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!
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.
Hey Vikki, Yes, you can input taxable social welfare payments in PAYE/BIK/Pensions (2). If you have other ones, you can add to the PUP payments as one figure. Check out the self assessment guide, link in the description, page 30 for more details! - 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 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
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
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
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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
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!
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 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?
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 👍
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..)
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
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.
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
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?
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!
Hi there, can you explain why you select CGT and not income tax at the beginning in the drop-down menu? I ask because I've just applied for the tax cert for the log in under income tax rather than CGT and now I don't understand how to fix that...help....
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. 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.
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
Hi guys, thanks for this videos:) I’m still a bit confused, let’s say I’m self employed and my income only comes from daily crypto trading. In that case I should fill up the form 11 or CG1 form. Let’s say I have profit of 100 daily, I’d still be considered to pay 33 for CG or I’ll be fall under tax income and pay regular rates 20% 40% of my income ? Thanks for your help :)
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?
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
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
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
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
So what do I do if my account Just doesent bother putting my account in. Always very very late. Until I always on the brink off a nervous break down!!😢😢😢
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: th-cam.com/video/QRb4aBL4nBU/w-d-xo.html :) Hope this helps, let us know if you have any other questions. - Cian
Hi there just wondering what happens if you make a loss. Does the box for calculated net profit / loss calculated to zero? i.e. the same for assessable profit ?
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
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.
please can you help me file my tax as a Deliveroo rider and stack what I should claim and how I do that can you help me to pay my income tax, please is my main job I don't have other income
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
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
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 RareCD, You're presumably registered as a chargeable individual if you have a Ros account? Not fully sure why that would be happening but we would recommend raising an enquiry on MyEnquiries to get Revenue to activate this option. We have seen this happen for other forms on Revenue. Let us know how you get on in case other users have the same issue! - Cian
Hello, I am sole trader am I am trying to register to ROS but it says that my PPS: Either the tax type you have entered is not valid for this registration number or you have entered the registration number incorrectly. I though I should have been filled the form 11 before creating a ROS account. I it so confusing, if you could help me with that info. Thank you,
Heya Gabrielle - Sorry for the delay in responding to ya. I'm not 100% on this one, unfortunately, but yes that would be my guess too. I'd say your best bet is to drop revenue a quick note via MyEnquiries to double check 👍
Hey Elaine - If you look under charges/deductions > pension contributions, I think you should be able to add it there? I'm on the move at the moment so can't check for definite but let me know if you still can't find it! - Ste
@@TheLearningsReport Hey I had a look there under that section and it doesn't seem to be in there. That section seems to be for PRSAs and pension relief but doesn't have anything about voluntary PRSI contributions. At the end of the form with the IT self assessment if I enter the minimum amount of 500 in the PRSI box and state for PRSI voluntary contributions do you think that would work? I'm told it's very important to ensure PRSI contributions are made for the state pension to be gotten. Thanks
@@laneykin Hi Elaine - We'll need to double check ourselves as I don't want to give you incorrect info without being 100% confident about it. In this scenario, I'd suggest sending revenue your message via My Enquiries and the'll be able to put you on the right track. If you're conscious of the deadline, my suggestion would be put it in wherever you think is most appropriate and in the expression of doubt section, you can flag that you're not sure if you've added it correctly. Between that, and also sending revenue a message, I'm sure you'll be able to get it figured out!
Hey Elaine, Just to follow up, I got a message from Revenue in relation to the above. They recommended to "contact the Dept. of Social Protection, PRSI section regarding voluntary contributions for PRSI". To me that seems to imply there is no section on the Form 11 but maybe check in with the Department of Social Protection and check what they recommend to do. - Cian
For clarity, if i am a normal paye payer and i got 10K on a nixer where no tax was paid. Is the 10K entered under the Self Employed panel...or other Irish incomes?
