Hello... its me again.
PAYE worker, but this year had to register for ROS.
From Revenue;
A 'chargeable person' for self-assessment purposes is a person who is chargeable to tax on that person's own account or on another person's account in respect of a chargeable period. |
All chargeable persons are required to file a Form 11 and pay the liabilities arising for the tax years for which they are a 'chargeable person'. |
Got that far, and went through all the forms, and submitted the correct figures in the correct place.
Found it daunting, until I got to the other side and just needed to FILE and RETURN.
Was unsure of a few areas, so sent My Enquiries.
If you do not have financial literacy, reading the form is challenging.
I'm so afraid of doing something wrong, down to the cents (like type €304.36 instead of €304.63, which I do alot).
- "Irish Effective Rate 24.42" ???

I had no clue - but later figured out it must mean Tax rate.
- Then at some point I types the word Dirt instead of DIRT - that now appears above my address.
Have I just named myself "Dirt" - and there was no way to edit.
- I had received €32.14 interest from a Credit Union, and had paid DIRT of €10.60.
At the time, I could understand why this turned up later in calculations part of the form. Eventually from reading above, I figured out, it was the PRSI deduction.
But my main question was around how to put in the total amount of interest earned from EU deposit accounts
NOT FOREIGN ACCOUNTS.

(If you know, you know)
Is the TOTAL AMOUNT:
1. the amount that went into your bank account (Low Amount)
or
2. the amount you earned on paper, before WITHHOLDING TAX is removed (High Amount)
My memory is shaky, but from all the good advice on AAM, I put:
the TOTAL EARNED ON PAPER down (higher amount before Withholding tax), as I will get credited later for the WITHDRAWALS TAX.
However, just off the phone with Income Tax Revenue.
The person was at pains to tell me that they were not expected to be 'experts' in everything.
That really, it is a bit of a pushback but that it is my responsibility.
After been told to listen and answer the questions I was asked.
Now, by then I'm holding back tears at this point.
I tried to explain if I put the lower amount in (Less Withholding Tax),
and then also get Credit for having paid Withholding Tax, would that not give me double the benefit.
To the question above in red, which I attempted to ask twice, I was finally told quiet firmly.
'Well Yes, you pay TAX on the money that comes into your BANK account.. that is what TAX is".
I said
'OK great - if I do what you say, then that will be better for me, as I will pay less tax, at least I think'.
When I tried to explain 'withholding tax', they said 'that is a separate issue'.
"Where is this withholding tax coming from?"
Then I explained, it wasn't separate - that Raisin pay the Deposit Interest, less the withholding tax.
I mentioned "this is not that simple. That I had to contact Revenue on this very issue numerous times last year = That I eventually wrote to Mr. Cody. Even then I was told I was wrong and that it was Foreign income".
So now what - put in the lower amount (the amount I received into my bank account)..
I will dream of going to prison for Tax Fraud tonight, for a few hundred, by following Revenue Advice.
At least if I do, I can write back to Mr. Cody with this account from my cell.