Form 11 - when do I pay?

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honkytonk

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Hi,

I submitted a Revenue form 11 for 2010 before the end October deadline this year.

I expected to get a letter from Revenue with a calculation of tax due and demand for payment.

Should I wait for a payment demand or pay now based on my own calculations?

Thanks.
 
31 October's the deadline for filing and payment.

You should have calculated any tax due yourself and submitted payment with the return.

If you want Revenue to calculate your liability, you need to submit the return well in advance of the deadline to leave enough time for them to send you a notice of assessment and for you to pay any tax due.

You should submit any required payment ASAP as if there is a liability, interest is accruing on a daily basis. You also need to pay 2011 preliminary tax on or before 31 October 2011 (for which interest may also be accruing).
 
Oops... Thanks Gekko

I submitted the form in August. Not early enough for them to calculate the liability?

Will send them a cheque this week.

If I send them a cheque, but owe interest, will they follow up with a request for the interest payment?
 
honkytonk said:
Oops... Thanks Gekko

I submitted the form in August. Not early enough for them to calculate the liability?

Will send them a cheque this week.

If I send them a cheque, but owe interest, will they follow up with a request for the interest payment?
Click to expand...

Probably...it depends how much the liability is.

You should also pay preliminary tax for 2011 (equal to either 100% of your 2010 liability or 90% of your 2011 liability).

Back in the good old days, interest demands were like hens' teeth but nowadays Revenue tend to issue interest demands unless the amount involved is mickey mouse.
 
The liability was only about €700 from gains on a Rabodirect fund.

Don't need to worry about 2011 preliminary tax, as I've no 2011 gains.

Thanks for the responses.
 
The interest charge would be approximately €6 if you paid the tax tomorrow (i.e. €700 x 0.0219% x 41 days).

Revenue are unlikely to attempt to collect interest in this instance.
 
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