Help needed with Form 11

[Prezes]

I need to submit Form 11 for the first time this year (for 2015). I am IT contractor working as a "umbrella" company director (proprietary one). For part of 2015 I was also in "normal" PAYE employment.

I think I am mostly OK with the form but I would be grateful if anyone could clarify few little details for me:

1. Given that I am paid by the umbrella company on PAYE basis, I assume I dont have to put any income in Part B (Trades etc) - just need to put everything in Part D? - Is that correct?

2. Any expenses that were put through via the company I dont have to worry about on my personal tax return sure I dont? I only go by the figures on P60?

3. Revenue asks about any foreign bank account set up in 2015? If I have an account that was set up prior to 2015 should I fill that in too? Maybe I should have notified them of that beforehand (never occurred to me really)?

4. I have Pension Term Assurance cover which I understand is like a life cover with a tax relief.
I cant see appropriate section on the Form 11 to claim this one though? Anyone could provide any guidance?

Thanks in advance for the help.

 

[Rory_W]

[broken link removed]guide-pay-file.pdf

1. Employment income goes in employment section and if you as you state a proprietary director then it is shown in the proprietary employment income section

2. Expenses through company - if legitimate expenses paid in accordance with Revenue guidelines ( see IT51 and IT54) then these do not need to be shown on your tax return. (Re the expenses paid by companies, as you may be aware, this is an issue of focus by revenue as to the legitimacy of such expenses of what they see as one person type companies paying a excessive amount of income out as tax free expenses due to travel from "office" (home) to "client premises" (in reality your office).

3. Dont mention on this return, look at the year that you opened the bank account, file a tax return for that year to disclose the details. You are considered a chargeable person in the year in which you opened the bank account. (Section 895(6) TCA 1997)

(6) Where in any chargeable period a resident opens, either directly or indirectly, a foreign account, or causes to be opened a foreign account in relation to which the resident is the beneficial owner of the deposit held in that account, the resident shall, notwithstanding anything to the contrary in section 950or 1084 , be deemed for that chargeable period to be a chargeable person for the purposes of sections 951 and 1084 , and the return of income (within the meaning of section 1084 ) to be delivered by the resident for that chargeable period shall include the following particulars in relation to the account—

(a) the name and address of the relevant person with whom the account was opened,

(b) the date on which the account was opened,

(c) the amount of the deposit made in opening the account, and

(d) the name and address of the intermediary, if any, who provided a relevant service in relation to the opening of the account.

4. Include in pension section - see page 39 of guide (link above)