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FORM 11 and PSWT

  • 19-10-2007 3:05pm
    #1
    alanjgrace
    Users Awaiting Email Confirmation Posts: 92 ✭✭


    Im currently sorting out my Form 11 (Self Employed) but have done some work for a college which falls into the category of state body and so they have withheld tax when pying me (PWST - Professional Services Withholding Tax ) When doing my Form 11 how do i show this PWST or how is it dealt with when filing my return. Are the revenue already aware of it as the tax has been withheld or do i have to put it on the Form 11 somewhere?

    Thanks


Comments

  • #2
    mkdon05
    Registered Users, Registered Users 2 Posts: 766 ✭✭✭mkdon05


    You put the amount of witholding tax into box number 120 on the form 11. This is for you to calculate how much to pay the revenue.


    They will have the details already surrounding this tax credit.


  • #3
    alanjgrace
    Users Awaiting Email Confirmation Posts: 92 ✭✭alanjgrace


    This tax was never claimed back by me so it remained Withheld, i assume when i am doing my tax return i dont need to count this earnings in my return as the tax has already been paid or am i totally wrong? I assume its used to reduce my liability on the return - does it still go in box 120 based on this? if i am totally wrong could you explain the way i should be calculating it.

    thanks


  • #4
    mkdon05
    Registered Users, Registered Users 2 Posts: 766 ✭✭✭mkdon05


    You need to include all your earnings on the form 11 including the amount that had tax deducted.

    When you have your total income calculated, you then take away any reliefs you have. (medical bill amounts less 125euro)

    Then you calculate the first 32000 at 20% and the balance at 42%.

    You then take away your tax credits.
    Personal - 1630
    PSWT - amount of tax deducted. (this is the only refundable tax credit)
    Bin charges - whatever amount you paid x 20%
    etc....
    Im assuming your single and have standard cut off rates.


    You may want to get some professional help if your struggling.
    I'd offer my services to you but i'm snowed under at the minute.


  • #5
    alanjgrace
    Users Awaiting Email Confirmation Posts: 92 ✭✭alanjgrace


    I have someone looking at them for me but i just wanted to check out the PSWT.
    Thanks for the help!


  • #6
    MartMax
    Registered Users, Registered Users 2 Posts: 1,667 ✭✭✭MartMax


    Just to add, when claiming those PWT make sure that you have the original F45s with you. Revenue will be always looking for those original copies before granting you the credit.

    Marty


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  • #7
    alanjgrace
    Users Awaiting Email Confirmation Posts: 92 ✭✭alanjgrace


    is it possible to get copies if you havent got all the f45's, also wouldnt revenue have a record of them already sent in by the person i was doing the work for?


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