EU Deposit Interest - Revenue Reporting

Cooler_box said:
Is the PRSI applicable to the over 70s also?
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No PRSI for those over 70 or over 66 and claiming the OACP.

Pay Related Social Insurance (PRSI) and Universal Social Charge (USC)

This section explains Pay Related Social Insurance (PRSI) and Universal Social Charge (USC)
www.revenue.ie www.revenue.ie
Up to 31 December 2023, if you are aged 66 or over, you are not liable to pay PRSI.

From 1 January 2024, you will be able to draw down your State Pension (Contributory) between age 66 and 70. You will continue to be liable for PRSI until you:
  • are awarded the State Pension (Contributory)
or
  • reach age 70.
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Innisfree said:
Not keen on the tax being recouped through PAYE band adjustments.
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Interesting comment and perhaps one that merits a thread of its own. Curious to know what are the implications of tax being recouped through PAYE band adjustments if it's simple enough to explain?
 
Cooler_box said:
Interesting comment and perhaps one that merits a thread of its own. Curious to know what are the implications of tax being recouped through PAYE band adjustments if it's simple enough to explain?
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I had €5K in Illness Benefit paid last year.
SW paid this gross but reported it to Revenue so Revenue reduced my tax credits by €1K (€5K x 20%) to account for this and any tax that may have been due on it when combined with any other income.
 
ACER10 said:
When you are completing your 2024 Income Tax Return to declare the non PAYE income, a tax credit can be applied at that time for the non-refundable tax paid.
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I have to complete Form 11 (for the first time) when doing my return this year for income earned in 2024. I am retired and not in receipt of any income other than my pension. The form is complex and the terminology is unfamiliar to me, so I would appreciate a little guidance from anyone who has completed it and had to apply the 15% credit on WHT retained at source. In this instance, 28% retained by BGP, Portugal; I had overlooked to return the tax residency cert before the investment had matured. I am assuming that I enter the total income earned on my savings with BGP and BFF under (a) 'Amount of EU Deposit Interest' under Section 304 'EU Deposit Interest'. But where do I apply/claim back the 15% non refundable tax (to offset the 28% withholding tax BGP retained at source)? This is the first time I have had to file a return as I had no other sources of income until I decided to invest some of my savings. Everything was managed through PAYE. While I may not be liable for PRSI and USC, I am wondering if I will pay a higher rate of income tax and if this will be automatically generated if I am completing the Form 11 online.
 
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I filled in my tax return for 2024 online on 20th June. The Eu deposit interest was greater than €5,000 but when I clicked on 2024 return, it was already pre populated with all the information about my occupational pension etc, so I just added the amount of EU deposit interest (Excluding UK) and submitted it. Two weeks later I got an email telling me there was a message online with a request for bank documents, so I uploaded them online to Revenue, on 8th July, but still awaiting Statement of Liability or any other reply. How long is normal to wait for them to calculate Statement of Liability?
 
I meant bank statements from EU banks showing interest earned in EU (excluding UK) having invested via raisin.ie.
Thanks guys for replying.
 
Since your deposit income is over €5,000 you may be "invited" to register for Self-assessment and fill in a Form 11 on ROS.
 
I did get my statement of liability for 2024 tax on EU deposit income which was over €5,000 and paid it. I was indeed told that I have to register for self-assessment and file Form 11 on ROS from now on.
My question to you guys is: Do I have to pay Preliminary tax on my 2025 EU Deposit Interest (which will also be over €5,000) now that I am a chargeable person and filing a form 11 on ROS?
 
Yes, you have 2 options
1. Pay the same amount as 2024 tax
2. Pay at least 90% of the 2025 amount

You can choose whichever option you prefer
 
tiarnalamh said:
Do I have to pay Preliminary tax on my 2025 EU Deposit Interest (which will also be over €5,000) now that I am a chargeable person and filing a form 11 on ROS?
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I was wondering the same. I just paid the 2024 tax this weekend, with October 25 deadline. Was that just an extension as first time using ROS. I was wondering about 2025.
So if now a 'chargeable ROS person' is Oct of the same year the deadline for paying tax on income earned. I won't have accurate figures until end of year. Some banks, will not pay out interest until 2026, even though a 3 month term closed in July 25.

@jpd would you know is it better to over pay than under pay? Can you get refunded later?
"1. Pay the same amount as 2024 tax "(too much)
2. Pay at least 90% of the 2025 amount (unclear what to include. Is it the date interest passes on that counts, or date interest earned. Thank you.
 
You questions about self assessment and preliminary tax may be addressed here or in the further guidance documents linked at the end of the relevant pages?

A guide to self-assessment

This page outlines the basic principles of the self-assessment system as it applies to Income Tax and Capital Gains Tax (CGT)
www.revenue.ie www.revenue.ie

What is preliminary tax?

This page utlines what preliminary tax is.
www.revenue.ie www.revenue.ie
 
Thanks jpd for the yes answer. The articles on Revenue ClubMan about preliminary tax were more for businesses, but thanks for the links.
It does mean I pay tax twice within a few months but I realise the first one (being on My Accounts) is really a year behind, so I'm on catch up when moving to ROS.
Appreciate all the help from this forum. I'd really be lost without you all.
 
Those guides that Clubman linked to are for Individuals - including self-employed

The only problem with paying 90% of this year's tax is that you have to estimate what tax is due. If you under-estimate the tax due and end up paying less than 90% you could be liable for penalties and interest.
 
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