Query re tax credits and PRSA on form 11

3

3CC

Registered User
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Hi All,

I am a regular PAYE employee - but I need to fill out form 11 due to owning ETFs.

I have 2 questions and I would be very grateful if someone could shed some light on these.

1) There always seems to be a small difference between the tax due on form 11 and that on my December payslip. I understand that DIRT and medical expenses will change it a bit, but this is something else. It seems that Revenue are giving me €3300 of tax credits, whereas my employer is giving me €3448.68 (in 2021). They seem to have given me ~€148 extra in 2022 also? So I am wondering - have I missed a tax credit on my form 11? Or has my employer just got the tax credit wrong?

2) I have a PRSA though work but all my deductions are made through payroll and all the tax is already sorted there. I see a section for PRSAs on both the PAYE/BIK/Pensions (2) page and on the Charges and Deductions page of form 11. I read the help but I am still unclear on this. Could anyone explain what to do here?

Many thanks...
 
Thanks for the response Protocol.

I had searched for my tax credit cert on ROS but could not find it. I just tried MyAccount and I see that the extra credit is for Retirement Annuity Relief. I have an RAC but I have not contributed to it in a while as I now have a company PRSA. So I guess it is just an error.
 
You should remove the credit for the Retirement Annuity Relief for 2022 via MyAccount then if you are not eligible for it otherwise it will keep been added in each year untill you take it off or tell Revenue to take it off.
 
relax carry on said:
You should remove the credit for the Retirement Annuity Relief for 2022 via MyAccount then if you are not eligible for it otherwise it will keep been added in each year untill you take it off or tell Revenue to take it off.
Click to expand...
Perfect - I'll do that...
 

Regarding your second question, I'm in the same situation as I have a PRSA from work.

Each year I always wonder if I'm doing the right thing by not adding anything on the PRSA/Pensions section of the Form 11, but adding any figures there throws off the calculations at the end (it tries to deduct more taxes).

So I see it the same way as you do, the deductions already occur in the payroll and Revenue should already be aware of the PRSA as obviously no tax is being taken on that part of my gross salary reserved for the PRSA. Also, the rest of employees not having to fill the form 11 (because they don't have anything needed declaring via that form - I do it only because of ESPP) are not declaring that either.

But if anybody else knows better, please let us know.
 
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