Have to pay RTSO by Cheque but have no Chequebook

bfa1509

I got share options exercised last month. I logged into My Account but could not find an option to pay the tax. So I printed off and filled out RTSO1 but it only gives the option to pay by cheque through post!
I do not have a chequebook.

Anyone have any idea how I could pay this? Can I get a blank cheque from my bank? I'm useless with financial stuff. Any help appreciated.

CIARAN_BOYLE

bfa1509 wrote: »

I got share options exercised last month. I logged into My Account but could not find an option to pay the tax. So I printed off and filled out RTSO1 but it only gives the option to pay by cheque through post!
I do not have a chequebook.

Anyone have any idea how I could pay this? Can I get a blank cheque from my bank? I'm useless with financial stuff. Any help appreciated.

Bank draft works.

bfa1509

CIARAN_BOYLE wrote: »

Bank draft works.

Is it safe to post a bank draft? I thought they were practically cash themselves. If it got lost I'd be screwed!

mishaelpl

It's safe. Your bank account is debited so there is a trace for that transaction. Also its addressed to particular recipient and only that person can receive it.

Pawwed Rig

What we have been doing is just paying the income tax through ROS and and submitting the form through My Enquiries. Bit of a pain of a process but after numerous calls to Revenue on the issue they really don't seem to have a clue about their own processes.

JigglyMcJabs

mishaelpl wrote: »

It's safe. Your bank account is debited so there is a trace for that transaction. Also its addressed to particular recipient and only that person can receive it.

If it gets lost, the bank won't replace it or return money until after it expires.

bfa1509

mishaelpl wrote: »

It's safe. Your bank account is debited so there is a trace for that transaction. Also its addressed to particular recipient and only that person can receive it.

CIARAN_BOYLE wrote: »

Bank draft works.

JigglyMcJabs wrote: »

If it gets lost, the bank won't replace it or return money until after it expires.

I just asked the accountant at work. She said a bank draft would be fine but send it by registered post.

I guess the worst that can happen is that it gets lost then I will have to pay the interest on the tax until I get the money back.

Thanks guys.

PS: I have to have the tax paid by 7th May. If I am late would this put some kind of black mark on my name i.e. would I have issues getting loans/mortgages etc. in future?

Pawwed Rig

bfa1509 wrote: »

PS: I have to have the tax paid by 7th May. If I am late would this put some kind of black mark on my name i.e. would I have issues getting loans/mortgages etc. in future?

No unless Revenue got a judgement against you which would be a long way down the road. They can technically apply interest but I have never seen them do that.

barneystinson

Pawwed Rig wrote: »

What we have been doing is just paying the income tax through ROS and and submitting the form through My Enquiries. Bit of a pain of a process but after numerous calls to Revenue on the issue they really don't seem to have a clue about their own processes.

Isn't RTSO a tax head that can be registered in its own right for payment on ROS?

If I'm right on that, it seems the OP's problem is probably that they need to register as self assessed first (i.e. register for IT) and then add the RTSO tax head.

accensi0n

I paid capital gains on shares recently though myaccount. I didn't have the option initially, I had to call the DLR registrations office and have them register me, the option appeared an hour later.

I could not find ANY documentation noting the requirement to get registered first, I called the payments number and asked why I didn't have the option and they told me.

bfa1509

Pawwed Rig wrote: »

What we have been doing is just paying the income tax through ROS and and submitting the form through My Enquiries. Bit of a pain of a process but after numerous calls to Revenue on the issue they really don't seem to have a clue about their own processes.

I ended up sending off a bank draft by registered post. I found out later that the accountant who suggested doing this got cold feet herself and ended up doing something similar to Pawwed Rig (quoted).

The bank warned me that the draft was as good as cash and that if it was lost they could only issue another one if I signed some kind of contract to say that I would be held accountable for any funds withdrawn from my account if the original was found (I think this was something along the lines of what she said...)

I was $hitting it going around with this sum on my person...

Pawwed Rig

barneystinson wrote: »

Isn't RTSO a tax head that can be registered in its own right for payment on ROS?

If I'm right on that, it seems the OP's problem is probably that they need to register as self assessed first (i.e. register for IT) and then add the RTSO tax head.

Yes it is and there may be a way to do it although I have never managed to find a person that could tell me after numerous calls to ROS held desk and the various districts.