N26 bank account - revenue declaration

Billy Greenbush

I am opening an account with the German online bank, N26. I am a self employed sole trader and will be using this account for everyday spending. I will be keeping my existing BOI business account and all my lodgments and payments from clients will continue to go into that account.

My question is, do I need to declare this account to the revenue? It is not liable for DIRT tax as N26 don't pay interest and from what I understand it's the DIRT liability on foreign accounts that alerts the revenue as to their existence. The money going into the N26 account will already be liable for tax and declared anyway so the purpose of the account isn't to evade tax in any way

Zagato

I think you are supposed to alert them of any bank accounts that are not in Ireland. You have to give N26 your PPS number, so I don't see why you wouldn't let revenue know about it also.

Billy Greenbush

From what I undrstand N26 are licensed to operate in ireland so I am not sure if they are classed as overesas...but I may be wrong about that
I think the PPS is optional when opeing an account with them...I may also be wrong about that

Yggr of Asgard

Billy Greenbush wrote: »

From what I undrstand N26 are licensed to operate in ireland so I am not sure if they are classed as overesas...but I may be wrong about that
I think the PPS is optional when opeing an account with them...I may also be wrong about that

PPS is MANDATORY for N26 as they have to report the account to the German Government who in turn reports it to the Irish Government. This is part of the DAC 2 process (sometimes refereed to as CRS). They will report the opening, account balance at the end of the year and any interest payments.

As to reporting the opening account to Revenue, I would suggest you consult a tax professional as there is a difference of opinion.

One opinion is that you need file a Form 11 tax return for any year that you open a foreign bank account including several details. Some say that this is no longer required due to DAC2/CRS.

Billy Greenbush

Thank you - that's helpful information

JTMan

The paper Form 11 still includes space for one to add their foreign bank accounts. The digital online Form 11 does not include space for one to add their foreign bank accounts which might suggest that Revenue are not too bothered about collecting this data anymore.