I had a messy year in 2007 as I was on Jobseeker's Benefit for 5 months, then when I started a new job my employer didn't take my Jobseeker's Benefit earnings into consideration and applied 2006 tax credits & standard rate cut off. I also exercised stock options.
I emailed Revenue in January 2007 listing the above 3 reasons for why I'd need to make a tax return and their response was
Following these guidelines from Revenue, I submitted a Form 12 a month ago. I arrived home this evening to find it returned to me in the post with a letter stating that since I exercised Share Options during 2007 I am a chargeable person for Income Tax and must complete a Form 11 tax return.
This is a pain as I hoped that Revenue would calculate my Tax Liability for 2007 by virtue of me submitting the Form 12 before the end of August. If I've to submit a Form 11 now, I've lost that opportunity.
There are a few threads on this subject and a magic number of €3,175 is mentioned by ClubMan -
http://www.askaboutmoney.com/showthread.php?p=417559
http://www.askaboutmoney.com/showthread.php?t=65599
http://www.askaboutmoney.com/showthread.php?t=54944
Does anyone have more detail on this?
At the time of exercising the stock options in Nov 2007, I returned the form within 30 days and paid tax @ 41% on it. My taxable benefit was €3586 so above the €3,175 limit - I'd just like to double check the regulations before I launch into filling out the Form 11 to see if there's any way I can get away with it ;-( Just in case there's been any increase in the limit. Chance would be a fine thing!
I'm just so annoyed as I started back to college tonight and am already up to my oxters in course work. Now to face into a mammoth guide to completing pay & file returns - the Form 12 took ages to sort out and I know I've a lot of the ground work in there but it's sooooo annoying. Rant over ;-)
I emailed Revenue in January 2007 listing the above 3 reasons for why I'd need to make a tax return and their response was
Following these guidelines from Revenue, I submitted a Form 12 a month ago. I arrived home this evening to find it returned to me in the post with a letter stating that since I exercised Share Options during 2007 I am a chargeable person for Income Tax and must complete a Form 11 tax return.
This is a pain as I hoped that Revenue would calculate my Tax Liability for 2007 by virtue of me submitting the Form 12 before the end of August. If I've to submit a Form 11 now, I've lost that opportunity.
There are a few threads on this subject and a magic number of €3,175 is mentioned by ClubMan -
http://www.askaboutmoney.com/showthread.php?p=417559
http://www.askaboutmoney.com/showthread.php?t=65599
http://www.askaboutmoney.com/showthread.php?t=54944
Does anyone have more detail on this?
At the time of exercising the stock options in Nov 2007, I returned the form within 30 days and paid tax @ 41% on it. My taxable benefit was €3586 so above the €3,175 limit - I'd just like to double check the regulations before I launch into filling out the Form 11 to see if there's any way I can get away with it ;-( Just in case there's been any increase in the limit. Chance would be a fine thing!
I'm just so annoyed as I started back to college tonight and am already up to my oxters in course work. Now to face into a mammoth guide to completing pay & file returns - the Form 12 took ages to sort out and I know I've a lot of the ground work in there but it's sooooo annoying. Rant over ;-)