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 😂
Hey Khalid, Unfortunately, it's your responsibility to show Revenue how much non-PAYE income or gains and losses that you made. What revenue are you referring to? Also, are you a chargeable individual (I.e. need to fill out a Form 11)? PAYE Income should be included in a PRE- POPULATED Form 11. Non-PAYE income and CGT is up to you to calculate through your bank/ broker statements or tax software if you use it. - Cian
Hi Santosh, Thanks for watching and for the question. Just to quickly clarify, you are a chargeable person (I.e. non-PAYE income >€5K)? Just want to check as not everyone needs to register for the Form 11 and there is often confusion. So, if the option to register for Ros is not available on your MyAccount, you should send an Enquiry to Revenue asking for them to enable that option. Some of our other viewers came across this problem. - Cian
Hey Saleh, Yes, you have to pay CGT on gains made from profits on gains for both stocks and forex. We have a video that runs through CGT in Ireland in detail which may be helpful: th-cam.com/video/HZ1StqSfEaE/w-d-xo.html Let us know what you think! - Cian
You can include specific bad debts as an expense in company / sole trader returns. This is subjective but if requested you will need to show revenue which debtors won’t be recovered, the reason, timeline and attempts you made to recover amounts owed
Hi there!! Thanks so much for the video! I have a quick question! I have been non-resident in Ireland in 2021 but I have been employed there for 3 months and for 9 months I have been an employee abroad. Is that foreign income a non-paye income? Do I have to fill in a form 11 or a form 12? I do not have any other income apart from my employee salary in Ireland and in Spain.
Hi Sandra, thanks for the comment. A couple of clarifying questions: - Are you employed by an Irish company and are you a tax resident here in Ireland? - What was the nature of the income that you earned while in Spain? For example, were you just working for your Irish company remotely while back in Spain or was it a separate role? - For your current role in Ireland, are you a PAYE earner i.e. is tax withheld at source by your employer? It looks like Ireland has a double-taxation treaty with Spain, so you'll likely only owe tax in 'one' jurisdiction. There's a big PDF document explaining it (I'll leave it to you to dig through though! :) ) Link below. www.revenue.ie/en/tax-professionals/documents/double-taxation-treaties/s/spain.pdf - Ste
@@TheLearningsReport Many thanks for your reply! I was employed by an Irish company during 3 months in Ireland (PAYE earner) and employed during the rest of the year by a Spanish company in Spain (both are separate roles). I was considered non-resident in Ireland (therefore I am not a tax resident) for the year 2021 and those incomes (Irish and Spanish) were the only ones I got during 2021. I was aware about the double-taxation treaty, many thanks! It is just that I am not sure how I have to report my situation to Revenue (either the form 12 through MyAccount or with the form 11). Thanks again!
@@sandraquirosanglada4258 Oh i see - in that case, if you were a PAYE earner here for only 3 months, then your taxes for those 3 months have already likely been taken care of by your employer I would imagine. Your payslips for those 3 months should highlight whether tax was withheld or not. For the work in Spain, I assume that has been taken care of under the Spanish system? I wouldn't see a need for you to pay tax on that income in Ireland as well as Spain. (Note: not a tax expert, etc etc but that is how I would see it!) - Ste
Thanks guys I think I've discovered something new. As a self-employed I can claim both Personal tax credit and Earned income credit? For about 7 years was claiming only Personal tax credit :(
Hey Michael, Just to add - I believe Revenue's guidance is that you can only claim one of the two tax credits, even if you have both PAYE income and Earned Income. Double-check your situation with Revenue but this is our understanding. - Cian
@@TheLearningsReport Thank you Cian. I have Earned income. Raised this with the revenue. See what they say. Hopefully they will reply before Christmas :D
Ah, sorry, yes - I misread there. You should have a personal tax credit and an earned income tax credit for sure. Haha, would be a nice bonus before Christmas! :)
Hi, thanks for the video! I have a question in relation to the Capital Account and Balance Sheet Items section. As a sole trader, are Drawings essentially what I have spent on anything which is not business related? Also; are Drawings, Cash / Bank and Bank / Loan / Overdraft relate only to the accounting period in question, i.e. 1st Jan 2020 - 31s Dec 2020?
