Form 11 ROS - Finer points - help!!!

District

Hi All,

I’m in the process of completing my Form 11 using revenue online. I started a new business last year so this year I’m completing my Form 11 for 2008 and calculating my tax liability for 2008 and preliminary tax for 2009.

I have a couple of questions and I would really appreciate some help on a couple of the finer details of the form.

So here goes:

1. Last year (2008) I was working for a couple of months and was in the PAYE system. I paid income tax and PRSI as part of my employment. Since I paid income tax as a PAYE worker and subsequently became self employed can I claim a PAYE tax credit as well as my Personal tax credit?

2. I also paid PRSI when I was employed – can I claim this against my PRSI liability I incurred when I was self employed?

Basically what I’m trying to find out is how to merge the tax I paid as an employee and as self employed person.

Okay I’m pushing my luck but here goes.

3. What’s the difference between Adjusted net profit/Loss and assessable Profit. Does Adjusted net profit/loss simply refer to my accounting profit/loss and assessable profit is my adjusted profit with non tax allowable expenses added back?

Finally

4. I paid stamp duty on the lease of my premises and I also paid tax on the wages I paid to an employee – are these allowable expenses for my assessable profit computation? If I add them back me thinks I’ll be paying tax twice…but I'm not sure...

Any advice would be greatly appreciated.

Thanks

Dixie Chick

Hiya

Mod Edit

READ THE CHARTER.

Specific advice is not allowed as Boards are legally liable= first warning for Dixie chick.

District

Hi Dixie,

Many thanks for the reply! I'm almost there with it!

District

Ok now I really am at the finer points of the form 11. Its haunting my dreams..I swear.

I just want to clarify two more points...

1. Am I correct in my understanding that permanent health insurance is not the same as VHI/VIVAS/Quinn health insurance i.e. I can't claim for tax relief on my VIVAS health insurance as it offers no income protection?

2. Drawings...where do I put the figure for my drawings/wages so that it is included in the automatic tax figure on the ROS form??
I know there is a place in the 'Extract of accounts' section for drawings (Line 137) but I'm using ROS and the form does not include this figure in my final taxable income figures - so the next best place I was going to put it is in Line 215 - Income from Irish employment not subject to PAYE? Is this correct - my drawings were basically my wages...

Again any help would be greatly appreciated - next year I'll get someone else to do this...I promise