What is a Form 12?
The Form 12 is a tax return to be completed by a person whose main source of income is from a PAYE employment or a pension. Non-proprietary directors (directors who own <15% of the issued share capital of a company) also complete the form.
Why Did You Receive a Form 12?
The Revenue Commissioners have confirmed people can be chosen at random and these people are obliged to file a Form 12 tax return.
Most PAYE taxpayers assume the requirement to file a tax return doesn’t apply to them but it is very easy to fall into the self-assessment tax system. If you are a PAYE taxpayer who has income from other sources such as:
- Profits from rents
- Investment income – dividends
- Fees paid to you outside of your salary
- Foreign income or foreign pensions
- Share options
- You’ve opened a foreign bank account
- You’ve acquired a foreign life policy
- You’ve acquired a material interest in an offshore product or fund
- You’ve sold an asset – subject to potential capital gains tax
- You’ve received a substantial inheritance or gift – capital acquisitions tax
then you are obliged to file a Form 12.
Oh no, I have to file a tax return!
Don’t worry! We are here to help. Filing a tax return has its merits! Filing a return allows you claim tax relief on a variety of tax credits and allowances e.g. medical expenses, rent paid, tuition fees paid etc. You can submit claims for the last four years and you never know, Revenue may owe you a nice refund. So get in touch now and we can advise you on the next step to take.
What is the Deadline to file and pay the Form 12?
The Deadline to file and pay for the Form 12 2011 is the 31st of October 2012. If you File and Pay online through ROS you can avail of the extended deadline to Mid November 2012.
Remember
Preliminary Income Tax
