Form 12

TetsukoMe said:
I've just received one of these Form 12s too and I'm not sure why/what it's for. A couple of questions for those more knowledgeable about this:
- It asks for Gross interest received on my Irish Deposit Accounts. Am I supposed to be going through my bank statements calculating this?
- Same question as above regarding my SSIA
- I had an op in 2006 which I claimed for (MED1) at the end of that year so am I supposed to be filling those details in or not?

Help! :)
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Ask the bank for a deposit interest certificate for 2007. Assuming the Form 12 is for 2007, then you don't need to mention that particular Med 1 as it was claimed in 2006.
 
Just a couple of quick questions on the Form 12.

In part 3 it asks for your gross earnings and tax which I assume comes directly from my P60 which is all fine. However my earnings is reduced by my AVC, and in section 35 they ask about this. Does this have to be filled in as my Gross is the lower amount?

Also what is the tax on credit union dividends, I had no tax taken at source, will this be 20% or 41%.

Thanks,

J
 
As far as I know the income figure on your P60 is not the same as your gross if you are making pension contributions via payroll. The former is your taxable income figure. Your gross should include total remuneration (i.e. before pension contributions have been deducted).

See here for details of CU account taxation:

[broken link removed]
 
ClubMan said:
As far as I know the income figure on your P60 is not the same as your gross if you are making pension contributions via payroll. The former is your taxable income figure. Your gross should include total remuneration (i.e. before pension contributions have been deducted).

See here for details of CU account taxation:

[broken link removed]
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Can't log into that site, seems you have to be a credit union employee.

Ok I get you on the gross in a way, but cant see anywhere you put normal peniosn contributions only AVC's, and then I would be paying more tax than I should lol.
 
chippie1974 said:
Can't log into that site, seems you have to be a credit union employee.
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No - the link should work for anybody. I'm certainly not a CU employee!

Update: oh - the first link or two require login. The others don't and contain information about the different sorts of CU accounts and taxation options. If you collect dividends on a regular share account then they are assessable for income tax at your marginal rate under self declaration.
 
ClubMan said:
No - the link should work for anybody. I'm certainly not a CU employee!

Update: oh - the first link or two require login. The others don't and contain information about the different sorts of CU accounts and taxation options. If you collect dividends on a regular share account then they are assessable for income tax at your marginal rate under self declaration.
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I can see the text when I log into that site, when I click on the dividends section it asks for a username and password. Still searching google.
 
ClubMan said:
No - the link should work for anybody. I'm certainly not a CU employee!

Update: oh - the first link or two require login. The others don't and contain information about the different sorts of CU accounts and taxation options. If you collect dividends on a regular share account then they are assessable for income tax at your marginal rate under self declaration.
Click to expand...

Yeah found that elsewhere, not what I was hoping to see lol
 
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