EU Deposit Interest - Revenue Reporting

newirishman said:
Interest paid out on Jan 1, 2025 is to be reported as part of 2025 tax year I assume?
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Delving a bit deeper into this on the N26 statements, value date on the statement is 01.01.2025 - I'll include it for next year so. Less than 30 euros anyways after moving most savings elsewhere after N26 reduced the rate to 1.5%...
 
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.

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This page has me completely stuck? Any advice greatly appreciated. Thank you in advance.

On the final page before SIGN on ROS - I keep getting this message.

Validation Errors
The following errors exist on this return. You must correct these errors before you can proceed.
  • You have completed the CGT Self Assessment panel, however, in order to submit this information, please complete the appropriate sections on the Capital Gains panel.
    If you have no CGT self assessment to make and you entered zero in the boxes in that panel, please go back and delete this assessment. You can do this by clicking on the "Clear Page" button on the bottom of that page.

I just have the Amount of Tax I owe from EU Deposit Interest.
The page before was pre populated and was the same as my own figures.
 
I think you get that error if you have "0" in both the capital gain and the capital loss boxes. Delete the zero from one of the boxes and try again.
That's my recollection from last year's return.
 
You mean you incorrectly filed your deposit interest under CGT?
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Thank you @ClubMan - it was prepopulated, so difficult to ignore.
Got back on to lovely Revenue person. Super patient.
They got me to check the Capital Gains Section - it was empty - no tick - so that was correct.
They got me to check if I put the information into the EU Deposit Scheme - I did, so was all correct.
We re-"calculated" on that tab.
We went back to the CGT Self assessment.
Again it was pre populated.
They advised me to delete all, and hit continue and that worked.
I arrived on a new page for the first time.
Next step - was to IGNORE the warning on my screen that I had missed a step.

Final page to SIGN.
They tried to explain Preliminary Tax and the rules and the deadline of October 31st for 2025.

They advised I can put 0 in none and then come back later in the year, depending on my situation.

So now I have a Statement of Net Liability and an amount to pay.
This was for the year 2024. Registered for ROS in late December, but wasn't set up until late January.

Does anyone know when I have to pay it by - when in the first year in ROS.

Thank you all again.
 
ACER10 said:
Does anyone know when I have to pay it by - when in the first year in ROS.
Click to expand...
I believe the official deadline for payment of 2024 IT is 31st October 2025, and as you are using ROS Fie and Pay, you can usually defer beyond that to the extended payment date. This hasn't been announced yet for 2024 payments (due in October 2025), but last year it was extended to 14th November 2024 for 2023 IT. See here. You can expect something similar this year. Mind it carefully in the meantime ! Oh and of course you can pay now if you wish !! I'd suggest sticking it in Prixe Bonds for 8 months.
 
Another Form 11 question. Completing for Dirt.
When I login to ROS and select "Complete form 11 online" I am brought into an Introduction Screen.
Within the introduction screen I need to pick the period for which I wish to file.
The Period I wish to file is for 2024 but this period does not appear in the Dropdown list.
Any ideas why? Am I missing something obvious?
 
backofnet said:
The Period I wish to file is for 2024 but this period does not appear in the Dropdown list. Any ideas why?
Click to expand...
After I send off Form TR1 to register for income Tax, I received a snotty message via My Enquiries "Please advise the date from which you require Income Tax registration as this was omitted on your application." (This actually isn't asked for in either the general or IT sections of form TR1). I replied that I was registering in respect of EU Deposit interest received in respect of 2024. Revenue then advised that I was accordingly registered wef 1/1/2024. When I opened up ROS to complete the return 2024 appeared in the dropdown.

It may be that you have ben registered for 2025 onwards. I'd suggest contacting Revenue and asking if this is the case and if so could they change it to 1/1/2024.
 
"(This actually isn't asked for in either the general or IT sections of form TR1)"

Panel 24 on page 2.
 
Reactions: jpd
Hardly irrelevant if they had to go back and ask you to complete a required field that you had earlier omitted.
 
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