Declaring tax on dividends and interest on deposits

S

Shaz

Registered User
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I am a PAYE employee on the higher rate tax. How do I declare dividends and interests on deposit accounts. I have 2 regular savers account and 1 current account that pays interest. Dirt is already deducted, do I still need to pay more tax?

Also, I have a few shares in a UK company and an Irish companies. Tax is already deducted. How do I declare this?

Thanks.
 
Deposit interest: all you pay is DIRT. Certain people can get DIRT refunds.

Dividends are declared on your normal Form 12, as with all extra income.

Form 12:

[broken link removed]
 
Please note: the interest must be declared on the Form 12 each year, even though DIRT is the full liability.
 
I am also filling out my Form 12 return for 2007. In relation to declaring dividends as income, is it the relevant tax year for which the company was paying the dividend - 2007- that is relevant for me or is it the year the dividend was paid.

For example, if I got a dividend paid to me in early 2008 for tax year ending Dec 2007 do I declare that in my 2007 return or is that declared next year in my 2008 return?
 
Hi again,

Do we need to fill in Form 12 only if the income from dividends and the DIRT deducted is above a certain amount?

Thanks.
 
Hanno,

Div paid to you in early 2008 = 2008 taxable income.

Shaz: all income must be declared.

I think if your non-PAYE income is high, then you move from the simpler Form 12 to the longer Form 11.

For PAYE people with deposit income, div income, med exps, even with a small trade on the side, then the Form 12 should be ok.
 
Protocol said:
I think if your non-PAYE income is high, then you move from the simpler Form 12 to the longer Form 11.

For PAYE people with deposit income, div income, med exps, even with a small trade on the side, then the Form 12 should be ok.
Click to expand...

In lieu in filling in a Form 12 (for PAYE works earning less than €3175 on top of their PAYE income), you may declare 11 different types of income (incl Irish, UK, & US dividends) on the Revenue Online Service (ROS). In addition, you can claim teh usual tax credits (incl service charge & rent tax credit). You can register for ROS [broken link removed].
 
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