Form 11 2022 Statement of Net Liabilities question please

[GalwayBay]

Hi Guys,

A little help please. I am almost finished the Form 11 and entitled to a refund. In the statement of net liabilities page, do I enter this refund amount in the income tax balancing amount 2022 and tick the refund box?

Below this, is this box - Income tax preliminary 2023. Do I submit 0 as I do not want this offset against liability for 2023?

NET amount I assume will be the full refund amount?

Do I Tick the box " please indicate if you wish to file a Return with statement of Net LIABILITIES without making a payment"

Any help would be greatly appreciated,
Thank you
Gareth

 

[Persius]

From what I remember when I did it earlier in the yer

1) Yes, enter the refund amount and tick the refund box

2) This is meant to be your estimate of the amount of tax you will owe for the tax year 2023. AFAIR, the idea is that you estimate your tax bill for 2023 and you're meant to pay something like 90% of that with your 2022 tax return. It's aimed at businesses etc. I've had to fill in Form 11 for many years as I have EU deposit interest. I generally make some AVCs not through payroll so that I can claim some tax back on them and therefore am always expecting a refund in my form 11. So, I submit 0. But if you think that you will have a tax liability in 2023 (e.g. EFT sale or deemed disposal), then you may need to enter a value here. I don't know if Revenue actually follow up if it turns out that you do have a tax liability the following year and didn't make any pre-payment in the case of individuals not in business.

3) Assuming you're not making a payment for 2023, yes tick that box.

AFAIR, you will also need to enter a 0 in one of the two boxes after that for either CGT or CGT refund in the next page (unless you actually have any CGT to pay or be refunded).

 

[jpd]

The preliminary tax payment due by Nov 15, assuming you are filing online, has to be one of
1. 90% of your tax liability for 2023 - obviously you do not know your tax liability as the year has not yet finished but you can estimate it
2. 100% of the tax liability of 2022
3. 105% of the tax liability of 2021, as long as you are registered to pay by direct debit

You can pick whichever value you want, but if you underestimate your tax liability for 2023 and underpay, using option 1, you are leaving yourself open to late payment penalties' and/or interest charges

 

[T McGibney]

You can pick whichever value you want, but if you underestimate your tax liability for 2023 and underpay, using option 1, you are leaving yourself open to late payment penalties' and/or interest charges

Only interest.

There is no such thing as late payment penalties.

 

[GalwayBay]

Many many thanks guys for the answers, this is very much appreciated.
Best wishes and thank you again