Form 11 - PRSA Question

RichCRX

Hi Folks,

I am currently filing a form 11 and have a question. I am a PAYE employee, but also run a small online business which traded at a small loss in 2018 (the trading in general is very small). However, after inputting all the figures in the form, when I calculate at the end, it showed that I have to pay over €1,200 which can't be right as any tax due to be paid would have been covered in my PAYE employment (and my employers accountants are always spot on with this). Therefore, I figured I have done my PRSA contributions incorrectly.

In 2018 I made my own voluntary contributions (no employer contributions) and I drew a tax credit of €720 for this. However I'm unsure as to how to input the tax credit aspect into the form or do I simply ignore this and just input the figures in terms of the contributions made in 2018? Just can't figure out where this tax credit goes (or how to derive at it).

Any advice would be greatly appreciated.

Thanks,
Richard.

Geuze

First, with such low non-PAYE income, you should use the much simpler Form 12.

So you made pension conts in respect of 2018, and already claimed tax relief on these pension conts?

And now you're completing a Form 11?

RichCRX

Thanks for your reply.

It doesn't allow me to submit a form 12 as it states I am registered for Income Tax. Hence me filing and completing a form 11.

Yes voluntary pension contributions were made in 2018, and tax relief has been claimed via tax credit, but I'm unsure as to how to reflect this in the form 11.

Edit: Also what I don't understand is the tax credit relief for the year e.g. the credit for the year was €720.00 but the contributions were €3,600.00. So does that mean in form 11 that I could then look to claim relief on €2880.00? (With the maximum relief being €7,113)

Mrs OBumble

If you're using ROS, check that the form hasn't auto populated something which applied last year but doesn't apply this year.

y0ssar1an22

have a look at your p60. is the gross for paye vs gross for usc different? i presume gross for paye is less, meaning you already got tax relief via the increased tax credit so nothing to enter except the p60 info.

there is another place to enter AVC's paid in 2018 for which no relief has been granted in 2018.

RichCRX

Mrs OBumble wrote: »

If you're using ROS, check that the form hasn't auto populated something which applied last year but doesn't apply this year.

Yeah, I've checked over the whole form a few times now and there is nothing that has been incorrectly auto applied.

y0ssar1an22 wrote: »

have a look at your p60. is the gross for paye vs gross for usc different? i presume gross for paye is less, meaning you already got tax relief via the increased tax credit so nothing to enter except the p60 info.

there is another place to enter AVC's paid in 2018 for which no relief has been granted in 2018.

On the P60, the gross pay figure is the same for PAYE & USC.


On form 11, here's how I broke it up (with 720.00 being the tax credit and 2,880.00 being the total contributions of 3,600.00 minus the tax credit)

Link to image

y0ssar1an22

does the e720 tax credit appear on your tax credit cert?

RichCRX

y0ssar1an22 wrote: »

does the e720 tax credit appear on your tax credit cert?

Yep it does.