I'm taxed through PAYE and make annual returns through the PAYE Anytime sytem. I've also got a few ETFs. It's my understanding that ETF distributions are to be declared to Revenue via form 11 in the ROS system. Whereas my PAYE returns are up to date, recently I've been somewhat late in declaring the ETF distributions. But when I make the form 11 return it calculates a late return penalty not on the ETF distribution but on all my income, i.e. income that has already been declared and taxed in the PAYE system. I've no problem paying a late return penalty on the EFT distribution but a penalty calculated on all my income wipes out almost all income from the ETF.
Can I just declare the ETF distribution on form 11 to Revenue and leave out the already declared PAYE income or am I stuck with a penalty on income that has already been declared and taxed via PAYE?
Can I just declare the ETF distribution on form 11 to Revenue and leave out the already declared PAYE income or am I stuck with a penalty on income that has already been declared and taxed via PAYE?