Form 12 and CGT

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roland

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I am a PAYE worker and will be submitting a Form 12 for the 2005 tax year to cover some non-paye income such as rental income and dividends.

However I also have separately already paid cgt in 2005 in respect of share sales, and in respect of a small gain on exercising share options. Do I record all these gains on form 12? How does the revenue then know I have actually paid amounts in respect of these. I assume it 'should' be all recorded on their systems, but as form 12 goes to the tax office in Dublin, and the CGT payments were made more than a year ago to the Collector General in Limerick, can I be sure it will all tie back on their systems. I can't seem to find any receipts from the tax office in Limerick in respect of the amounts I paid. Should I note on Form 12 that these payments were made by me in 2005??

Thanks
 
Thanks Tenacious. Just put in for a username... and ressurected that letter I had forgotten about I got from revenue with my PIN.

Just to note that the link you sent though is for self-employed people and businesses. For PAYE employees, it seems you go to www.revenue.ie and then hit the 'register with reachservices' link. As far as I can make out, they match various pieces of info you submit with your records and then send you out a usename by post... and then I can do it all online.
 
I didn't think you could fill in that form online, I'd a look a couple months ago and while it displayed most of my tax details it didn't look like I could actually do much.

The revenue will be able to see the CGT you paid to Limerick in 2005 so I wouldn't be worried that they'd ask you to pay a second time when you note it in the Form 12, in the worst case your bank would have a trace of the transaction.

It's not unusual for the revenue to not issue receipts for payments, though they seem to be improving - it should be automated but probably isn't yet.
 
roland said:
I am a PAYE worker and will be submitting a Form 12 for the 2005 tax year to cover some non-paye income such as rental income and dividends.
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Do you have to do this? I normally just write to Revenue with details of specific events/liabilities or use a [broken link removed] where applicable in preference to the hassle of having to file a full Form 12 return. I have done this for years without any problems. I have always received receipts for payment of non PAYE taxes like CGT and RTSO1 etc.
 
roland said:
I am a PAYE worker and will be submitting a Form 12 for the 2005 tax year to cover some non-paye income such as rental income and dividends.

However I also have separately already paid cgt in 2005 in respect of share sales, and in respect of a small gain on exercising share options. Do I record all these gains on form 12? How does the revenue then know I have actually paid amounts in respect of these. I assume it 'should' be all recorded on their systems, but as form 12 goes to the tax office in Dublin, and the CGT payments were made more than a year ago to the Collector General in Limerick, can I be sure it will all tie back on their systems. I can't seem to find any receipts from the tax office in Limerick in respect of the amounts I paid. Should I note on Form 12 that these payments were made by me in 2005??

Thanks
Click to expand...

Yes you do need to record gains made in 2005 on the 2005 form 12 (by the way its due on or before 31 October).

The amount of CGT paid will be credited against other taxes due, technically your form 12 should be sent to collector general in Limerick, CG is a division within Revenue for collection of tax, CG will then forward it onto to your local Revenue office and raise an assessment.

It may be no harm to ring CG phone 1890 203070 and check if the payment of CGT was recorded against your PPS no.
 
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