Form 11

tina1040

Is there a short version of Form 11 available to download and print? I can only see the full version.

DmanDmythDledge

If you complete using ros online or ros offline there would be a summary version you can print

Jonathan222

Does anyone know where, on the form 11, you would poulate any working from home allowances for a calendar year?

Saudades

Jonathan222 wrote: »

Does anyone know where, on the form 11, you would poulate any working from home allowances for a calendar year?

On Form 11 for the year 2020, it's section 240 (page 14).

SureYWouldntYa

Jonathan222 wrote: »

Does anyone know where, on the form 11, you would poulate any working from home allowances for a calendar year?

There should be a part under Expenses in Employment for remote working expenses

It's nearly not worth the time to claim, 10% of electricity and heat and 30% of broadband for the year apportioned to the amount of days working from home

https://www.revenue.ie/en/jobs-and-pensions/eworking/what-costs-can-you-claim-for.aspx

Kenny Powers

Sorry for hijacking this thread, but instead of opening a new one can I ask here for advice on the form11.

I set up a business last October so I now need to to a 2020 return as a director. I am currently employed which has nothing to do with the business.

I took nothing out of the business so do I just fill in Zero 0 for everything where it asks for an amount.

Stratvs

https://www.boards.ie/discussion/comment/117807224#Comment_117807224

If you’re registered for F11 filing then everything has to go on that return including PAYE income, claims for any allowances/reliefs etc. If there is no income from the directorship then what will issue will be just any payment or refund from your other income in the year. If as it seems you have set up a ltd co and are a proprietary director then there is a section where you input the company tax number and percentage shareholding. If you have an accountant acting for the company then I suggest you run through the F11 filing with them. We usually do the owner directors F11s included as part of our annual work for their company.

Kenny Powers

Hi thanks for that, that's exactly what I'm looking at, need to find an accountant now as well, we have all accounts done in sage cloud hopefully that will make things easier.

hold my beer

It does. Directing all my clients that can onto Sage online and it's so much easier.

WhyTheFace

Hi,

I have two questions re: filling in the form 11.

1) Where do I enter the tax I owe as part of the TWSS? My old employer was doing something dodgy and then paid me what he thinks my tax liability should be so I want to pay that.

2) I recently started a pension with my new job. I want to put a 10k lump sum into it for last year. My understanding is that the tax relief on this can be used to offset the tax I owe on rental income received.

Thank you

SureYWouldntYa

1 - Under your Schedule E income there should be a box for TWSS received, it will then be added to your income and whatever liability there is will be added to the final total at the end. You could see what your liability is before entering the TWSS, then enter the TWSS, and the difference is the tax owed due to the TWSS

2 - You’re right about getting tax relief, just note that tax relief for pension payments can’t be claimed against Rental Income. It can only be claimed against earned income, either PAYE income or self emplpyed income. It will be a percentage depending on your age, have a google of pension tax reliefs on Revenue and you’ll see the bracket you fall into. If you are 30-39 for instance you can get 20% relief on pension contributions, so a €5k payment to your pension will mean €1k of relief, which will reduce your overall liability for the year, or be a refund against tax paid if you’ve paid too much tax

nompere

https://www.boards.ie/discussion/comment/118128512#Comment_118128512

Your point 2 is partly incorrect.

The 20% you refer to in relation to pension payments relates to a proportion of earnings - not the rate of tax relief, which will always be at the marginal rate.

If you have €30,000 of earnings and are in the 30-39 age group, then the maximum pension payment that can be made is €6,000.

If the taxable income is high enough then the rate of tax relief on that pension payment of €6,000 will be 40% - so giving tax relief of up to €2,400.

SureYWouldntYa

Yeah you’re right, my wording was a bit off so hope I didn’t steer anyone wrong

WhyTheFace

https://www.boards.ie/discussion/comment/118128512#Comment_118128512

Hi, thanks for this.

Re: Tax relief on the pension. I am on the higher rate of tax and plan to put 10k into my pension as a lump sum this week.

I presume I put it here below?

Also, with 10k put in at the higher rate of tax how exactly do I get the €4k relief back? Would it be some kind of a refund into my current account if not as a deduction in my tax liability as part of my Form 11 submission?

Thanks

SureYWouldntYa

You didn't pay in 2020 so that wouldn't be the right section.

The section before is called "Retirement Annuities", and there you will see a box for "paid from 01/01/21 to filing deadline" or something along those lines, that would be the correct place to put it.

You'll get the relief at the end when it will calculate your overpayment of tax if there is one, you will be able to file the return and get the refund then to your bank account. The relief you get from the pension payment will offset any liability due to no payment of tax on the TWSS since that's part of your overall income, and the pension reduces your overall income subject to Income Tax so you'll get the benefit of it that way.

WhyTheFace

https://www.boards.ie/discussion/comment/118139873#Comment_118139873

This is the only pension related section above that and there is no mention of 2021 payment specifically?!

SureYWouldntYa

Apologies I'm basing that off a tax software we use that I thought mirrored the Form 11.

I believe the the box that says "Superannuation Contributions/AVC where not deducted by employer" would be the most appropriate place to place the pension you wish to pay, as it as an Additional Voluntary Contribution (AVC) you are making and you didn't get relief at source from your employer.

WhyTheFace

https://www.boards.ie/discussion/comment/118144721#Comment_118144721

Thank you!