Only if you're self-assessed?
If you're PAYE then presumably you declare and pay tax on it in the year in which it was received?
Only if you're self-assessed?if you receive interest from savings in 2024...you don't have to declare it to revenue until october 2025 ..is that correct?
Does the same apply for Form 11?You have four years to submit your PAYE Income Tax Return (Form 12).
Finally.A week elapsed and I received a response from Revenue via My Enquiries. A thick stupid utterly useless generic cut and paste response in three short paragraphs that clearly demonstrates incompetence or carelessness or the inability to comprehend English or a mix of all three. To paraphrase:
I've sent off the statement and asked that they read my original e-mail, correct the coding of the declaration and reissue the SOL with the DIRT calculation corrected.
- DIRT is a final Liability Tax
- Calculating and Charging DIRT is the responsibility of the Financial Institution not Revenue
- Please obtain and send a statement from the Financial Institution confirming the total DIRT Deducted
What a total waste of time and how utterly frustrating that they are unable to (a) calculate this correctly first day and (b) incapable of correcting he error when it is spelled out to them. Unfortunately I cannot take this to the Tax Appeal Commissioners until such time as they issue "a final assessment"
You have four years to submit your PAYE Income Tax Return (Form 12).
If you are Form 11 you may have to include it (as opposed to declaring it) in your preliminary tax calculations in October 2024, depending on which basis you select for your preliminary tax computation. You will declare it when submitting your 2024 Form 11 by October 2025.if you receive interest from savings in 2024...you don't have to declare it to revenue until october 2025 ..is that correct?
This thread has caused me to double check my P21 from 2023. I included a small amount of "EU Deposit Interest (excluding UK interest)" in my eForm 12 but in the P21 I don't see any line item to that effect. Presumably this means it's also been incorrectly taxed in my case?Finally.
Received a message via My Enquiries yesterday saying that my submission had been reveiwed and an amended SOL would issue in the coming days. Checked this morning and the amended SOL is available and the Deposit Interest has been correctly coded and calculated.
You’d feel sorry for the people who declared EU interest and had it coded incorrectly and overpaid tax as a result because they assumed competentence to calculate tax correctly on the part of Revenue and who took the liability shown on the Revenue SOL at face value. I appreciate that error and mistakes happen, but this has been gong on for at least 10 months and it’s difficult to see Revenue’s handling of it as anything other than negligent and an abusive.
At this stage surely Revenue should conduct a review of every Form 12 case that had EU Deposit Interest declared to ensure that tax wasn’t overpaid. For the 2023 tax year at least, and possibly for previous years.
No, Form 11 is due by 31 October of the following year.Does the same apply for Form 11?
It doesn't. The Revenue guidance says the online Form 12 on MyAccount must be completed within four years.How does this reconcile with the statement "This form is to be completed and returned to your Revenue office on or before 31 October 2024" clearly visible at the top of the printer form 12 ?
Yes, you'll probably see it under 'Other Foreign Income' or similar.This thread has caused me to double check my P21 from 2023. I included a small amount of "EU Deposit Interest (excluding UK interest)" in my eForm 12 but in the P21 I don't see any line item to that effect. Presumably this means it's also been incorrectly taxed in my case?
'Other Foreign Income' does appear in the P21, this matches the amount for 'Foreign Non-Deposit Int/Annuit/Royalt/Divs' on the eForm 12 for dividends earned.Yes, you'll probably see it under 'Other Foreign Income' or similar.
Yes it is 33% of the figure for 'Deposit Interest Received' and I can see no mention of 'Other Foreign Income' anywhere so I'm guessing there are no issues?Is the amount charged correct?
Yes, you'll probably see it under 'Other Foreign Income' or similar.
@Freelance was it under 'Other Foreign Income' in your prior SOL?Finally.
Received a message via My Enquiries yesterday saying that my submission had been reveiwed and an amended SOL would issue in the coming days. Checked this morning and the amended SOL is available and the Deposit Interest has been correctly coded and calculated.
You’d feel sorry for the people who declared EU interest and had it coded incorrectly and overpaid tax as a result because they assumed competentence to calculate tax correctly on the part of Revenue and who took the liability shown on the Revenue SOL at face value. I appreciate that error and mistakes happen, but this has been gong on for at least 10 months and it’s difficult to see Revenue’s handling of it as anything other than negligent and an abusive.
At this stage surely Revenue should conduct a review of every Form 12 case that had EU Deposit Interest declared to ensure that tax wasn’t overpaid. For the 2023 tax year at least, and possibly for previous years.
Correct.@Freelance was it under 'Other Foreign Income' in your prior SOL?
Yes the figure is the same amount which I specified when completed the tax return. On my SOL, it says that I will pay Revenue back by a phased reduction of €105 per year in my tax credits over the next four years. Is this the best method of repayment or is there anything more financially optimal from a tax efficiency point of view? I'm assume it wouldn't be wise to pay the DIRT bill (€420) using savings.What I meant by correct was "Is the interest earned amount correct" not "was the calculation of tax correct"