Every year Revenue update the self-assessment tax return forms. Here are 3 of the updates to the Form 11 for 2019 that you should be aware of:
1. Spouse’s PPSN
Where a married couple are jointly assessed it is now mandatory to add a spouse’s accurate and verified PPS number.
You should note that once these details are input then the records of both spouses are linked on Revenue’s record and both spouses have access to the information on those records. If the wrong PPSN is used it could result in an incorrect link and could risk data being disclosed in error.
2. COVID-19 Relief
The Terminal Loss Relief sub-panel has been is updated with additional questions so self-employed individuals, whose business activities have been adversely impacted by COVID-19 restrictions, can claim for loss relief.
Self-employed individuals who made a profit in 2019 but will incur losses in 2020 can carry back a maximum of €25,000 of 2020 losses (and certain capital allowances) to reduce their 2019 taxable profits.
The Form 11 asks a series of questions about the losses carried back, if you are claiming interim relief and you also need to confirm you are tax compliant.
3. Late filing surcharge for directors
For directors, the late filing surcharge has always been calculated on the amount of tax due before the credit for PAYE deducted at source was taken into account.
In the past this method of calculating the surcharge for directors was only applied where the proprietary director marker was ticked in the personal details section of the form.
For the 2019 return this remains the case.
In addition to this, however, this method of calculating the surcharge for late filing will also be applied if any employment in the PAYE section of the return is marked as “Directorship”
Directors, in particular, should ensure they file on time to ensure they don’t find themselves with a hefty surcharge.
Your accountant should be aware of all the new elements to the Form 11 and be able to guide you through it when they are filing your 2019 Tax Return. At TaxAssist Accountants we have worked with thousands of individuals across Ireland on their tax returns. If you need assistance filing your income tax return you can call us on 1800 98 76 09 or submit an enquiry online to book your free initial consultation.
Last updated: 24th September 2020
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.