Do I need to file a Form 11?

G

gonesp

Registered User
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Hi everyone,

A long while ago, I had some equity in the company I worked for. After it was acquired, I was told I should file a Form 11 to declare my earnings. Since then I've kept investing and I've always been told I should file a Form 11 when declaring my taxes every year. But I see so many people just resorting to MyAccount for the same effect.

I'm a full-time payee with investments in my pension, stock market and actively participate on my company's employee stock purchase program. Do I need to file a Form 11 every year?

Why can't I just use the simple form I see in MyAccount?

Thanks
 

Who should register for Income Tax self-assessment?​

You should register for Income Tax self-assessment if:

  • you are self-employed
  • your only, or main, source of income is:
  • or
  • you have profited from share options or share incentives.
You must register for self-assessment if:

  • your taxable non-PAYE income exceeds €5,000
  • or
  • your gross non-PAYE income exceeds €30,000.
Note

Your non-PAYE income can be taxed by adjusting your Income Tax credits and standard rate cut-off point (called "coding") if the amounts do not exceed the above amounts. To declare your non-PAYE income, you must submit a Form 12 online through 'PAYE Services' in myAccount.

You can register for self-assessment by using the eRegistration service or completing part A and part B of Form TR1.

You can deregister for Income Tax self-assessment by filling out a TRCN1 form.
 
gonesp said:
Why can't I just use the simple form I see in MyAccount?
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Likely because you have more than €5K non PAYE income - e.g. from your employer's stock incentive schemes and that causes you to become self-assessed?
 
Protocol said:
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The rules regarding share options making you an chargeable person (Form 11) changed this year.

You will not be a chargeable person if you exercise, assign or release an option on or after 1 January 2024. Any Income Tax due will be deducted by your employer through payroll. You will not have to file an Income Tax Return regarding this event.
 
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Protocol said:

Who should register for Income Tax self-assessment?​

You should register for Income Tax self-assessment if:

  • you are self-employed
  • your only, or main, source of income is:
  • or
  • you have profited from share options or share incentives.
You must register for self-assessment if:

  • your taxable non-PAYE income exceeds €5,000
  • or
  • your gross non-PAYE income exceeds €30,000.
Note

Your non-PAYE income can be taxed by adjusting your Income Tax credits and standard rate cut-off point (called "coding") if the amounts do not exceed the above amounts. To declare your non-PAYE income, you must submit a Form 12 online through 'PAYE Services' in myAccount.

You can register for self-assessment by using the eRegistration service or completing part A and part B of Form TR1.

You can deregister for Income Tax self-assessment by filling out a TRCN1 form.
Click to expand...
Why do you have to file a Form 12 when what I need to declare is already included in Form 11? There is already a section for my investments
 
1) Is your unearned income from your investments less than €5,000 per year?

2) Is your company's employee stock purchase program deducting tax through payroll?

If the answer to either is No then you must use Form 11.
 
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Corola said:
1) Is your unearned income from your investments less than €5,000 per year?

2) Is your company's employee stock purchase program deducting tax through payroll?

If the answer to either is No then you must used Form 11.
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Unrealized gains from my investments would be larger than €5k a year.

Realized, it would depend on the year.
 
@gonesp Even if your employer deducting tax on RSUs through payroll (actually they are all required to do so), and it is more than €5k a year then you're chargeable person under Form 11 (you don't have to pay taxes if you did not sell them, but you have to declare them via Form 11).
 
You should ask your employer to advise you if you have any additional tax obligations regarding your company's employee stock purchase program.
 
It's more complicated than MyAccount (Form 12) and your unearned income will not be exempt from PRSI if you use Form 11. So up to €200 extra in tax (5,000 * 4%) depending on your income.
 
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Airgunster said:
@gonesp Even if your employer deducting tax on RSUs through payroll (actually they are all required to do so), and it is more than €5k a year then you're chargeable person under Form 11 (you don't have to pay taxes if you did not sell them, but you have to declare them via Form 11).
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Nope. Could you print me to the relevant share scheme manual or part of the revenue website that states that please?
 
Corola said:
It's more complicated than MyAccount (Form 12) and your unearned income will not be exempt from PRSI if you use Form 11. So up to €200 extra in tax (5,000 * 4%) depending on your income.
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And can I just choose which form to fill or do I need to register to something before filing a Form 12 or a Form 11? I already file Form 11s, can I just file a Form 12 without informing revenue that I'm filing a form 12 this year instead?
 
You can see here how to de-register from Form 11:

Cancel income tax registration

I've just completed my returns for 2022 and I will have no further liability going forward. My income will return to soley being PAYE. My question is when should I deregister/cancel my income tax registration as a chargeable person? Straight away or leave until early next year? I don't...
www.askaboutmoney.com
 
Corola said:
You can see here how to de-register from Form 11:

Cancel income tax registration

I've just completed my returns for 2022 and I will have no further liability going forward. My income will return to soley being PAYE. My question is when should I deregister/cancel my income tax registration as a chargeable person? Straight away or leave until early next year? I don't...
www.askaboutmoney.com
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So I'd need to deregister for Form 11 and register for Form 12 every time I go for a different form?
 
This isn't the sort of thing you chop and change every year. Form 12 is what you use unless you are required to use Form 11 for the reasons already given in this thread.
Corola said:
1) Is your unearned income from your investments less than €5,000 per year?

2) Is your company's employee stock purchase program deducting tax through payroll?

If the answer to either is No then you must use Form 11.
Click to expand...
 
Corola said:
This isn't the sort of thing you chop and change every year. Form 12 is what you use unless you are required to use Form 11 for the reasons already given in this thread.
Click to expand...
Right, but if, I file Form 12s and in a special year, I have to use a Form 11, do I need to deregister from a Form 12 and register for a Form 11?
 
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