Looking for Help on filling out Form 12

Flute

Registered User
Messages
8
Hi Guy’s

I have to fill out a Form 12 and need some help, I have never filled in one of these before. I apologize for the post it’s a bit long, but I was trying to put some order to it, and have each of the sections as they come up in the Form 12. I have looked at some other posts on the Form 12 and still have some questions I am not sure on, I would really appreciate any help at all.

Section 4 - Pension - I and my company pay into my pension, I pay 1700 and the company 3600, do I put any of this in Section 4. Any deductions for my pension show up in my payslip, I don’t have any AVC’s or PRSA funds. Do I need to put in my pension information.

Section 17 - Irish Deposit Interest - I have money in a current account makes a few pence on interest does that go in. What is taxed at 25% and what is taxed at 28%.

Section 19/22 - Dividends - I receive dividends each year on shares I have in the company, but I was looking at my statement and see that tax is already deducted from these. Do I put these in section 19, and if so do I put in the gross and then the net. (I work for an American Multinational – Section 19 is Dividends of Companies resident in the State). Or do I put them in section 22 – US dividends. But if I put them in this section how do I show tax is already paid. Is this section only if I receive dividends in a US company that has no base in Ireland say like Boeing.

Section 51 - Medical Insurance - My health insurance is paid for by work but I believe I pay BIK on it (in my pay slip it has ERS BIK PRSI, BIK Notional and Annual BIK EST), do I put in the full amount in Section 51, how do I know the amount of age related tax credit in respect of this premium. Or do I put it in section 8 (Benefits from Employment) as my health insurance is paid for by my employer.

Section 57 - Owner Occupier Relief on a residential property in a designated area - I have a house and mortgage and get the interest relief on this, but I assume I do not have to put in this Section 57, as my house is not covered under Section 68.

Section 65 – Employee Share Purchase – I put my bonus twice a year into buying shares, should they go in here. What is a lifetime limit of 6350 for, I pay full price for the shares, they are not discounted, or should they go into Section 67 below.

Section 67 - Capital Gains and Chargeable Assets - I put my bonus into shares, (an approved profit sharing scheme) and after 3 years these can be sold, as far as I am aware I have an allowance of 1270 euro a year, so am I right in saying that once I am below this I do not have any tax to pay, but still have to show it on the Form 12. Also anything over 1270 is CGT, is it 25% now.
If I made a loss on these shares, do I put the, in Section 67

I receive RSU’s from work. I have a statement that says how many RSU’s vested for the year, but where do I enter this on the Form 12, I think these are taxed as income tax, but are they considered a BIK, as they are actually given as part of remuneration.
Would they go in Section 16 - Untaxed Income arising in the state.

Thanks for even taking the time to look at this, I know there is a lot in it. I hope some of you don't mind giving advice on how to fill it out, although I have a feeling I will be told to get an accountant.
 
Some questions you could clarify

Are you a PAYE worker ? If so is it a rental income you need to declare ? Did revenue ask you to fill this in ?
 
Hi Elcato,

Yes i am a PAYE worker, and will have rental income to put in as well. And yes the revenue sent it out to me to be filled in.
 
I usually fill in the part which refers to rental income only as I have the pension, health and travel schemes paid thru' the PAYE system monthly. I have not had any problem with revenue with this for the last few years. Having said that I dont take part in the employee purchase scheme and I believe even if you have paid the 6 monthly tax on these you need to fill that part in (The tax is due when you receive the shares at the end of each six monthly block). RSU's are probably treated the same.
 
My pension and health insurance stuff is paid for thru work on the PAYE system also, so I don't need to show that? I was just unsure if i pay tax as it is a BIK.
And the shares thru the purchase scheme, I have are sold after 3 years so I think I should be only paying CGT on anything over 1270 a year.
I am unsure of what section to put the RSU's in, I know how many have vested as we get that in a benefit statement at the end of the year, and they will be taxed at 48%.
And I think I put the dividends in section 19 (Companies Resident in the State).
Maybe someone else might have some advice.
Thanks for the help Elcato.
 
Hi Flute,
Did you et any response on the RSU part? i have the same question and im wondering where i identify the RSU vested taxable value and the tax that was paid at source in Form12......?
appreciate any feedback from the group.
thanks,
Eoin
 
There are a lot of questions here but I'll do my best:

Section 4 -Pension => this is for people in receipt of pensions, as in retired people, not people contributing to pensions. If pension dealt with via payroll, you don't have to do anything else and just leave these details out of the form.

Section 17 - Deposit Interest => put in any interest where DIRT has been deducted, whether its a deposit account with a bank, a current account or a CU deposit account. Assume 25%.

US Dividends - Put the gross into panel 22, and put the Irish tax withheld into Panel 24. The Revenue will incorporate the US tax automatically.

Section 51 - put in the gross amount paid by your employer - which should be the same as the 'notional BIK' figure unless you have other BIKs. The annual statement from the medical insurance provider should tell you the amount paid by your employer if you can't get the figure from work. Ignore the age stuff and the bik stuff unless you are 'old'.

Section 57 - if you have to ask about 'owner-occupier' then you are not one and ignore it. This is for people who live in S.23 apartments.

As for your questions about shares - these can't be answered in this format but
- ignore the €6,350 limit as thats not relevant
- Yes 25% on APSS shares is sold for more than 'locked in' value
- Are you sure RSUs were not taxed via the payroll?

I don't think you can use a Form 12 with share scheme income by the way.

And yes - you really should get an accountant. This is fairly basic stuff for an accountant and if you don't want to pay too much - ask for a quote for 'assistance' with the submissions. I'm biased as I'm in the trade - albeit as a tax advisors - but there is a reason we have to go to so many training course etc.

Hope this helps