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.
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.