Self Assessment Income for PAYE Employee

Hi,

As part of my salary package & wage reviews in work we recieve stock incentives each year. This has been my first year in which these shares have vested and so the first year I've had to consider the tax implications.

My employer has communicated that the income is treated under self assessment rather than regular Payroll. I should declare this extra income on top of my regular income when submitting the end of year forms (form 11 or 12 I believe).

These forms are due the following October post the year in which the income was recieved though so my question is: How do I declare this income to revenue this year, as I believe I'm required to do so, when the form accompanying it is not due until October '08?

Does anyone know what form should accompany my tax declaration & cheque on this income?

Thanks,
Starting Out

Are you getting shares or share options?

Shares.

For your first year of self assessment, you can base your preliminary tax payment on your self-assessment liability for this year - so in effect, you don't have to pay anything yet.

The tax and return will be due next October. You can do these via ROS or, if you are submitting them manually, just send them to the Collector General in Limerick.

In previous years I have recieved share options so have had to submit a Form 12 those years anyway. Not sure if this means this is not really my first year of self assessment. I have previosuly submitted the RTSO1 form for the options and then the year end pay summary including both the options income and regular salary.

I would like to make the payment to the revenue and get it out of the way. Do you know what form needs to be filled out to accompany a payment submission like this?

If you haven't been sent a payslip, just send a cheque to the Collector General. Write your pps number on the back and the year to which it relates and enclose a letter with your PPSN number and stating the type of tax and the tax period.

Thanks Nige. Will do