Hi folks,
Looking for some input to understand how best to resolve a tax issue which is preventing revenue issuing me a tax clearance cert.
The issue appears to be because I did not declare discounted shares I received in 2011 and 2012 through an employee share purchase plan. I have not sold these shares but the revenue have flagged these years as outstanding and it looks like I need to complete a form 11 for these years now.
My only defence is that I did not understand the tax implications at the time and I had incorrectly & naively assumed my company managed any tax implications of the espp on my behalf given they were handling my paye.
Having looked into it, I'm now concerned that I may be liable for fees and charges which will be calculated as a percentage of my overall tax liability for each of those years (including the paye tax paid in those years) and not just calculated based on the amount owing.
My questions are as follows:
1. Can anyone confirm what the formula is that the revenue could apply here in a theoretical scenario where my total tax paid in 2011 was 25k and the total undeclared benefit/income that I received for acquiring the shares at 15% below market value in 2011 was 750e.
2. Can anyone advise on how best to proceed here based on their experience dealing with similar issues or how severe the revenue typically handle scenarios like this?
3. Should I just go ahead and complete form 11 online and wait for the outcome, Or is there a different avenue to take with the revenue to try to plead my (weak) case?
4. Would there be any benefit in getting an accountant to help here to help plead my case or is that just throwing good money after bad?
Sincerely appreciate any input or advice with this, many thanks in advance.
Looking for some input to understand how best to resolve a tax issue which is preventing revenue issuing me a tax clearance cert.
The issue appears to be because I did not declare discounted shares I received in 2011 and 2012 through an employee share purchase plan. I have not sold these shares but the revenue have flagged these years as outstanding and it looks like I need to complete a form 11 for these years now.
My only defence is that I did not understand the tax implications at the time and I had incorrectly & naively assumed my company managed any tax implications of the espp on my behalf given they were handling my paye.
Having looked into it, I'm now concerned that I may be liable for fees and charges which will be calculated as a percentage of my overall tax liability for each of those years (including the paye tax paid in those years) and not just calculated based on the amount owing.
My questions are as follows:
1. Can anyone confirm what the formula is that the revenue could apply here in a theoretical scenario where my total tax paid in 2011 was 25k and the total undeclared benefit/income that I received for acquiring the shares at 15% below market value in 2011 was 750e.
2. Can anyone advise on how best to proceed here based on their experience dealing with similar issues or how severe the revenue typically handle scenarios like this?
3. Should I just go ahead and complete form 11 online and wait for the outcome, Or is there a different avenue to take with the revenue to try to plead my (weak) case?
4. Would there be any benefit in getting an accountant to help here to help plead my case or is that just throwing good money after bad?
Sincerely appreciate any input or advice with this, many thanks in advance.