Query re ROS Form 11 Calculation

Limerick fan

Hi,

Filling out my first form 11 after setting up a small business that made a loss in 2010.

The only other income is paye income for both myself and my spouse. I also have medical expenses and education expenses to be deducted.

In inputting all the information, I am being told that I have a tax liability rather than the tax refund that I would have expected even though the loss is clearly deducted in the ros calculation!

Has anybody had any issues with the calculations produced by the ROS Form 11, or could give me hints as to what could be wrong?

Thanks

Citizenpain

Limerick fan wrote: »

Hi,

Filling out my first form 11 after setting up a small business that made a loss in 2010.

The only other income is paye income for both myself and my spouse. I also have medical expenses and education expenses to be deducted.

In inputting all the information, I am being told that I have a tax liability rather than the tax refund that I would have expected even though the loss is clearly deducted in the ros calculation!

Has anybody had any issues with the calculations produced by the ROS Form 11, or could give me hints as to what could be wrong?

Thanks

paye tax credit box ticked?

Limerick fan

Hi Citzen pain

It is :-( Weird thing is that instead of it being 3660, it is coming up as 3406?

Confused.com here at the moment!

namenotavailablE

The PAYE credit is probably being restricted for a low-earner.

Each person only gets the full credit if their income is sufficient to use it i.e. €1830/20%= €9150 of income will get you the full credit. If one person's income was only €8015, s/he'd get €8015 x 20% = €1603.

kennyb3

Look at yourself and your spouses P60's is the total of the tax credits and SRCOP in the top right corner of each more than whats on the form 11?

Often the Tax credit certs can be wrong and P60's entered onto Ros can result in a liability