PAYE employee, chargeable person due to ESPP unapproved share scheme, so I fill an IT Form 11 for RTSO purposes.
2021; first year I submitted a Form 11. Filled in Preliminary Tax as zero in line with Revenue advice & this Revenut page;
Ref: https://www.revenue.ie/en/self-asse...guide-to-self-assessment/preliminary-tax.aspx
Quote: A payment of preliminary tax may not be required for the first year you are a self-assessed taxpayer.
For 2022's IT Form 11 return however, I'm unsure about the following entries;
1. IT Assessment page, field h) Amount of tax, including Preliminary Tax, paid directly to the Collector General for this year:
Even if I did have to file Preliminary Tax on the 2022 IT Form 11, the following is unclear;
1. How I could calculate the lowest acceptable % allowed (i.e. '90% of the tax due for that tax year', which presumably refers to 2023?) given that the tax year isn't yet over & I therefore haven't yet received my December payslip from my employer to confirm what 90% of tax due is (e.g. my ESPP contributions for Nov & Dec may vary vs prior months due to share purchase limit).
2. How I could be expected to have a cash amount equating to 90% of tax due for the tax year (2023?) lying around. Or is it that no cash payment is required but rather Preliminary Tax is offset against the IT return for that year, which would be submitted the following year (2024)?
Preliminary Tax reads (to me at least) like it's more applicable for self-employed chargeable persons, rather than PAYE chargeable persons. Is that correct?
Would Preliminary Tax only be applicable for me if my Total Liability calculation for the previous year was an underpayment (i.e. I owe to Revenue as opposed to an overpayment)?
Has anyone else been in this boat & or know what's best to do for Preliminary Tax during year 2+ returns as a PAYE employee chargeable person?
2021; first year I submitted a Form 11. Filled in Preliminary Tax as zero in line with Revenue advice & this Revenut page;
Ref: https://www.revenue.ie/en/self-asse...guide-to-self-assessment/preliminary-tax.aspx
Quote: A payment of preliminary tax may not be required for the first year you are a self-assessed taxpayer.
For 2022's IT Form 11 return however, I'm unsure about the following entries;
1. IT Assessment page, field h) Amount of tax, including Preliminary Tax, paid directly to the Collector General for this year:
- I haven't paid any preliminary tax for 2022. RTSO tax (for ESPP) was the only tax I paid directly to the CG during 2022.
- Do I just enter that RTSO tax figure there? Despite having already inputted that same figure under Share Options section earlier in the Form (PAYE/BIK/Pensions 2 panel) & it being used on the Calculations page?
- Should I put Preliminary Tax as zero again or not? What are the factors that would warrant me having to submit/pay Preliminary Tax in my case?
Even if I did have to file Preliminary Tax on the 2022 IT Form 11, the following is unclear;
1. How I could calculate the lowest acceptable % allowed (i.e. '90% of the tax due for that tax year', which presumably refers to 2023?) given that the tax year isn't yet over & I therefore haven't yet received my December payslip from my employer to confirm what 90% of tax due is (e.g. my ESPP contributions for Nov & Dec may vary vs prior months due to share purchase limit).
2. How I could be expected to have a cash amount equating to 90% of tax due for the tax year (2023?) lying around. Or is it that no cash payment is required but rather Preliminary Tax is offset against the IT return for that year, which would be submitted the following year (2024)?
Preliminary Tax reads (to me at least) like it's more applicable for self-employed chargeable persons, rather than PAYE chargeable persons. Is that correct?
Would Preliminary Tax only be applicable for me if my Total Liability calculation for the previous year was an underpayment (i.e. I owe to Revenue as opposed to an overpayment)?
Has anyone else been in this boat & or know what's best to do for Preliminary Tax during year 2+ returns as a PAYE employee chargeable person?
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