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Last month the Revenue Commissioners published an eBrief to employers that operate share schemes. It reminded employers of their obligation to meet their filing requirements by the due date of 31 March 2022.
 
Each year employers are obliged to provide Revenue with a return on their share schemes. This form details the awards given to each employee along with their PPS numbers. If you have been given shares by your employer, then your details are in the tax system and unpaid tax will be pursued.
 
Sometimes, people assume their broker or employer has looked after the tax, however this is not the case. It is your responsibility to calculate the tax and file the necessary tax returns. In most cases you will have to pay tax twice – Income Tax when you receive shares and Capital Gains Tax when you sell them.
 
Revenue can treat late cases quite severely. Failure to file returns will result in significant extra charges.
 
Speaking on the current situation TaxAssist Accountants managing director, Alison McGinley, said “since the Revenue reminder we have had a huge increase in calls from employees who have been warned by their employer to file their returns. We are advising people not to panic at this stage. The most important thing is to not to ignore Revenue and if you are concerned with the tax returns process to reach out for help from a professional.”
 
If you need assistance with your tax returns, simply contact us today. Our accountants offer competitive pricing with flexible appointment times and are dedicated to offering a professional, friendly service.
 

Date published 3 Mar 2022

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