Form 11s confusion

tk123

Can anyone help me with this please I'm a PAYE worker and we get shares - I sent Revenue a postal order with form RTS01 last year which I've now been told by a colleague I didn't need to do because it was less than the amount that's except from tax. A few weeks ago form 11s arrived for me to fill in.

I'm filling in section L but not sure if I have it right

Total consideration - is what I made(?) so 398
Claims to self - 398 (i'm single)
Net chargeable Gain says after personal exemption(max €1270 per spouse or civil partner and not transferable) ... is this €398 too or 0 because it's less than €1270

tisnotover

tk123 wrote: »

Can anyone help me with this please I'm a PAYE worker and we get shares - I sent Revenue a postal order with form RTS01 last year which I've now been told by a colleague I didn't need to do because it was less than the amount that's except from tax. A few weeks ago form 11s arrived for me to fill in.

I'm filling in section L but not sure if I have it right

Total consideration - is what I made(?) so 398
Claims to self - 398 (i'm single)
Net chargeable Gain says after personal exemption(max €1270 per spouse or civil partner and not transferable) ... is this €398 too or 0 because it's less than €1270

Hi, I'm in same exact same position as you, was posted form 11s , and i also gave revenue cheque for a similar amount last year, even though it looks now Iwas exempt?

have you had any luck in filling in the form? It looks like section L to me, but I'm confused as to how to fill it in and also we might be looking for refund !

tk123

Yeah I found out after I sent them the cheque last year that the first €1200 is exempt so didn't need to send them anything at all!! I filled in the relevant parts, put in 0 for everything else that doesn't apply and for the capital gains put in how much I made on the shares and how much I owed them - 0!! Sent it back a few weeks ago and have heard nothing back yet! Somebody I work with reckons I'll probably get one every year now! Gah! >_<

SRASE

If you exercised share options given to you by your employer you must pay income tax, USC and PRSI on the value of this benefit. This must be submitted within 30 days by completing a RTSO1 which you have done. It is income tax you must pay on exercising your share options and not capital gains tax (CGT)

You must also submit an income tax return in any year you exercise share options from your employer. There should be no additional liability when submitting this return.

The €1,270 is a CGT exemption on the sale of the shares. Most employees exercise the share options and sell the shares on the same day. This means there would be no CGT liability so the gain would be 0.

tk123

Well I had a letter waiting for me today telling me I owe €329. I haven't got a clue what any of it means Maybe I wasn't paying the right amount of tax in work anyways or maybe it's because I filled the form in wrong? I did call the tax office before I filled in the form but the guy just wanted to get rid of me off the phone. I'm going to mail payroll in work and see if they can have a look/explain it to me tomorrow and if not ask if they recommend anyone. €600 earlier today to service the car and now this!

EDIT - well no joy with payroll or revenue - because the section I need closes at lunchtime! Anyways I've figured out that I filled form 11s in wrong in that I actually had NO capital gain - I didn't sell any shares last year. I should have sent off another form RTS01 - I was away when the shares were bought the 2nd time and missed the mail. 100% my own fault. Not sure if I can amend the 11s or if I'll just have to take the hit. Very frustrating because the self assess people tell me i'm PAYE and the PAYE tell me I'm self assessed so going around in circles.

tk123

Got my amended statement/notification yesterday after I called to query and they realised my health insurance credit was missing - Enda owes me €3 now :pac: