Form 11 registration

H

Hayman

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There is a threshold of 5k that you may earn as non PAYE income and you dont need to register for self assessment and a Form 11, simply balance your taxes with revenue via a year end statement which all works well and is quite a straightforward process. As a one off I had $50 over the 5k threshold in last years income & revenue has asked me to register for self assessment and file a form 11 going forward. Thing is this, that was a one off level of non paye income last year and I wont hit the 5k again for a number of years anyway. Id really like to not be self assessed and get into filing a form 11 as its a lot of additional admin with prelim tax and cost to get someone to file, do I have a basis to not register for the form 11 as per revenues instruction? Any insights welcome...
 
I was reluctant to do form11 also. However, Revenue asked for it in any event and it took a wee bit of getting used to, but now it's a fairly straightforward exercise as I know what they want and the way to report it. I always file early so I'm not under pressure. Just did my a few weeks ago, and glad it's out of the way.
 
"its a lot of additional admin with prelim tax and cost to get someone to file"

Not really.
Submission is online, and you can fill in the return on the ROS site, which works out your tax liability.
With less than €5000 non-Paye income it should not be complicated to put in the income, be it a small profit and loss account, foreign pension or rent, contract income etc. There is a help file on the Revenue website. You do not need to pay anyone to make the submission.
In future years, the form will be pre-filled, so you just have to make any relevant changes.
 
Also, i use form all offline and upload when I have it finalised. This is a really handy tool. See: [broken link removed]
 
What is the advantage of doing it offline?

I prepare it online and only submit it when I am happy with the calculation
 
jpd said:
What is the advantage of doing it offline?

I prepare it online and only submit it when I am happy with the calculation
Click to expand...
It's a while since I had to do one but that's how I used to do it too. Incrementally fill it out online and save it and only submit it when complete.
 
Hayman said:
There is a threshold of 5k that you may earn as non PAYE income and you dont need to register for self assessment and a Form 11, simply balance your taxes with revenue via a year end statement which all works well and is quite a straightforward process. As a one off I had $50 over the 5k threshold in last years income & revenue has asked me to register for self assessment and file a form 11 going forward. Thing is this, that was a one off level of non paye income last year and I wont hit the 5k again for a number of years anyway. Id really like to not be self assessed and get into filing a form 11 as its a lot of additional admin with prelim tax and cost to get someone to file, do I have a basis to not register for the form 11 as per revenues instruction? Any insights welcome...
Click to expand...

I wonder if there's a way you can pop that extra €50 into a pension to bring that assessable income down to €4,999.99?

Another issue may be PRSI. Because you breached the 5k threshold, it seems you could now be in Class S territory as a chargeable person where your PRSI contribution is either 4% of your income or €500, whichever is greater.
I've possibly misunderstood this, but it looks like by earning that extra €50 and crossing the threshold, you could be liable for the €500 Class S PRSI minimum. https://www.citizensinformation.ie/...ystem/social_insurance_prsi/class_S_prsi.html

I'm also earning non-PAYE income, but I'm going to ensure not to earn more than €5,000 in non-PAYE income due to that PRSI rule. According to this page, PRSI is zero for non-PAYE income less than €5,000 https://www.citizensinformation.ie/.../how_to_comply_with_your_tax_obligations.html

I'm also a PAYE employee which complicates things somewhat, I'm still not really sure if this rule applies to me or not.
 
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