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I received a massive €11 in dividends this year. Do I have to report this to Revenu?

  • 14-12-2020 9:22pm
    #1
    Registered Users Posts: 1,256 ✭✭✭ JackieChang


    Title.

    I only started investing at the start of the year. I have received a total of €11 in dividends this year. Apparently I need to report even 1 cent of a dividend.

    Really not worth the hassle though. Would you report €11?

    If I don't report it, will it come back to bite me in the arse in 20 years?


«1

Comments

  • Registered Users Posts: 11,386 ✭✭✭✭ Timmaay


    No.


  • Registered Users Posts: 3,960 ✭✭✭ Diarmuid


    It takes 5 minutes on ros.ie to report that €11. If you are concerned enough to ask the question, then I would just do that.


  • Registered Users Posts: 1,256 ✭✭✭ JackieChang


    Diarmuid wrote: »
    It takes 5 minutes on ros.ie to report that €11. If you are concerned enough to ask the question, then I would just do that.

    Are there any "newbie" guides out there on how to do it? It's already taken me more than 5 minutes to read the official guide and I'm even more confused now.

    Do I need to register for some sort of tax number?


  • Registered Users Posts: 161 ✭✭ antfin


    Are there any "newbie" guides out there on how to do it? It's already taken me more than 5 minutes to read the official guide and I'm even more confused now.

    Do I need to register for some sort of tax number?

    If you're PAYE it should be included on your annual tax return under "Other Income".


  • Registered Users Posts: 2,512 ✭✭✭ howiya


    If the taxable part of the €11 is the only tax you owe revenue they will probably just keep a note of it and reduce any future refunds you may be owed by it.

    I reported a bigger dividend figure for 2019 recently and was told it wouldn't be collected at this time


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  • Site Banned Posts: 74 ✭✭✭ Mickey_James


    No. Revenue don't go after small fish.

    I've been getting cash into my account for a decade for rent (subletting) and I never got anything. For all anyone knows I am getting paid cash from another job which I'm not obviously.

    No one's gonna come after you for 11 euro.

    I've also been moving thousands in and out of degiro (often not buying stocks, just leaving it there and moving it out) and nothing said.


  • Registered Users Posts: 1,256 ✭✭✭ JackieChang


    Ok. I won't stress myself trying to report the €11.

    Now, what about trading losses? I've lost about €1k over the last year. I should definitely report this one right? The loss has been realized.


  • Registered Users Posts: 309 ✭✭ Saudades


    Even only €11 if you report and pay it at least it will be good practice to get familiar with ROS. This time next year you may have a three or four figure dividend or CGT to report.


  • Registered Users Posts: 309 ✭✭ Saudades


    howiya wrote: »
    I reported a bigger dividend figure for 2019 recently and was told it wouldn't be collected at this time

    What happened there exactly? I thought 'Pay and File' was usually done at the same time, so did Revenue just reject your payment?


  • Registered Users Posts: 14,540 ✭✭✭✭ Supercell


    It takes seconds to do in the MyAccount section (if you are PAYE, under income section), no form filling just a couple of dropdowns and done, I would for peace of mind.

    Have a weather station?, why not join the Ireland Weather Network - http://irelandweather.eu/



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  • Registered Users Posts: 2,512 ✭✭✭ howiya


    Saudades wrote: »
    What happened there exactly? I thought 'Pay and File' was usually done at the same time, so did Revenue just reject your payment?

    No they issued an amended balancing statement which said I had underpaid tax by x amount and this underpayment would not be looked for at this time.

    When I put in bits and pieces for 2020 (medical, work at home tax credit etc) the underpayment will be recovered from any refund I am due.


  • Registered Users Posts: 14,540 ✭✭✭✭ Supercell


    Ok. I won't stress myself trying to report the €11.

    Now, what about trading losses? I've lost about €1k over the last year. I should definitely report this one right? The loss has been realized.

    Yep definitely, that goes on the CG1 form (https://www.revenue.ie/en/gains-gifts-and-inheritance/documents/formcg1.pdf) and needs to be filed by the end of October next year.

    Have a weather station?, why not join the Ireland Weather Network - http://irelandweather.eu/



  • Registered Users Posts: 1,256 ✭✭✭ JackieChang


    Supercell wrote: »
    Yep definitely, that goes on the CG1 form (https://www.revenue.ie/en/gains-gifts-and-inheritance/documents/formcg1.pdf) and needs to be filed by the end of October next year.

    Can I not do this online? Also that link doesn't work for me.


  • Registered Users Posts: 7,747 ✭✭✭ ganmo


    What costs can be used to off set dividend income?


  • Registered Users Posts: 14,540 ✭✭✭✭ Supercell


    Can I not do this online? Also that link doesn't work for me.


    You can, upload a scan of it to My Enquiries in MyAccount, there is a drop down in there for CGT returns.
    The link is at the bottom of https://www.revenue.ie/en/self-assessment-and-self-employment/guide-to-self-assessment/what-forms-do-you-need-to-complete.aspx , it's still dated for 2019 as we are not at the end of 2020 yet and it doesn't need to filed until Oct 2021, I'd imagine the file will update some time in the new year.

    Have a weather station?, why not join the Ireland Weather Network - http://irelandweather.eu/



  • Registered Users Posts: 14,540 ✭✭✭✭ Supercell


    ganmo wrote: »
    What costs can be used to off set dividend income?

    None, to my knowledge, bar your normal income allowances. What costs can there be for holding a share at dividend time?