Hey Antanas, Good question, drawings are effectively the money you take out of the business for your self (I.e. what you pay yourself). They are not tax deductible and hence come out st the end. Yes, only as it relates to the tax year you are filing for. For drawings, include the total drawings throughout the year whereas for cash/bank/overdraft use the balance as on the final day if the year. - Cian
Hey Uzumaki, Which registration number are you referring to? If it is for Revenue.ie, it should be your PPS number. For Ros it should be the same however you will need to register for Ros (as long as you are a chargeable individual). - Cian
So if I paid my capital gains tax the previous year but filing it in the current year along with my income tax on form 11 at the end of the form when I go to pay and submit will I have to pay income tax but capital gain tax again even tho I paid the previous year and only filing it now?
Because I pay CGT tax but file it the following year so I'm wondering will revenue include the Capital gain tax on form 11 and make me pay tax again on the capital gains I already paid the previous year
question .i am filling out a form 11 at the mo.my gross was 19000 for the year whilst my net was 13225 as 20%is paid straight to revenue. i understand if you earn less than 16500 a year you can claim your income tax back.question to you guys is that is that based on my gross payment for the year or my net payment??keep up the good work on your channel.
I believe it's the gross figure, unfortunately. Are you self-employed? As I said, I'm pretty sure it's the gross figure but best to double check with revenue to be sure! - Ste
I’m here for the first part for personal details. I am a ghost and I am looking at this video from the grave. If you want to hear more about my story just ask. I’ve actually come back as a talking water melon with hands but please don’t tell anyone as I don’t want anyone to know ok?
Great video. Many tanks. Unfortunately I have problems since the very beginning... I have been self-employed for 2 months in the beginning of this year(2022) and I want to do this form 11. The problem is that I can not see such year in the menu for the new online form (ros my services) - the last option is 2021. can you help, please?
Hey mate, no worries! The Form 11 is filed the FOLLOWING year - so the 2022 form should be available next year, in 2023. You pay any tax due this year (2022) and then you'll file your return for this year, next year.
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 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
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
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
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
We're really lucky to have such thorough step-by-step material available for free. Thanks lads!
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
Absolutely excellent. Why can't our state body explain their own system as clear as this!
😂❤
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
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
Hi lads, great informative video. Could you please make a video on Non- Resident Landlord Withholding that came in 2023 (NLWT) Thank you. Mark
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 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
just confirming if self employed, use Paye/bik/pension (2)
for PUP pymts
Hey Vikki,
Yes, you can input taxable social welfare payments in PAYE/BIK/Pensions (2). If you have other ones, you can add to the PUP payments as one figure.
Check out the self assessment guide, link in the description, page 30 for more details!
- Cian
Thank you so much for this! You're both lifesavers
Loving the channel, many thanks for the detailed explanation.
I'm self-employed since July 2023, when do I suppose to file Form 11?
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
Perfectly explained. Guys could you make a video about tax amendment please? Thanks
Thanks for the video guys…very helpful
GREAT VIDEO, very informative and helpful
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
Who would be obliged to pay preliminary tax for the following year, and how would that be calculated? Thanks.
Great video! Thanks Lads!
This is brilliant! Would this tutorials information be transferable to the Form 11S?
U guys are doing g8 job.. thx for sharing the valuable info...
Thanks for watching, Saleh! Glad it helps!
- Cian
unbelievably helpful! I would choose 'income tax' rather then CGT if Im a freelancer self employed right?
well done lads.helped me so much also good content threw out your channel
Cheers Liam, really appreciate it.
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
Hello! I have a question. Where do you introduce your RCT (Relevant Contract Tax) income in Form 11? Thanks
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
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
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?
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!
For filling form 11, should I select CGT or "Income Tax" when registering for ROS?
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 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?
Thank you guys :)
No problem, answered in your first comment! 👍
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 👍
Why is it CGT on the Ros register
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
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
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.
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
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?
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!
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 there, can you explain why you select CGT and not income tax at the beginning in the drop-down menu?
I ask because I've just applied for the tax cert for the log in under income tax rather than CGT and now I don't understand how to fix that...help....
Can I amend a form 11 if I have submitted and made a mistake? Thanks.
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. 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.
