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Didnt submit tax returns over 5 years ago?

  • 22-08-2015 10:07am
    #1
    whiskeyman
    Registered Users, Registered Users 2 Posts: 12,564 ✭✭✭✭


    Hi folks,

    I got a letter from revenue saying I didn't submit my tax returns for two years, just over 5 years ago.
    I'm a PAYE employee and was in receipt of share options during that time which I paid revenue and thought I submitted the return for the year.
    I got dividends last year, so had planned to submit return by this October for that amount.

    I'm just worried that I didn't submit those returns.
    I haven't earned any other additional income during this time.
    I plan on phoning revenue to see what can I do, but just looking for any advice? Would I face any penalties?
    I'm a bit clueless when it comes to tax issues as I never thought I needed to worry much about it as a PAYE employee.
    Thank you.


Comments

  • #2
    Redbishop
    Closed Accounts Posts: 4,354 ✭✭✭Redbishop


    whiskeyman wrote: »
    Hi folks,

    I got a letter from revenue saying I didn't submit my tax returns for two years, just over 5 years ago.
    I'm a PAYE employee and was in receipt of share options during that time which I paid revenue and thought I submitted the return for the year.
    I got dividends last year, so had planned to submit return by this October for that amount.

    I'm just worried that I didn't submit those returns.
    I haven't earned any other additional income during this time.
    I plan on phoning revenue to see what can I do, but just looking for any advice? Would I face any penalties?
    I'm a bit clueless when it comes to tax issues as I never thought I needed to worry much about it as a PAYE employee.
    Thank you.

    As far as I know they can penalise you for late and no returns. The value of the shares is also income so interest and penalties could accrue.
    I m not an accountant so better advice is available free from any citizens information office.


  • #3
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi

    If you are in receipt of share options you are automatically subject to self assessment which means you need to file a personal tax return even if no income tax arises.

    You have presumably returned the additional tax on the form RTSO. However you should still have filed a Form 11 for the year.

    There will be a late filing penalty of 10% of the tax that was paid (not the balance outstanding, the amount paid!!). There may also be interest levied on any balance of the tax that is unpaid however if the amount is relatively low then this may not be sought.

    Hope this helps

    dbran


  • #4
    whiskeyman
    Registered Users, Registered Users 2 Posts: 12,564 ✭✭✭✭whiskeyman


    Thanks for the info and heads up.
    I'm going to log onto ros etc...and make sure all up to date and in order, along with learning more about what I need to do!

    Thanks again


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