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Late with Form 11

  • 01-11-2011 12:12am
    #1
    blast06
    Registered Users, Registered Users 2 Posts: 228 ✭✭


    Hi,

    Quick question .... for a couple of unfortunate personal reasons, i haven't had a chance to submit my form 11 yet. Will get it done in the next day or so. I have a small loss to declare on a let property so no big deal being late there i guess? However, i also have a significant capital loss to declare from the sale of the same property in early 2010. Are revenue going to take a hard line on me on say 'tough, you're too late so you won't be able to carry that capital loss forward' ? ...

    Thanks


Comments

  • #2
    Glenbhoy
    Registered Users, Registered Users 2 Posts: 1,853 ✭✭✭Glenbhoy


    blast06 wrote: »
    Hi,

    Quick question .... for a couple of unfortunate personal reasons, i haven't had a chance to submit my form 11 yet. Will get it done in the next day or so. I have a small loss to declare on a let property so no big deal being late there i guess? However, i also have a significant capital loss to declare from the sale of the same property in early 2010. Are revenue going to take a hard line on me on say 'tough, you're too late so you won't be able to carry that capital loss forward' ? ...

    Thanks

    Highly unlikely. A friend of mine was about a month late filing last year and she owed money, we drafted a letter explaining why (wedding stress etc) and they accepted it with no additional penalties.

    As you are paper filing, send in a letter detailing the reasons for the tardiness, I think there are a few places where you can fill in 'an expression of doubt', whilst technically this is not the issue here, it does no harm to flag up potential issues.

    By the way, there's still a slight chance you could get registered for ROS if you try and start the process today (probably unlikely, but you never know).


  • #3
    kennyb3
    Registered Users, Registered Users 2 Posts: 6,724 ✭✭✭kennyb3


    Definitely still time to get filed by 15th Novemeber online, but you need to act swiftly


  • #4
    LilNiall
    Registered Users, Registered Users 2 Posts: 153 ✭✭LilNiall


    Was about to start a new thread then noticed this.

    Basically I sent a TR1 in mid October & intended submiting a paper return before 31st Oct. Despite calls to my local tax office to push the reg through quickly they actually only processed it & sent it out 1/11/11.

    Was advised by the tax office I was fine with ROS but Income Tax No only came in the post last Fri. Applied right away for RAN & again only arrived yesterday.

    No applied for Digital Cert & gotta wait again.

    Am I screwed?


  • #5
    smeharg
    Registered Users, Registered Users 2 Posts: 300 ✭✭smeharg


    LilNiall wrote: »
    Was about to start a new thread then noticed this.

    Basically I sent a TR1 in mid October & intended submiting a paper return before 31st Oct. Despite calls to my local tax office to push the reg through quickly they actually only processed it & sent it out 1/11/11.

    Was advised by the tax office I was fine with ROS but Income Tax No only came in the post last Fri. Applied right away for RAN & again only arrived yesterday.

    No applied for Digital Cert & gotta wait again.

    Am I screwed?

    When did you start trading?


  • #6
    LilNiall
    Registered Users, Registered Users 2 Posts: 153 ✭✭LilNiall


    2010. Have had the accounts preped before I realised the work involved in registering. Actually made a trading loss & due a refund but as I have P60 income, I believe the surcharge will be on this & cause a liability.


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  • #7
    smeharg
    Registered Users, Registered Users 2 Posts: 300 ✭✭smeharg


    LilNiall wrote: »
    2010. Have had the accounts preped before I realised the work involved in registering. Actually made a trading loss & due a refund but as I have P60 income, I believe the surcharge will be on this & cause a liability.

    If you commenced in 2010 you don't need to file until October 2012. There's a special rule for new businesses.

    If you are due a refund you can file now, to get the refund. There's no panic though unless you need the cash!

    You can offset the loss against your PAYE income.


  • #8
    LilNiall
    Registered Users, Registered Users 2 Posts: 153 ✭✭LilNiall


    Woah-are you serious? I had no idea about the new business extension. Only registered 1/1/2010 so happy days.

    Will probably leave the loss against my self employed income as 2011 will show a profit.

    Thanks for the advice.


  • #9
    LilNiall
    Registered Users, Registered Users 2 Posts: 153 ✭✭LilNiall


    Is there any link to the extension for new businesses & does it apply when my date of registration was 1/1/2010 & year end was 31/12/10?


  • #10
    smeharg
    Registered Users, Registered Users 2 Posts: 300 ✭✭smeharg


    LilNiall wrote: »
    Is there any link to the extension for new businesses & does it apply when my date of registration was 1/1/2010 & year end was 31/12/10?

    http://www.revenue.ie/en/tax/it/leaflets/it10.html

    It's under the heading submitting returns for the first time. You need to scroll down a bit to find it.

    Be careful, the test is when you actually commenced trading, not necessarily when you became registered.


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