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
Hi guys, thanks for this videos:) I’m still a bit confused, let’s say I’m self employed and my income only comes from daily crypto trading. In that case I should fill up the form 11 or CG1 form. Let’s say I have profit of 100 daily, I’d still be considered to pay 33 for CG or I’ll be fall under tax income and pay regular rates 20% 40% of my income ? Thanks for your help :)
Did you Find out which Form needs to be filed in your case?
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?
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?
Hi, When filing a tax return for a limited company director, which tax type should we choose?
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.
In Section 2 - Self-Employed Income for the profit and loss...is loss the expenses I had?
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
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
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
What needs to be filled in in Irish
untaxed income section, please?
So what do I do if my account Just doesent bother putting my account in. Always very very late. Until I always on the brink off a nervous break down!!😢😢😢
Hello you can help my with closing tax yer for 2022
Does one need to use Form 11 when declaring rental income from an overseas rental property?
Just on the topic who should file for a form 11 is it the same case for sole traders
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: th-cam.com/video/QRb4aBL4nBU/w-d-xo.html :)
Hope this helps, let us know if you have any other questions.
- Cian
Hi there just wondering what happens if you make a loss. Does the box for calculated net profit / loss calculated to zero? i.e. the same for assessable profit ?
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
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
please can you help me file my tax as a Deliveroo rider and stack what I should claim and how I do that can you help me to pay my income tax, please is my main job I don't have other income
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
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
Thank you so much !!
No problem!
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?
Hello there when I go onto my ROS account and my services -> file a return -> complete a form online, I dont get the option for income tax or form 11
Any idea why, this is so frustrating 😮💨😮💨
Hey RareCD,
You're presumably registered as a chargeable individual if you have a Ros account?
Not fully sure why that would be happening but we would recommend raising an enquiry on MyEnquiries to get Revenue to activate this option. We have seen this happen for other forms on Revenue.
Let us know how you get on in case other users have the same issue!
- Cian
@@TheLearningsReport ooooof why does paying taxes have to be made so frustrating
@@rarecd7055 3 things guaranteed in life; death, taxes and frustration with Revenue's systems and processes. 😵💫
Hello, I am sole trader am I am trying to register to ROS but it says that my PPS: Either the tax type you have entered is not valid for this registration number or you have entered the registration number incorrectly. I though I should have been filled the form 11 before creating a ROS account. I it so confusing, if you could help me with that info. Thank you,
Hi, in the withholding tax for professional services credits, do you just put in the amount of tax that you've paid already?
Heya Gabrielle - Sorry for the delay in responding to ya. I'm not 100% on this one, unfortunately, but yes that would be my guess too. I'd say your best bet is to drop revenue a quick note via MyEnquiries to double check 👍
I am looking to add voluntary PRSI contributions to my self employed income but I don't see anywhere on the Form 11 that I can do this?
Hey Elaine - If you look under charges/deductions > pension contributions, I think you should be able to add it there? I'm on the move at the moment so can't check for definite but let me know if you still can't find it!
- Ste
@@TheLearningsReport Hey I had a look there under that section and it doesn't seem to be in there. That section seems to be for PRSAs and pension relief but doesn't have anything about voluntary PRSI contributions. At the end of the form with the IT self assessment if I enter the minimum amount of 500 in the PRSI box and state for PRSI voluntary contributions do you think that would work? I'm told it's very important to ensure PRSI contributions are made for the state pension to be gotten. Thanks
@@laneykin Hi Elaine - We'll need to double check ourselves as I don't want to give you incorrect info without being 100% confident about it. In this scenario, I'd suggest sending revenue your message via My Enquiries and the'll be able to put you on the right track.
If you're conscious of the deadline, my suggestion would be put it in wherever you think is most appropriate and in the expression of doubt section, you can flag that you're not sure if you've added it correctly. Between that, and also sending revenue a message, I'm sure you'll be able to get it figured out!
Hey Elaine,
Just to follow up, I got a message from Revenue in relation to the above. They recommended to "contact the Dept. of Social Protection, PRSI section regarding voluntary contributions for PRSI".
To me that seems to imply there is no section on the Form 11 but maybe check in with the Department of Social Protection and check what they recommend to do.
