Preliminary Tax Payment Query

J

JimmyCorkhill

Registered User
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Hey,

I am a PAYE worker but submit a Form 11 due to having Share Options via the employer.

When submitting my 2019 return, I paid a preliminary 2020 tax payment of €400.

Now when submitting my 2020 income tax, it turns out I have overpaid by around €40 in addition to the €400 preliminary tax payment. So I am due a total refund of €440.

I have two questions:

1. In the Sign & Submit section of the Form 11 which brings me to the Statement of Net Liabilities (Pay and File) for 2020 there is a part saying "Income Tax Balancing Amount 2020" and the option to click Refund if it is a refund. Should I input the €40 or the €440 figure here? I am due €440 back but not sure if the Preliminary Tax I paid for 2020 is refunded in a different way.
2. Should I make a preliminary tax payment for 2021? If so, what should I base the amount on?

Thank you
 
Q2 Your preliminary tax payment for 2021 is
1. 90% of the tax due - if you can estimate this figure with 6 weeks of 2021 left, well and good or
2. 100% of the 2020 tax due - this will be shown on your 2020 tax schedule - deduct the PAYE tax and what's left is the non-PAYE

In any case, Revenue will not be chasing you for a small sum such as € 400 or whatever it will be for 2021
 
jpd said:
Q2 Your preliminary tax payment for 2021 is
1. 90% of the tax due - if you can estimate this figure with 6 weeks of 2021 left, well and good or
2. 100% of the 2020 tax due - this will be shown on your 2020 tax schedule - deduct the PAYE tax and what's left is the non-PAYE

In any case, Revenue will not be chasing you for a small sum such as € 400 or whatever it will be for 2021
Click to expand...
Thanks for your response.

So going back to your post and in particular point 2 to estimate the preliminary tax payment for 2021 - based on 100% of the 2020 tax due.

As 99% of my income was PAYE and tax would have been deducted/paid monthly via employer, is it only the non PAYE income I need to consider for the purposes of the preliminary tax?

Thanks
 
Last edited:
No, CGT is a completely separate tax with different payment dates

Note that Capital Gains exclude any gains on ETFs, Investment funds, etc (deemed or realised) which are taxed under the Exit Tax regime and so treated as Income Tax. Preliminary Income Tax rules apply to them
 
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