Tax Return Help

Discussion in 'Tax' started by dazmck10, Feb 9, 2018.

  1. dazmck10

    dazmck10 Registered User

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    Last edited: Feb 10, 2018
    Hello,

    If you are a PAYE employee and you have:
    1. A Bank of Ireland savings account earning interest.
    2. An Irish Life investment fund savings plan (such as MAPS, Consensus Fund).
    3. A PRSA pension which you contribute to from salary (net pay arrangement, under 15% limit, no employer contributions).
    Is there any obligation to file a tax return?

    Thanks
     
    Last edited: Feb 10, 2018
  2. Taxpert

    Taxpert Registered User

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    39
    If you have any income not captured under your paye system you must declare that income for tax purposes.
     
  3. dazmck10

    dazmck10 Registered User

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    28
    Hmm my understanding was that funds from life assurance companies do not create an obligation to file a return.

    I assumed the same could be said for a BoI savings account?
     
  4. abc_xyz

    abc_xyz New Member

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    9
    If the amount of interest from the savings account goes over the threshold you will have to file a return. The threshold used to be about €3200 but is now €5000 I think. I could be wrong about the amounts.
    I don't believe either of the other two could trigger having to file a return. You might have to file a return if you start contributing outside of pay but I'm not sure about that.
     
  5. dazmck10

    dazmck10 Registered User

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    28
    Last edited: Feb 12, 2018
    Thanks for the response.

    The interest from the BoI saving accounts would be less than €1k.

    And yes I think you are correct in regards to PRSA.
    I think if contributions are made outside of the net pay arrangement then you would need to file a return to claim relief.

    Also, If you sell your holdings in an Irish Life fund, this wouldn't trigger a tax return right?
     
    Last edited: Feb 12, 2018
  6. dazmck10

    dazmck10 Registered User

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    Last edited: Feb 12, 2018
    Does anybody know?

    Thanks
     
    Last edited: Feb 12, 2018
  7. abc_xyz

    abc_xyz New Member

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    9
    I don't believe so.