Irish Revenue Notification

L

Lulux77

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Can anybody tell me how i notify Irish Revenue about a current account i recently opened with a bank in Northern Ireland. I will be adding to this account over the coming weeks/months by exchanging my euros for sterling.This account does not attract any interest. I've had a look at Form12 and there is no provision on this for my situation. I'm an Irish PAYE worker. Any advice?
 
If you're not earning any interest and the money being lodged is all above board then I'm not sure that you need to inform Revenue about it at all.
 
Any 'foreign' bank account newly opened in 2011 must be recorded on 2011 form 11 income tax return
 
I see. So somebody who is otherwise PAYE only will have to do a Form 11/ROS self assessed return if they open such an account? With the 2011 return due by October 31st/November 15th 2012.
 
T.McGibney .Yes I'm aware that all newly opened foreign bank accounts must be notified to revenue and that's exactly what I want to do ... but my problem is.... i cannot find a means of doing so through any of the forms available on the Revenue site. Form 12 asks about income from foreign investments/accounts of which in my case there will be none and I think Form 11 is only for individuals chargeable under self assessment not PAYE employees.
 
But when you open a foreign bank account that makes you a chargeable person who must submit a Form 11 for that year. So you opened the bank account in 2011, you will have to return a form 11 in respect of the year ended 31/12/2011, before 31/10/2012.
 
There is nothing stopping you just adding a note to the Form 12 or just writing separately to Revenue to inform them that you hold this account. They do accept information outside of the scope of the standard forms in my experience. In case of any confusion PAYE workers are not obliged to do a Form 12 return every year. Normally you only need to do this if Revenue unilaterally ask you to or you have significant changes in you tax situation that merits filing one. Other smaller tweaks can be notified to them by email or letter.

But if the act of opening such an account makes you a chargeable person then I guess it's welcome to the world of self assessment and you have my sympathies!
 

This is bizarre 'advice'. Opening a foreign bank account creates an obligation to file a Form 11. This is confirmed by earlier posts here. Failing to observe this obligation leaves the taxpayer at risk of tax default and may have serious consequences for holders of 'undisclosed' accounts. Filing a form 12 with attachments does not negate this obligation.
 
Sorry - I'm not advising anybody who is obliged to file a Form 11/self assessed return not to do this.
 
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