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.

downtheroad

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).

downtheroad

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.