Thanks for your reply, Shirazman.
Just so I'm clear. In terms of doing returns to the Revenue in respect of contributions in respect of 2020, if a PAYE worker gets his accountant to do his return via ROS, the accountant can do this up until the 17th November but if the same PAYE worker does a different on-line return, via MyAccount, he has 4 years to do it.
Seems a bit mad but I've no specific reason to doubt you!
Thanks for taking the time to respond.Avc PRSA are covered under the AVC menu. If you select AVC you should get an option for PRSA or other AVC on the next menu.
If you’ve made the AVC via a PRSA AVC product the certificate that you will receive is called a PRSA AVC 2 cert. A PRSA 1 cert is just another name for a non AVC cert.
The contribution must be paid by 31 October this year.
Tax return:
1. 31 October 2021 (manual Form 11)
2. 17 November 2021 (ROS)
3. No hurry! You have 4 years to claim. (Paper or online Form 12)
The paper version of Form 12 and the eForm12 are very similar: there is no field that allows you to make a backdated claim for any year other than last year.
- If you wish to claim backdated tax relief you will have to ensure that your AVC pension contribution is paid to Irish Life on or before 29 October 2021 AND that you have submitted your claim for tax relief to your local Inspector of Taxes on or before 29 October also.
@Shirazman I don't think point 3 is correct.
The paper version of Form 12 and the eForm12 are very similar: there is no field that allows you to make a backdated claim for any year other than last year.
For most tax reliefs that is correct but not for backdated pension contributions!Whether or not the Form 12 provides for it, the fact remains that PAYE employees have a full 4 years to claim a tax refund!
Q: When should I make a lump sum contribution?
A: Any lump sum contribution (Self Employed or AVC) must be made before the tax deadline – and the election to backdate the tax relief to the previous tax year must also be made before the tax deadline.
The income tax return deadline for the Revenue Form 11 (Income Tax Return and Self-Assessment for the year 2019) for 2019 income is the 31st October, 2020.
Well, this article says the same thing (a deadline of October/November) in the context of PAYE workers. And the Irish Life article (I've fixed the link) makes no reference to Form 11 specifically.That Zurich article is specifically aimed at the self-employed/Form 11 taxpayer. And your link to the Irish Life article doesn't work so I can't comment! but I remain of the view that PAYE taxpayers have 4 years to claim a tax refund. (See also post #4 which states the same thing)
From Revenue:
You may pay a once-off or special pension contribution after the end of a tax year, but before the following 31 October. If you do, you can choose, on or before 31 October, to have the tax relief for the contributions allowed in the earlier tax year. When you use the Revenue Online Service (ROS), the deadlines for paying contributions and making this choice are extended.
The above clearly states that a contribution must be paid by 30/10 or the ROS deadline date to claim relief against the earlier tax year. However a PAYE taxpayer can still edit their tax record for any of the previous 4 tax years via My Account. For relief on pension contributions my understanding is that this is only for unclaimed or carried forward relief i.e. the pension contribution would still have to have been made prior to 31/10 or the ROS date in the year following the year for which the relief is being claimed.
From Revenue:
You may pay a once-off or special pension contribution after the end of a tax year, but before the following 31 October. If you do, you can choose, on or before 31 October, to have the tax relief for the contributions allowed in the earlier tax year. When you use the Revenue Online Service (ROS), the deadlines for paying contributions and making this choice are extended.
The above clearly states that a contribution must be paid by 30/10 or the ROS deadline date to claim relief against the earlier tax year. However a PAYE taxpayer can still edit their tax record for any of the previous 4 tax years via My Account. For relief on pension contributions my understanding is that this is only for unclaimed or carried forward relief i.e. the pension contribution would still have to have been made prior to 31/10 or the ROS date in the year following the year for which the relief is being claimed.
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