained.html
And in case you haven't seen: ruclips.net/video/QRb4aBL4nBU/видео.html :)
Hope this helps, let us know if you have any other questions.
- Cian
U guys are doing g8 job.. thx for sharing the valuable info...
Thanks for watching, Saleh! Glad it helps!
- Cian
Why is it CGT on the Ros register
Hi - Could you do a piece in this video on remote working expenses please? I see it on Form 11 in PAYE/BIK/Pensions 2. I am filling out Form 11 for the 1st time - have most of it done but it seems for Form 11 you put in the 10% fuel and 30% broadband (for 2020) whereas in PAYE people only returning in Myaccount, you put in the full costs (and presumably Revenue do the 10% and 30% calculations?)? I am aware that for Form 11 it is the number of working days at home minus bank holidays and minus annual leave days all over the number of days in the year (366 in 2020). So in a nutshell (!) my question is in Form 11 is it the total of the 10% and 30% of the relevant amounts that I put in and not the full relevant amounts as in Myaccount? Thanks!
Hey M - a good question and thanks for highlighting. I believe it's the total amount (and then revenue do the calculations) but I'm not 100% on this (still yet to submit my own) so might be worth dropping revenue a quick note in my enquiries to be sure.
If in the meantime I get an answer myself, I'll post it here! Let us know how you get on.
Cheers
- Ste
I'm stuck on section 4 PAYE because I'm on back to work and am self employed as in roofing can you please help me
Hey - not 100% sure on this one and don't want to give you incorrect information. Have you been able to get in touch with revenue to see what they say about the situation? Not sure how it works when you're both receiving a state benefit but also receiving income.
Sorry we can't be of more help, but please let us know what answer revenue give you so we know what to tell the next person :)
- Ste
Thanks for the video! The part that confused me the most is the preliminary tax section. I only have a PAYE job and a stock options with the company which forced me to file a form 11 . Would I put 0 in preliminary tax for the next year?
Hey Kintaro,
Thanks for watching!
To caveat, we are not tax advisors, etc. so if in doubt, raise an enquiry on MyEnquiries.
For preliminary tax, it is usually associate to self-employed income. Given you are a PAYE worker, you pay a lot of tax throughout the year whereas self-employed individuals do it at one point and hence Revenue have the need for preliminary tax to enable cash flow. Given that you just have stock options from your job, I don't think preliminary tax would be applicable to your situation but as I said be sure to check with Revenue.
I will be chatting to Revenue soon so will enquire about whether preliminary tax is applicable for PAYE workers with other income. 👍
More details on preliminary tax here: www.revenue.ie/en/self-assessment-and-self-employment/guide-to-self-assessment/what-is-preliminary-tax.aspx
- Cian
Hey Kintaro,
I chatted to Revenue last night and preliminary tax may be applicable for you if you are receiving any non-PAYE income outside of your PAYE job. This could be dividends from your stock options, perhaps? There are different rules on what amount you would pay which I linked in the comment before.
If you do have non-PAYE income, you would then need to input this amount (90% current year, 100% preceding year, 105% pre-preceding year as per the guide) into the preliminary tax section.
Hope this helps and any questions just shout.
- Cian
Amazing, thank you for the follow up!
What about deemed disposal and ETFs. Where do they go?
Hey Creedonc,
Great question, had to check with Revenue there and got the below response.
"Dear Cian,
Please see the following Tax Duty Manual 27-02-01 to guide you with the declaration of your ETF :
www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-27/27-02-01.pdf
You enter any gains as well as deemed disposals of ETFs at the rate of 40% under the heading 'Offshore Funds' in the Foreign Income panel. Payment from or a disposal of an interest has to be included in the Form 11 for tax purposes."
I was under the impression that the tax rate was 41% but this is where Revenue want us to put it so it must be 40%. 🤷
Hope this helps and any questions, let us know.
- Cian
Regarding Irish-based peer-to-peer lending (Linked Finance), Interest gained on This would go into Section 6 - Irish Other Income? My second question is where within that section and would it be yearly even if loans are still repaying? Thank you, kind regards.
Quick question, In purchases in the trading account items section is that all purchases including unsold stock or os it just purchase cost based on the stock sold?
Hello im just wondering if you fill out a form 11 do you have to fill in the receipts tracker too? Or does form 11 cover all that
Hello, if I get paid salary from abroad and residence in Ireland, do I need to do form 11 or I can do it from my revenue from fogen income
Would it be wise to setup another current account to keep tabs with how much needs to declared. Thanks in advance
Hi Hishee,
What do you mean by "another account"?
Definitely worth keeping tabs on how much needs to be declared in your broker or on an Excel sheet.
- Cian
@@TheLearningsReport sorry i meant would another current account be needed for any side hustles so then its easier to distinguish between employment income and side hustle income. Cheers
@@hisheeelijah1482 Yes this would definitely be recommended! I personally use Revolut's Business app for any side hustle income, as it's far easier to track from a tax standpoint and will make your life a whole lot easier come tax season!
This is excellent - thank you so much! 👏🏻
Thank YOU for watching :)
@@TheLearningsReport Quick query (hopefully!). The 'Register for ROS' option doesn't appear for me in the 'Manage my record' section of the MyAccount homepage. I've asked Revenue why but have been waiting a while for a response. If I use the first principles way to Register for ROS on their website, do you know will the info that would have been pre-populated via the 'Manage my record' way also be pre-populated if registering for ROS this way? Just a little bit wary before trying the other way. Thanks a million.
Quick question: I am a non- resident landlord, with a buy to let house in Dublin. I only receive rent from this 1 property and that's the only Ireland-generated income. When I file my form 11, do i need to report any overseas income/ stock/ dividends/ rents/ assets etc?
Hey - Sorry for the late reply on this one!
So my thoughts would be no - if its just the property income you're declaring as 'Irish source' then I don't think you would need to for the others you mention.
That being said, always good to double check so might be worth dropping the question to revenue via My Enquiries just to get something in writing from them to put your mind at ease.
Thanks for the question,
Ste
What will happen after File Return Only? Will I be contacted for the payment by email or post? Thanks!
Hey Jinghang - So just to clarify, if you're filing this year then technically you should have already paid your tax for last year You should be able to make a payment through ROS, or through your MyAccount page. I'd recommend contacting revenue to double check with them what your best next steps are. Hope it all works out!
- Ste
The “Register for ROS” option seems to be gone from the bottom section now?
Hey Dave - for whatever reason, some users need to message revenue for that button to be activated. I did at first also! They’re pretty quick to action it usually, just pop them a note via myenquiries 👍🏻
- Ste
@@TheLearningsReport cheers lads.