    Have a weather station?, why not join the Ireland Weather Network - http://irelandweather.eu/



  • Registered Users Posts: 13,354 ✭✭✭✭ loyatemu



    If I don't report it, will it come back to bite me in the arse in 20 years?

    what's likely to happen in 20 years? "you failed to pay €4 in tax in 2020, now you owe us €8!"


  • Registered Users Posts: 1,256 ✭✭✭ JackieChang


    loyatemu wrote: »
    what's likely to happen in 20 years? "you failed to pay €4 in tax in 2020, now you owe us €8!"

    My thoughts exactly.

    The dividend payout is very low. 1.5 British pence per share. At what point should I start reporting it? When I'm getting €100 a year? €500 a year?


  • Registered Users Posts: 1,256 ✭✭✭ JackieChang


    Supercell wrote: »
    You can, upload a scan of it to My Enquiries in MyAccount, there is a drop down in there for CGT returns.
    The link is at the bottom of https://www.revenue.ie/en/self-assessment-and-self-employment/guide-to-self-assessment/what-forms-do-you-need-to-complete.aspx , it's still dated for 2019 as we are not at the end of 2020 yet and it doesn't need to filed until Oct 2021, I'd imagine the file will update some time in the new year.

    Thanks. I think I need a degree in accountancy to understand that form. Do you fill it out yourself or do you hire somebody to do it?


  • Registered Users Posts: 14,540 ✭✭✭✭ Supercell


    Thanks. I think I need a degree in accountancy to understand that form. Do you fill it out yourself or do you hire somebody to do it?

    Lol, up to you :), I did a bit of googling the first time and do it myself. Revenue seem happy enough with my submissions so far.
    I'll save you googling on this one - "aggregate consideration" - total value of sales in the period.
    I do it as accurately as I possibly can, I figure out if i ever get audited I can honestly show exactly where i got my numbers from and reasonably show that i have tried my best to do it correctly. My returns are not millionaire numbers, even if done incorrectly they are likely not getting much extra anyhow!

    Have a weather station?, why not join the Ireland Weather Network - http://irelandweather.eu/



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  • Registered Users Posts: 7,747 ✭✭✭ ganmo


    Supercell wrote: »
    None, to my knowledge, bar your normal income allowances. What costs can there be for holding a share at dividend time?

    Brokers charge a fee for processing dividends, normally a fee plus %


  • Registered Users Posts: 5,440 ✭✭✭ daheff


    My thoughts exactly.

    The dividend payout is very low. 1.5 British pence per share. At what point should I start reporting it? When I'm getting €100 a year? €500 a year?

    And you could end up on a tax defaulter list which could have more implications.

    Report it when you start receiving dividends.


  • Banned (with Prison Access) Posts: 542 ✭✭✭ Bill Ponderosa


    My thoughts exactly.

    The dividend payout is very low. 1.5 British pence per share. At what point should I start reporting it? When I'm getting €100 a year? €500 a year?

    I've been getting dividends for years and never paid a penny apart from withholding tax. They won't come near you.


  • Registered Users Posts: 466 ✭✭ Munsterlad102


    Pardon my ignorance, but I'm very new to investing, are dividends taxed at 33% under capital gains tax? Also, is there any tax if I were to reinvest my dividends, or could I offset any dividends against my stocks losing value?


  • Registered Users Posts: 309 ✭✭ Saudades


    Pardon my ignorance, but I'm very new to investing, are dividends taxed at 33% under capital gains tax? Also, is there any tax if I were to reinvest my dividends, or could I offset any dividends against my stocks losing value?

    No, dividends are taxed at your income tax rate.
    Not sure about the second question.


  • Site Banned Posts: 74 ✭✭✭ Mickey_James


    Pardon my ignorance, but I'm very new to investing, are dividends taxed at 33% under capital gains tax? Also, is there any tax if I were to reinvest my dividends, or could I offset any dividends against my stocks losing value?

    No, I believe once you receive the dividends in your brokerage account you need to declare it.


  • Registered Users Posts: 14,540 ✭✭✭✭ Supercell


    Dividends are income, gains and losses on share sales are treated under CGT rules, so one has no bearing on the other.

    Have a weather station?, why not join the Ireland Weather Network - http://irelandweather.eu/



  • Registered Users Posts: 1,198 ✭✭✭ beachhead


    Supercell wrote: »
    None, to my knowledge, bar your normal income allowances. What costs can there be for holding a share at dividend time?

    The cost of buying/selling the original shares-one off allowance as far as I am aware


  • Registered Users Posts: 4,235 ✭✭✭ JeffKenna


    Thanks. I think I need a degree in accountancy to understand that form. Do you fill it out yourself or do you hire somebody to do it?

    I have a degree in accounting and my advise is to hire a good accountant to fill the form out. Can't be too careful now a days. The €4 euro might seem small now but worth doing it right for ease of mind.


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  • Registered Users Posts: 11,140 ✭✭✭✭ Geuze


    Pardon my ignorance, but I'm very new to investing, are dividends taxed at 33% under capital gains tax? Also, is there any tax if I were to reinvest my dividends, or could I offset any dividends against my stocks losing value?

    Dividends are taxed at your income tax rate: either 0%, 20%, or 40%

    The DWT is 20%, although is this meant to rise?

    What you do with your dividends is not relevant.

    No, dividends can not be offset against capital losses.


    CGT and IT are separate.


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