- Cian
For clarity, if i am a normal paye payer and i got 10K on a nixer where no tax was paid. Is the 10K entered under the Self Employed panel...or other Irish incomes?
Iam self employed .and I I can't download a form 11..
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 😂
I don't know how much I earned in 2021 and I can't see it in the revenue so can I just add any number or zero ?
Hey Khalid,
Unfortunately, it's your responsibility to show Revenue how much non-PAYE income or gains and losses that you made.
What revenue are you referring to? Also, are you a chargeable individual (I.e. need to fill out a Form 11)?
PAYE Income should be included in a PRE- POPULATED Form 11.
Non-PAYE income and CGT is up to you to calculate through your bank/ broker statements or tax software if you use it.
- Cian
Thanks 😊
What happens if you set up as a sole trader but didn't make any income from the start up? What form? etc.
If you did not make anything or it was less than 5'000 euros you don't need to fill out or pay anything.
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!
Hi would appreciate if you can help me. I do not see register for Ros link in manage my record section. Why is that? And how do I get my Ros account?
I have to register for income tax and after three days I can register for Ros. Thank you
Hi Santosh,
Thanks for watching and for the question.
Just to quickly clarify, you are a chargeable person (I.e. non-PAYE income >€5K)? Just want to check as not everyone needs to register for the Form 11 and there is often confusion.
So, if the option to register for Ros is not available on your MyAccount, you should send an Enquiry to Revenue asking for them to enable that option. Some of our other viewers came across this problem.
- Cian
Do we have to pay capital gain tax on our profits of trading stocks and forex?
Hey Saleh,
Yes, you have to pay CGT on gains made from profits on gains for both stocks and forex.
We have a video that runs through CGT in Ireland in detail which may be helpful: th-cam.com/video/HZ1StqSfEaE/w-d-xo.html
Let us know what you think!
- Cian
What s the provision of bad debts? Please help
You can include specific bad debts as an expense in company / sole trader returns. This is subjective but if requested you will need to show revenue which debtors won’t be recovered, the reason, timeline and attempts you made to recover amounts owed
Do you provide training?
Hi there!! Thanks so much for the video! I have a quick question! I have been non-resident in Ireland in 2021 but I have been employed there for 3 months and for 9 months I have been an employee abroad. Is that foreign income a non-paye income? Do I have to fill in a form 11 or a form 12? I do not have any other income apart from my employee salary in Ireland and in Spain.
Hi Sandra, thanks for the comment.
A couple of clarifying questions:
- Are you employed by an Irish company and are you a tax resident here in Ireland?
- What was the nature of the income that you earned while in Spain? For example, were you just working for your Irish company remotely while back in Spain or was it a separate role?
- For your current role in Ireland, are you a PAYE earner i.e. is tax withheld at source by your employer?
It looks like Ireland has a double-taxation treaty with Spain, so you'll likely only owe tax in 'one' jurisdiction. There's a big PDF document explaining it (I'll leave it to you to dig through though! :) ) Link below.
www.revenue.ie/en/tax-professionals/documents/double-taxation-treaties/s/spain.pdf
- Ste
@@TheLearningsReport
Many thanks for your reply!
I was employed by an Irish company during 3 months in Ireland (PAYE earner) and employed during the rest of the year by a Spanish company in Spain (both are separate roles). I was considered non-resident in Ireland (therefore I am not a tax resident) for the year 2021 and those incomes (Irish and Spanish) were the only ones I got during 2021.
I was aware about the double-taxation treaty, many thanks! It is just that I am not sure how I have to report my situation to Revenue (either the form 12 through MyAccount or with the form 11).
Thanks again!
@@sandraquirosanglada4258 Oh i see - in that case, if you were a PAYE earner here for only 3 months, then your taxes for those 3 months have already likely been taken care of by your employer I would imagine. Your payslips for those 3 months should highlight whether tax was withheld or not. For the work in Spain, I assume that has been taken care of under the Spanish system? I wouldn't see a need for you to pay tax on that income in Ireland as well as Spain. (Note: not a tax expert, etc etc but that is how I would see it!)
