Full-time work and self-employment - Form11

greg45

Hi there,

I'm looking for some advice regarding filling in the Form11 for 2012. I was full time employee and self-employed at the same time. Haven't got any income from self-employment and earned about 20k from my full time work. Now, when I fill in the Form11 online it looks like I owe to the revenue around €600. I already paid the tax from my full time work, am I doing something wrong here? Thanks for any help.

Bold Abdu

Have you included the PAYE credit in your comp'?

Are you single/married? Wife work? How much did she earn? How much tax/USC did you pay on salary per P60?

greg45

I'm single, I paid around €900 tax and €700 USC. There was a helping table in the Form 11 with what I earned and I typed in that info below to Employments, USC and Tax fields. As for the PAYE credit, I wasn't sure should I tick that box or not, when I do there is an overpayment, is it possible they owe me a few hundreds?

Bold Abdu

You say you earned €20k. Tax this at 20%=€4,000. Add USC of €10,036 @2% + €5,980 @ €4% + balance of €3,984 @ 7% = €4,718.80. Subtract from this your personal credit of €1,650 & PAYE credit of €1,650. That equals total tax & USC payable of €1,418.80.

Finally, subtract from this the tax & USC already deducted of €1,600 to give you an overpayment of €181.20.

That's how it's calculated. Double check my comp' as I did it in my head in a hurry.

greg45

Yes, that makes sense, thanks for your help!

mango1977

Hi
can you help .I am full time employee but I'm also self-employed.Got my P60 for 2012.and earned a little from self employment.Should I add two income together in form 11??PRSI is less then mini 253 so means I have to pay 253??evenif my net profit was 810???

hillbloom

Hi Bold Just want to compliment you for making up the returns. I like dealing with figures but you are a wizard!!! Could you give me a crash course!!

Cuileannach

Hi guys,
Just wondering if yee could help me too? I was a student for all of 2012, bar Jan when I earned €2534.56, with no tax deducted and paid 74.04 (USC). From then on I was a fulltime student. However I did freelance
translation work. This was contract work and I received a F45 (WITHHOLDING TAX FROM PAYMENTS FOR PROFESSIONAL SERVICES) with
each payment. In the year 2012 I received 4 remittance slips. I
received a total of €6990, while €1398 of this was kept as "withheld tax'
and put into line A3 on the F45 (appropriate tax deducted). I also
paid 5979 in student fees for myself this year.

I think I am exempt from USC but have no idea what Im meant to do about PRSI?? Do I pay 253 or as a student am I exempt??

So confused!!!
Any help would be really appreciated!

Citizenpain

Individuals are exempt from paying the USC where their total income for 2012 does not exceed €10,036

Either Register for ROS and complete a Return online or print off a Form 11 and post it in to Revenue .... you are due a nice bit of tax back which will more than cover the 253 PRSI you owe

Bold Abdu

Cuileannach, you're running at a refund of €1,192.

Assuming they are qualifying tuition fees you will get relief on €3,479 (€5,979 - €2,500) at 20% = €696 of a tax credit. You would have to have paid some tax in 2013 to claim the tax back obviously.

Citizenpain

Bold Abdu wrote: »

Cuileannach, you're running at a refund of €1,192.

Assuming they are qualifying tuition fees you will get relief on €3,479 (€5,979 - €2,500) at 20% = €696 of a tax credit. You would have to have paid some tax in 2013 to claim the tax back obviously.

I calculate it at €1,219

Bold Abdu

Citizenpain wrote: »

I calculate it at €1,219

That's because you only charged €253 PRSI as opposed to €279 (€6,990 * 4%).

I'm sure he/she could still reduce this by a few quid by including some expenses against freelance work. Might save a tenner!

Citizenpain

Bold Abdu wrote: »

That's because you only charged €253 PRSI as opposed to €279 (€6,990 * 4%).

I'm sure he/she could still reduce this by a few quid by including some expenses against freelance work. Might save a tenner!

opps ; my bad

Cuileannach

Thanks very much guys, that has really cleared it up for me!

Cuileannach

Actually, sorry guys, Im still confused... do you mind explaining how you got the €1192? Sorry- really new to this!!

Bold Abdu

You pay no tax - covered by credits.
You pay no USC - below threshold
PRSI - €279 (see above)

So you get back the PSWT & USC you paid less the PRSI you owe.

Sorry, on phone, so difficult to lay it out any better than that.