Form 11

Jonathan222 wrote: »

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

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.

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

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

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

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.

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.