Should I fill in form 12 if I already fill a form 11?

G

gonesp

Registered User
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62
Hi there,

Quick question: I already fill a form 11 annually, due until the 31st of October. Should I still fill a form 12 because of my investment returns or can I just use form 11?

Thanks!
 
Protocol said:
No, it's one or the other.

Not both.
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Is there any disadvantage on filling form 11 or form 12? I've always filled form 11, but why would someone fill form 12 if they already have to fill a form 11 every year?
 
gonesp said:
Is there any disadvantage on filling form 11 or form 12? I've always filled form 11, but why would someone fill form 12 if they already have to fill a form 11 every year?
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It's not that there's advantages of one over the other. Both are tax returns for individuals. Form 12 are for those individuals with PAYE income and non PAYE income under 5k nett. Form 11s are for chargeable persons with self employed income only, PAYE individuals with non PAYE income over 5knett, PAYE individuals with specific non PAYE income such as share options regardless of amount.

Why are you required to complete a form 11?
 
relax carry on said:
It's not that there's advantages of one over the other. Both are tax returns for individuals. Form 12 are for those individuals with PAYE income and non PAYE income under 5k nett. Form 11s are for chargeable persons with self employed income only, PAYE individuals with non PAYE income over 5knett, PAYE individuals with specific non PAYE income such as share options regardless of amount.

Why are you required to complete a form 11?
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I've always filled a Form 11 on every annual tax return via ROS. I do exercise share options from the company I'm employed with and I'm a PAYE. I don't always generate income over 5k from non-PAYE income sources.

Am I doing wrong? Should I be filling a form 12 instead?
 
gonesp said:
I've always filled a Form 11 on every annual tax return via ROS. I do exercise share options from the company I'm employed with and I'm a PAYE. I don't always generate income over 5k from non-PAYE income sources.

Am I doing wrong? Should I be filling a form 12 instead?
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Your answer is in my previous post. You exercise share options so you are a chargeable person regardless of the amount. You pay RTSO within 30 days of exercising the share options and file a form 11 the following year to allow the amount you paid to be allocated. A form 12 is not an option for you as it is not tied into the RTSO system.
 
relax carry on said:
Your answer is in my previous post. You exercise share options so you are a chargeable person regardless of the amount. You pay RTSO within 30 days of exercising the share options and file a form 11 the following year to allow the amount you paid to be allocated. A form 12 is not an option for you as it is not tied into the RTSO system.
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So, let me see if I got this right: Form 11 and Form 12 are two different ways of declaring incomes. You either fill one or the other. Exercising share options qualifies you to fill Form 11 instead of Form 12. So, your tax return for that year will be filed as Form 11.

Is this all correct?
 
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