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Form 11 - paye earner

  • 12-11-2016 10:15pm
    #1
    sausagekayak
    Registered Users, Registered Users 2 Posts: 66 ✭✭


    Hi All,

    Looking for some advise.
    Im a paye earner, I recently had to register for ROS/VAT and income tax due to a side business venture, to date this has not made any money.

    So due to this I need to do a self assessment.

    I have no other number to plug in other than whats on my p60 from 2015 but when I calculate it looks like Im liable fo 3000 euro.


    Does anyone know how this might be possible?


Comments

  • #2
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,690 Mod ✭✭✭✭Stheno


    sausagekayak wrote: »
    Hi All,

    Looking for some advise.
    Im a paye earner, I recently had to register for ROS/VAT and income tax due to a side business venture, to date this has not made any money.

    So due to this I need to do a self assessment.

    I have no other number to plug in other than whats on my p60 from 2015 but when I calculate it looks like Im liable fo 3000 euro.


    Does anyone know how this might be possible?

    Payroll mistake? Wrong credits? Did you have income in 2015 from your side venture?


  • #3
    sausagekayak
    Registered Users, Registered Users 2 Posts: 66 ✭✭sausagekayak


    Hey,

    Had no income from side venture.

    Should the "calculated" credits on the form 11 match whats on my p60?


  • #4
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,690 Mod ✭✭✭✭Stheno


    sausagekayak wrote: »
    Hey,

    Had no income from side venture.

    Should the "calculated" credits on the form 11 match whats on my p60?

    No idea sorry


  • #5
    sausagekayak
    Registered Users, Registered Users 2 Posts: 66 ✭✭sausagekayak


    Stheno wrote: »
    No idea sorry

    yea i have a feeling it could be wrong credits, need to look into this.
    The credits on my p60 dont match what the form 11 is generating.


  • #6
    sausagekayak
    Registered Users, Registered Users 2 Posts: 66 ✭✭sausagekayak


    Ok so I have taken the calculation from the ROS form 11 and instead of using the 3300 tax credits its giving me I plug in the credits I had for 2015 plus my wifes and it evens out.

    I guess I need to ring revenue to fix my tax credits on ROS?


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  • #7
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,690 Mod ✭✭✭✭Stheno


    sausagekayak wrote: »
    Ok so I have taken the calculation from the ROS form 11 and instead of using the 3300 tax credits its giving me I plug in the credits I had for 2015 plus my wifes and it evens out.

    I guess I need to ring revenue to fix my tax credits on ROS?

    Yep sounds like they have you on single assessment I've always found them very good to deal with


  • #8
    EasyAccounts1
    Registered Users, Registered Users 2 Posts: 5 ✭EasyAccounts1


    Yes, The tax credits on the Form 11 should match your tax credits on your P60. If you call revenue they will give you a full breakdown of the credits that you have. Each credit has a different place on the Form 11 that will need to be filled in in order to get the correct liability.
    Make sure your personal details at the start of the form are filled in correctly. This can trigger your tax credits in preparing the form 11.


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