- Ste
Thanks guys I think I've discovered something new. As a self-employed I can claim both Personal tax credit and Earned income credit? For about 7 years was claiming only Personal tax credit :(
Hey Michael - that's frustrating. Maybe worth raising with revenue and seeing if there's anything they can do?! Unlikely but you never know!
Hey Michael,
Just to add - I believe Revenue's guidance is that you can only claim one of the two tax credits, even if you have both PAYE income and Earned Income. Double-check your situation with Revenue but this is our understanding.
- Cian
@@TheLearningsReport Thank you Cian. I have Earned income. Raised this with the revenue. See what they say. Hopefully they will reply before Christmas :D
Ah, sorry, yes - I misread there. You should have a personal tax credit and an earned income tax credit for sure.
Haha, would be a nice bonus before Christmas! :)
@@michaelli7932 😅
Hi, thanks for the video! I have a question in relation to the Capital Account and Balance Sheet Items section. As a sole trader, are Drawings essentially what I have spent on anything which is not business related? Also; are Drawings, Cash / Bank and Bank / Loan / Overdraft relate only to the accounting period in question, i.e. 1st Jan 2020 - 31s Dec 2020?
Hey Antanas,
Good question, drawings are effectively the money you take out of the business for your self (I.e. what you pay yourself). They are not tax deductible and hence come out st the end.
Yes, only as it relates to the tax year you are filing for. For drawings, include the total drawings throughout the year whereas for cash/bank/overdraft use the balance as on the final day if the year.
- Cian
@@TheLearningsReport Thank you for reply! That makes it clear for me
@@antanaspaskauskas9432 no worries! Good luck with it.
@@TheLearningsReport Appreciate, please keep up your informative work
Hello where can i find the registration number?
Hey Uzumaki,
Which registration number are you referring to? If it is for Revenue.ie, it should be your PPS number. For Ros it should be the same however you will need to register for Ros (as long as you are a chargeable individual).
- Cian
So if I paid my capital gains tax the previous year but filing it in the current year along with my income tax on form 11 at the end of the form when I go to pay and submit will I have to pay income tax but capital gain tax again even tho I paid the previous year and only filing it now?
Because I pay CGT tax but file it the following year so I'm wondering will revenue include the Capital gain tax on form 11 and make me pay tax again on the capital gains I already paid the previous year
I don't see "Register for ROS" link in myaccount in Revenue. What should i do?
Drop Revenue a message and ask them to activate it for you - it's not always visible by default!
@@TheLearningsReport can you make a video regarding delivery riders and how he pay their tax, please
question .i am filling out a form 11 at the mo.my gross was 19000 for the year whilst my net was 13225 as 20%is paid straight to revenue. i understand if you earn less than 16500 a year you can claim your income tax back.question to you guys is that is that based on my gross payment for the year or my net payment??keep up the good work on your channel.
I believe it's the gross figure, unfortunately. Are you self-employed? As I said, I'm pretty sure it's the gross figure but best to double check with revenue to be sure!
- Ste
@@TheLearningsReport yes im self employed .thanks for your help
@@liams8251 Yeah, 99% sure it's based on your gross pay!
I’m here for the first part for personal details. I am a ghost and I am looking at this video from the grave. If you want to hear more about my story just ask. I’ve actually come back as a talking water melon with hands but please don’t tell anyone as I don’t want anyone to know ok?
Please, please tell us more oh spectral watermelon!
What are the CGT rates like on the other side?!?! 😱
- Cian
Hi lads. So which form does RCT fall under lads form 11???
Yes
Great video. Many tanks. Unfortunately I have problems since the very beginning... I have been self-employed for 2 months in the beginning of this year(2022) and I want to do this form 11. The problem is that I can not see such year in the menu for the new online form (ros my services) - the last option is 2021. can you help, please?
Hey mate, no worries! The Form 11 is filed the FOLLOWING year - so the 2022 form should be available next year, in 2023. You pay any tax due this year (2022) and then you'll file your return for this year, next year.
@@TheLearningsReport can you make a video regarding delivery riders and how they pay their tax, please
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
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