@PIC16f84After several calls and back and forth in myenquiries, do you think they have finally fix it? Well not quite.
Now the interest show as interest, so far so good and is taxed at 33%, great BUT that same amount is shown in Panel 4 Tax credits. That's correct, revenue has moved from charging me 52% of my declared interest to refund me 33% of interest declared as a tax credit so I'm actually getting money back instead of paying, what an utterly mess they are. Should I engage again with them or should I get the money and don't look back? Can revenue go after me in the comming years for a tax return they have incorrectly made years ago demanding interests and/or a fee on top? I'm kind of sick of this situation and having to chase revenue around and going through all kind of hoops and loops just to pay my fecking taxes is beyond me
Ok.. thank you @PIC16f84@ACER10 yours looks legit to me, you have the 33% of your interest in page 1 (so do I) and then the same amount is displayed on the section Income from Employments, Pensions and Other Sources as it should be. My problem is I have the amount in Panel 4 Tax Credits so technically they treat my due tax from interest as a tax credit, basically refunding me instead of charging me
Good to see. Shame it takes Accountant bodies to influence Revenue to sit up & address a very obvious issue impacting many tax payers who have clearly highlighted the issue to them & Mr Cody's Office.Accountants concerned about issues with Revenue's Form 11
Accountants, tax agents and those required to file their own self-assessment income tax returns have expressed concerns about difficulties they have experienced with Revenue's Online Service (ROS) in recent weeks.www.rte.ie
It is starting to make the news at least
I submitted my form 11 on July 2nd and can see under 'Charged To Tax As Follows', that DIRT was charged at 33%.Has anyone here tried submitting a Form 11 return since Revenue's June 26th update & hit this issue? If so, would other submitters be better off waiting until July 15th to submit their 2023 Form 11 when "certain problems" are fixed?
Are you 100÷ sure on this?If you use Form 11 you pay PRSI regardless of the amount. The exemption under 5k is for Form 12 users only.
Everything you say there is spot on, but I think one potentially crucial thing is missing...Social insurance
Social insurance contributions entitle you to a range of benefits administered by the Department of Social Protection.www.citizensinformation.ie
The rule:
Unearned income from rents, investments, dividends and interest on deposits and savings is liable to PRSI at 4% since 1 January 2014.
The exemptions:
People aged under 16 and over 70 are exempt from PRSI and are not liable for the new charge.
PAYE tax payers who are not considered 'chargeable persons' by Revenue are not liable for the new PRSI charge. A person is not a 'chargeable person' if their income from non-PAYE sources is less than €5,000 and this income is taxed under the PAYE system.
A Form 11 user is not taxed under the PAYE system so they pay PRSI on all unearned income.
If you are over 5000 euro the Revenue tells you to file Form 11 as Form 12 is only for non-PAYE under 5000. So you have to pay PRSI.If you use Form 12 and have interest to declare over €5000, do you get charged PRSI?
You're right but you can be a Form 11 user for other reasons, the €5000 unearned income is just one reason. For example if you've received shares from your company or if you're filing tax on ETF gains.the real question is, should they be filing a Form 11 at all..
It's beneficial for taxpayers with only rental or deposit interest etc (" unearned " income) to pay PRSI for their contributory pension if they are lucky enough to live to pension age.Is it just me or does anybody else find it unfair/unjust that PRSI is charged on deposit interest/unearned income for one type of taxpayer (form 11'ers) and not the other (form 12'ers)?
I don't see it as unfair. Higher earners pay higher rates of income tax and USC on earned income. This is the same principle, having an exemption from PRSI for lower levels of unearned income.Is it just me or does anybody else find it unfair/unjust that PRSI is charged on deposit interest/unearned income for one type of taxpayer (form 11'ers) and not the other (form 12'ers)?
This is not my point.I don't see it as unfair. Higher earners pay higher rates of income tax and USC on earned income. This is the same principle, having an exemption from PRSI for lower levels of unearned income.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?