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Register for Income Tax

  • 02-11-2015 9:36pm
    #1
    coupequattro
    Registered Users, Registered Users 2 Posts: 50 ✭✭


    Revenue are asking me to Register for Income Tax, as I have to pay a small amount of tax on share options, I'm already registered as a PAYE employee, can anyone explain why this has to be done, and any pitfalls associated with this?


Comments

  • #2
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,686 ✭✭✭barneystinson


    coupequattro wrote: »
    Revenue are asking me to Register for Income Tax, as I have to pay a small amount of tax on share options, I'm already registered as a PAYE employee, can anyone explain why this has to be done, and any pitfalls associated with this?

    I think you'll find they're not asking you but telling you! ;)

    Have a read of this: www.revenue.ie/en/tax/it/leaflets/rtsoa.pdf

    Bottom line is, for any year that you exercise share options, you have 2 things to do:
    1. Pay the relevant tax (RTSO) within 30 days of exercise.
    2. File an income tax return after the year end, including on it the gain on exercise of the share options. Assuming you calculated your RTSO correctly, everything should balance out, and if you had medical expenses etc then you'll be due a refund in the same way as you would under PAYEanytime.


  • #3
    coupequattro
    Registered Users, Registered Users 2 Posts: 50 ✭✭coupequattro


    I understand the RTS01 side of things, but not the requirement to register for Income tax, something that I'm surely already registered for as a PAYE employee?


  • #4
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    coupequattro wrote: »
    I understand the RTS01 side of things, but not the requirement to register for Income tax, something that I'm surely already registered for as a PAYE employee?

    by register for income we mean register as an assessable person who is obligated to file a form 11 income tax return.


  • #5
    coupequattro
    Registered Users, Registered Users 2 Posts: 50 ✭✭coupequattro


    CIARAN_BOYLE wrote: »
    by register for income we mean register as an assessable person who is obligated to file a form 11 income tax return.

    I was requested to do this after I sent in a Form 11..... And they sent it back to me as I hadn't registered for Income Tax.......

    I'm kinda surprised that I'm being asked to do this, as I'm surely registered for Income tax as it is.....


  • #6
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    coupequattro wrote: »
    I was requested to do this after I sent in a Form 11..... And they sent it back to me as I hadn't registered for Income Tax.......

    I'm kinda surprised that I'm being asked to do this, as I'm surely registered for Income tax as it is.....

    No you are registered as a PAYE employee. While similar they are bureaucratically different.


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  • #7
    coupequattro
    Registered Users, Registered Users 2 Posts: 50 ✭✭coupequattro


    Are there any potential negatives to doing this? When I google it, there is a bucket load of stuff about the self employed and advance tax etc.......


  • #8
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    coupequattro wrote: »
    Are there any potential negatives to doing this? When I google it, there is a bucket load of stuff about the self employed and advance tax etc.......

    Assuming that you won't need to file a form 11 in 2015 you should deregister immediately so that Revenue do not expect a 2015 return.

    Only real negative is that you have to fill the form in until you deregister


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