If the posts over the last 12 months on the Deposits threads regarding high interest options (Raisin, Bunq, etc) are anything to go by a lot of people will be in this category for 2024, whatever about 2023. It will be a considerable headache for Revenue if they force large numbers to complete Form 11, not to mention for the taxpayers themselves. They surely need to look at increasing the threshold.I suppose over 5k in interest would be relatively uncommon -
That's Form 12.Assume Form 12, I am PAYE worker - I cannot see a form reference to confirm.
Went in to Revenue online, clicked 'Review your tax 2020-2023' and then completed the 'Income Tax Return form' for 2023.
Yes the EU interest was only non PAYE income and was €700 for the year.
Those people with high levels of unearned income are supposed to pay PRSI on that interest. Taxpayer discomfort doesn't really figure into it.They surely need to look at increasing the threshold.
Hardly in Revenue's gift to to that.If the posts over the last 12 months on the Deposits threads regarding high interest options (Raisin, Bunq, etc) are anything to go by a lot of people will be in this category for 2024, whatever about 2023. It will be a considerable headache for Revenue if they force large numbers to complete Form 11, not to mention for the taxpayers themselves. They surely need to look at increasing the threshold.
I had a feeling operator error was a factor in some of these cases. Revenue has it's own terminology which takes a bit of getting used to.You used the wrong option too. (Second report here of someone choosing the wrong option).
EU deposit interest should not be put under "EU ‘Other’ Interest (excluding UK interest)."
EU deposit interest should only be put under "EU deposit interest".
Re-submit your form if possible or contact the Revenue and ask them to change it.
Who is talking about gifts ? Leaving the €5,000 deposit interest threshold for completion of Form 11 instead of Form 12 has no impact on tax liability or yield. It simply forces a large number of people to complete a more complex form and procedure and one that has a far greater manual overhead on the Revenue side for no benefit whatsoever.Hardly in Revenue's gift to to that.
I didn't in any way dispute that people should pay whatever PRSI they are liable to pay. Nor did I suggest that the current PRSI liability should be changed in any way. Nor did I mention comfort or discomfort. I simply suggested that the €5,000 threshold which forces people to complete Form 11 rather than Form 12 is too low and should be increased.Those people with high levels of unearned income are supposed to pay PRSI on that interest. Taxpayer discomfort doesn't really figure into it.
That could easily be catered for on Form 12 by exception, avoiding the need to draw a lot more people into the complexities of Form 11.The €5000 limit is the threshold to become a chargeable person. Chargeable persons pay PRSI at 4% on their unearned income. If they increase the threshold they will reduce their tax yield as there will be fewer chargeable persons.
If people are earning over €5k in interest maybe they should be looking at paying a small fee to an accountant to file on their behalf.Who is talking about gifts ? Leaving the €5,000 deposit interest threshold for completion of Form 11 instead of Form 12 has no impact on tax liability or yield. It simply forces a large number of people to complete a more complex form and procedure and one that has a far greater manual overhead on the Revenue side for no benefit whatsoever.
I can confirm irbx issue as Im suffering it too. Despite logging the interest as EU Deposit Interest the moment I try to amend it it shows under other Foreign income instead, weird.
I've contacted revenue and at the same time trigger another tax review again, removing the Foreign income and adding again the EU Deposit Interest.
Another problem I've noticed is that my health expenses went missing as well so I wasn't getting any tax credits for them, they really has a glitchy system.
Thanks. Will amend with Revenue.You used the wrong option too. (Second report here of someone choosing the wrong option).
EU deposit interest should not be put under "EU ‘Other’ Interest (excluding UK interest)."
EU deposit interest should only be put under "EU deposit interest".
Re-submit your form if possible or contact the Revenue and ask them to change it.
You used the wrong option too. (Second report here of someone choosing the wrong option).
EU deposit interest should not be put under "EU ‘Other’ Interest (excluding UK interest)."
EU deposit interest should only be put under "EU deposit interest".
Re-submit your form if possible or contact the Revenue and ask them to change it.
I think you mean nobody over 66 pays PRSI anymore. They've paid it their whole lives.No one over 66 pays PRSI
Off topic but that's no longer the case. Since 1st January this year those between 66 and 70 will continue to pay PRSI if they choose to defer the State Pension Contributory.No one over 66 pays PRSI