Filling Form 11 for 2019, but got €3598 pre-filled in "Amount of tax payable for this period"

Sarah1122

Hi,

I received a letter from Revenue recently titled "Notification of Level 1 Compliance Intervention - Re: Tax Liability on Share Options Exercised". I believe this is related to the exercise of the ESPP share options from 2019.

The exercise amount is below €500.

I am trying to declare this on Form 11 but noticed that without filling anything, I have over €3k pre-filled in the "Amount of tax payable for this period", 936(c)(i).

Does this mean in additional to the late filing, I'm missing over €3k payment to Revenue for the 2019 tax return? I don't have any additional income, I thought all the tax filing was handled by my employer so I shouldn't underpay my income tax.

I would like your help because this is a lot of money for me.

Thanks in advance.

Have you ticked the boxes for the personal and employee tax credits on the tax credits section of the form11? If not then they're causing somewhere around 3 grand to show up as a tax liability on the calculations page.

Sarah1122

Thank you so much.

I ticked “self “ and “spouse” for “Employee Tax Credit”, it shows “€73.64” in the “Amount of Tax Payable for this period” now!

That is a huge change. But still any idea where this “€73.64” comes from?

many thanks

relax carry on

https://www.boards.ie/discussion/comment/121035615#Comment_121035615

Have you declared the share options gain in the share options section of the return? If so then as tax was due on it, the could account for the amount of tax payable.

Sarah1122

Thank you for the reply. I haven’t declared the share options yet. Without declaring anything, it still shows “€73.64”.

Sarah1122

https://www.boards.ie/discussion/comment/121036269#Comment_121036269

Thank you for the reply. I haven’t declared the share options yet. Without declaring anything, it still shows “€73.64”.

relax carry on

https://www.boards.ie/discussion/comment/121039323#Comment_121039323

Unless you are missing a tax credit/relief which should be viewable on your latest tax credit certificate for the relevant year and your taxable income on the return is correct then there you may have been under taxed slightly by your employer(s).

Have you claimed tax relief on medical expenses?

Have you claimed medical insurance relief?

Do you know where to enter your RTSO information?

Taxes aren't always balanced at the end of a year, particularly a few years ago before PAYE modernisation. It could easily be the case that you underpaid your tax by €74.

Dand88

Hi all, apoligies for dragging an old thread up but I've just got something this now. I domt have a clue on what I am meant to do. I am signed up to the espp program in work where I buy a percentage (for me 2% of salary) of shares every quarter at a 10% discount. I also get a bonus each year and part of this is shares.. these shares however are taxed at source for example if I get 10k worth of shares 4.8k actually vest and the rest is held for tax.. any idea what I actully need to provide to the revenue and how I go about it. Thanks a lot in advance completely lost ...

relax carry on

https://www.boards.ie/discussion/comment/122840797#Comment_122840797

I'm assuming you got one of those letters. There should have instructions on what to do on it. You should also have details from your employer explaining what your tax responsibilities are.

https://www.revenue.ie/en/additional-incomes/employment-related-shares/faqs.aspx

Dand88

Thanks for the reply. I got a message in the my enquiries function on revenue and below is what it stated:

Level 1 Compliance Intervention- Verification Check

Tax Year: 2021 - 2023

Dear Mr...........,

You have been selected for a verification check for the tax year 2021 - 2023. Each year we do a number of these checks to make sure that the tax affairs of PAYE Taxpayers are in order.

To facilitate the completion of the verification check and the subsequent processing of any potential repayment claims, please submit the following documentation to me through "MyEnquiries"

RTSO Detail- Your employer has submitted RTSO detail (Shares) for 2022 & 2023 these have not been declared. You will need to register for RTSO & files returns for both amounts. These are meant to filed & payment made within 30 days.

Health Expenses - I note you have submitted receipts on MyAccount. However, the receipts don't cover the full expenses claimed on your credits. If you have any further receipts, please submit them.

This is a Level 1 Revenue Compliance Intervention. As such, it does not restrict your right to make an unprompted qualifying disclosure in this matter, if appropriate. For full details on Revenue Compliance Interventions and qualifying disclosures, please refer to the Code of Practice for Revenue Compliance Interventions (the Code) which is available at http://www.revenue.ie .

Failure to provide the requested documentation within 21 days can result in a repayment claim being disallowed.

Yours Sincerely,

________________

Joanne McErlean

Compliance Branch

Personal Division