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Revenue Spinning me around in Circles

  • 03-10-2019 3:14pm
    #1
    flexcon
    Registered Users, Registered Users 2 Posts: 1,633 ✭✭✭


    Hi there.

    That time of year. Asked to complete Form 12 PAYE worker
    Stock options <15% top up from Employer on Company stocks.
    Sold over 20K during the year 2018

    They really make this difficult.
    I cannot for the love of money declare the 15% that the company has given me.
    I have finally found the correct Form 12 to print off from the website to declare Capital Gains(because for some reason online you cant declare capital gains on Form 12) but no info on how I declare the income tax on the 15% the company paid for on my behalf.

    anyone have a sure way of the correct procedure here?

    goes without saying. Any help appreciated.


Comments

  • #2
    Tow
    Registered Users, Registered Users 2 Posts: 9,508 ✭✭✭Tow


    Do not be surprised if they reject it and want you to fill in Form 11.

    When is the money (including lost growth) Michael Noonan took in the Pension Levy going to be paid back?



  • #3
    flexcon
    Registered Users, Registered Users 2 Posts: 1,633 ✭✭✭flexcon


    Tow wrote: »
    Do not be surprised if they reject it and want you to fill in Form 11.

    Isn't this for self-employed?


  • #4
    dennyk
    Registered Users, Registered Users 2 Posts: 1,800 ✭✭✭dennyk


    flexcon wrote: »
    Isn't this for self-employed?

    It's required for anyone with more than €5000 in taxable non-PAYE income in a tax year:

    https://www.revenue.ie/en/jobs-and-pensions/do-employees-need-to-submit-tax-returns/index.aspx


  • #5
    SRASE
    Registered Users, Registered Users 2 Posts: 86 ✭✭SRASE


    If you have share options you need to file a Form 11. This is why the Form 12 does not have the relevant boxes to input share option details.

    You should also have submitted a RTSO1 form if you exercised your share options. The tax on the share options would have been payable on submission of this form which is required to be submitted within 30 days from exercise of option.

    If they were share awards this should have been processed through the payroll so you would not have to declare any additional income on these as they would be included in your P60 details.

    In both cases you would still need to complete a CGT return.


  • #6
    flexcon
    Registered Users, Registered Users 2 Posts: 1,633 ✭✭✭flexcon


    Tow wrote: »
    Do not be surprised if they reject it and want you to fill in Form 11.
    SRASE wrote: »
    If you have share options you need to file a Form 11. This is why the Form 12 does not have the relevant boxes to input share option details.

    You should also have submitted a RTSO1 form if you exercised your share options. The tax on the share options would have been payable on submission of this form which is required to be submitted within 30 days from exercise of option.

    If they were share awards this should have been processed through the payroll so you would not have to declare any additional income on these as they would be included in your P60 details.

    In both cases you would still need to complete a CGT return.

    Thanks very much people.

    To be honest I just signed up to shares a few years ago in the company and didn't do much with them. I had no idea I had to file all of this if I wasn't doing anything with them,

    Ignorance is bliss. Any advice on how I would handle the taxman? Am I better off getting an accountant to sign off on the past few years?
    I see now I could be in for a big penalty especially for lack of declaration of the RTSO. balls.


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