Established Company Unfilled Form 11's

No 7

Hi All,

I am looking for some advise please in relation to filling a form 11.

I run a small limited company and i am a proprietary director since the company was set up in 2001.

I was talking to someone last week and they asked had i filled my Form 11, until then i had never heard of it, I have never filled one since the company was set up.

My question is what is the best way of filling it and minimizing penalty charges?

Thanks in advance
No 7

MBateson

Have you an accountant preparing the company's accounts, perhaps he is filing it when filing the company's returns?

No 7

No I don't, they are done by a friend and my brother who are both accountants.

barneystinson

No 7 wrote: »

No I don't, they are done by a friend and my brother who are both accountants.

Nice, and it didn't occur to either of them that you'd be needing to file a Form 11?! And since finding out yourself have you asked either of your accountants about what needs to be done? This is a bizarre situation, I find it hard to believe not one, but two, professional accountants could make such a booboo and over such a sustained period..!

Has the company been trading, and have you been drawing a salary under operation of the PAYE system?

No 7

barneystinson wrote: »

No 7 wrote: »

No I don't, they are done by a friend and my brother who are both accountants.

Nice, and it didn't occur to either of them that you'd be needing to file a Form 11?! And since finding out yourself have you asked either of your accountants about what needs to be done? This is a bizarre situation, I find it hard to believe not one, but two, professional accountants could make such a booboo and over such a sustained period..!

Has the company been trading, and have you been drawing a salary under operation of the PAYE system?

In there defense they don't work in a practice.

The company is trading and the salary is drawn under PAYE.

dbran

Hi

You need to file all of the Form 11 returns as eventually the revenue will proceed to enforcement and ultimately bring you to court over it.

Whether or not there is a late filing surcharge will depend on whether you have any tax/prsi/usc payable on your self assessed income. The surcharge is between 5% and 10% of the total tax before any credit is given for any deductions under the PAYE system. Salaries of a propriatary director are deemed to be self assessed income. There may be interest due but at the moment this is not levied automatically.

When you file the return you may appeal the surcharge on the grounds that you didnt know, all the tax is paid via paye and it is your first time being late. However seeing as it is going back to 2001 this may not be runner.

You should seek professional advise and only deal with accountants who are experienced and properly qualified with the appropriate practicing certificate.

Kind Regards


dbran

No 7

How much would accountant charge to carry out that work?

MBateson

Preparing the returns (based on the info provided) would be relatively straight forward and take an office junior/senior only a few hours even for all those years and provided you have copies of the P35s to hand. Negotiating the imposition of a surcharge if possible is the unknown, it could be straightforward or be back and forward between the tax office over an extended period of time.

At a guess, you could be looking at 400-500 plus VAT but it can also vary with different size of accountancy practices etc.

You could consider having the returns prepared and, if all liabilites paid via PAYE system already, going into the tax office with the returns yourself and talk to them. You may find them amenable to an upfront approach (certainly no guarantees though). You can discuss that option with whoever prepares the returns for you.

dbran

Hi No7

I have sent you a PM.

Regards

dbran

Citizenpain

you mention that you are taxed through PAYE -- double check that you are on the correct PRSI class.

smeharg

Citizenpain wrote: »

you mention that you are taxed through PAYE -- double check that you are on the correct PRSI class.

Good point.

Have you filed corporation tax returns (CT1)?

No 7

Citizenpain wrote: »

you mention that you are taxed through PAYE -- double check that you are on the correct PRSI class.

PRSI class is S1 off the top of my head.

No 7

smeharg wrote: »

Good point.

Have you filed corporation tax returns (CT1)?

Yes I have. Any other returns I should be awear of?

Jimmy Bottles

No 7 wrote: »

Yes I have. Any other returns I should be awear of?

- VAT3 returns
- VAT End of Year Trading Details returns
- PAYE P30 returns
- PAYE P35 returns
- 46G returns
- Subcontractor returns depending on if you're a subbie

And that's just for the company


The liklihood is that you have never been registered with Revenue for self assessment. Hence, Revenue don't think you need to file a Form 11, eventhough you do.

I'm amazed that no one at the Revenue have spotted yet that your salary is being returned under Class S and yet no Form 11s have been filed under your name.

You'll most likely need to file a TR1 (to register for self assessment) with Revenue and then file Form 11's for each year from 2001 with Revenue. As other's have said, this is fairly basic stuff and your accountant should have been doing this for you.

Alan Shore

Will there be 10 years of 10% late filing surcharges on the tax due before deduction of PAYE?