I am a PAYE employee but during 2019 - 2021 inclusive I availed of a company share purchase scheme, which has completely confused my tax situation.
The particular scheme used 2% of my salary each month to purchase shares at a 5% discount vs the market rate. There was no guidance or communication of the tax implications of same when joining the scheme.
I susequently found out about the need to declare the 5% price discount as additional income, which I have now done by submitting form RTSO1 forms for each of the transactions. The amounts in cosideration are very small - the total of the 5% discounts added up to be €112, attracting a tax liability of €46, which I have paid.
When I log into Revenue online, my 2020 records are visible correctly, including a tax return. For 2021, I cannot make a tax return and am directed to ROS. I have registered for ROS now and it is asking me to complete a Form 11 for 2020 and 2021. It has auto-populated most of the fields for me and I have incldued the share purchase discount myself but the form is coming up with a tax liability of €2,200 + a penalty of 10% of that. No hassle with the penalty but I don't understand how I can have such an outstanding tax liability when having completed a PAYE return and the only differnece being the 5% discount amounting to €56 (on which I have now paid €23 of tax).
Should I perhaps be leaving the entire Form 11 blank other than the 5% share discount as everything else has already been accounted for through the PAYE system? I had declared rent a room income, working from home relief, flat rate expenses etc all properly accounted for through the PAYE system. I have been unable to claim any of these items for 2021 as I cannot make a tax return through revenue online.
I have sought some assitance from accountants online but they don't seem to understand my predicament and are quoting me €600 - €1000 (I've tried three companies) to do a tax return on my behalf.
Can anyone reccommend anyone who would be able to assist me with this? I am willing to pay an hourly rate for example as I don't believe there to be much work here for someone who knows what to do. I have records of everything.
Any assistance or recommendations much appreciated, I am at wits end.
The particular scheme used 2% of my salary each month to purchase shares at a 5% discount vs the market rate. There was no guidance or communication of the tax implications of same when joining the scheme.
I susequently found out about the need to declare the 5% price discount as additional income, which I have now done by submitting form RTSO1 forms for each of the transactions. The amounts in cosideration are very small - the total of the 5% discounts added up to be €112, attracting a tax liability of €46, which I have paid.
When I log into Revenue online, my 2020 records are visible correctly, including a tax return. For 2021, I cannot make a tax return and am directed to ROS. I have registered for ROS now and it is asking me to complete a Form 11 for 2020 and 2021. It has auto-populated most of the fields for me and I have incldued the share purchase discount myself but the form is coming up with a tax liability of €2,200 + a penalty of 10% of that. No hassle with the penalty but I don't understand how I can have such an outstanding tax liability when having completed a PAYE return and the only differnece being the 5% discount amounting to €56 (on which I have now paid €23 of tax).
Should I perhaps be leaving the entire Form 11 blank other than the 5% share discount as everything else has already been accounted for through the PAYE system? I had declared rent a room income, working from home relief, flat rate expenses etc all properly accounted for through the PAYE system. I have been unable to claim any of these items for 2021 as I cannot make a tax return through revenue online.
I have sought some assitance from accountants online but they don't seem to understand my predicament and are quoting me €600 - €1000 (I've tried three companies) to do a tax return on my behalf.
Can anyone reccommend anyone who would be able to assist me with this? I am willing to pay an hourly rate for example as I don't believe there to be much work here for someone who knows what to do. I have records of everything.
Any assistance or recommendations much appreciated, I am at wits end.