Form 11 Return of Income – Income Tax Return
- Have you received a From 11 from the Revenue Commissioners?
- Did you become self employed in 2013 or receive non paye income ?
The Form 11 is a self-assessment Tax Return and is mandatory if you have income from sources other than PAYE, or are deemed a chargeable person.
Most PAYE employees will not have to complete a Form 11, but will need to do so if you earn more than €50,000 of gross non-PAYE income, or greater than €3,175 of net income in a tax year or are deemed a chargeable person.
You are also required to complete a tax return if you exercise share options, open a foreign bank account, invest in an offshore fund or realise capital gains – the extent of your income will decide if it is a Form 11 or Form 12 return.
Form 11 – different versions
There are three different versions of the Income Tax return forms for self-assessed individuals for 2013: Form 11, Form 11E and Form 11S.
- The Form 11 is the most complete version of the individual’s tax return form. It contains fields on all sources of income and all deductions, allowances, reliefs and credits. This is primarily a ROS form. There will be no printed version of this form and it will not be sent out as part of the general issue of forms. However, there will be a pdf version available on the Revenue website.
- The Form 11E has expanded this year and is the most complete version of the form that will be printed. The only fields dropped from this version of the form 11 are those that make an individual a mandatory e-filer, such as Restriction of Reliefs panel, Foreign Life Policies, Offshore Funds, etc.
- The Form 11S is a new form. This is the shortest and simplest of the Income Tax return forms. It will be sent to a targeted audience of customers whose affairs are not overly complex. There will be no printed stock version of this form, nor will the form be available on the Revenue website.
Different income types assessable under Form 11 include:
- PAYE Income
- Rental Income
- Dividend Income
- Foreign incomes
Are you Self-Employed? Have you become or a Director?
If you are a ‘chargeable person’ (subject to self-assessment – typically self-employed or a Director or own more than 15% of a company), you will have to complete the Form 11. This is the case even if your income is largely or wholly from PAYE sources.
Deadline to file and pay the Form 11?
[red_callout]The Deadline to file and pay for the Form 11 2013 is 31st of October 2014. However if you file and Pay and pay online you can avail of the extended deadline to 13th November 2014. [/red_callout]
[yellow_callout]If you do have to complete a Form 11 this does not mean you owe money – in many cases you may be due a refund.[/yellow_callout]
Preliminary Income Tax
[green_callout]If you are required to complete a Form 11, you may also need to make a preliminary tax payment. This is also due to be paid on or before the 31st of October. [/green_callout]