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Pension contributions on Form 11

  • 20-10-2018 7:21pm
    #1
    NEDDURC
    Registered Users, Registered Users 2 Posts: 452 ✭✭


    It's my first time filling in form 11 as I'm a new landlord in 2017.

    Majority of my income is still from PAYE employed work. When I put in my gross income and can't see where to deduct my pension contributions to get to taxable pay to agree back to my Dec 17 payslip? The pension contribution section seems to be for PRSA, RAC and QOPP. The pension I contribute to is an occupational pension.
    I've currently just entered the amounts as allowable deductions incurred in employment but don't think that's correct section but seems to get me to my taxable income.


Comments

  • #2
    Geuze
    Registered Users, Registered Users 2 Posts: 13,874 ✭✭✭✭Geuze


    First of all, make sure that you really need to use Form 11, as Form 12 is much easier.


  • #3
    Stratvs
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭Stratvs


    AFAIK if the occupational pension contributions have already been tax relieved at source on the net pay arrangement then you do not involve it in the Form 11 (or form 12). You just enter the gross pay for tax purposes ( which is after deducting the pension contributions), tax paid, gross pay for usc and usc paid all per the p60.


  • #4
    spoiler
    Registered Users, Registered Users 2 Posts: 38 ✭spoiler


    If it's an employment pension where deductions have already taken place you don't put it in. You only enter pension if you are contributing yourself ie your own PRSA.


  • #5
    NEDDURC
    Registered Users, Registered Users 2 Posts: 452 ✭✭NEDDURC


    Thanks - think I need to do Form 11 alright, as I have CGT and dividends too.
    So, I just net the deductions off of the gross. Seems strange. As Gross says - see P60 which shows the true gross before pension deductions. I'm a little concerned that the number won't match the P60 then but I can't see anywhere else to put the deductions - or is my P60 wrong?!


  • #6
    Stratvs
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭Stratvs


    Why are you netting things? The taxable pay per the p60 is what goes on the form 11/12. That taxable pay figure on the p60 is already reduced by the pension contributions. It is not the gross before pension. You don’t do anything more to it. That’s the amount returned to revenue by the employer and your entry from the p60 should match that.
    Say your gross before pension is €45,000 and your pension contributions relieved for tax through Payroll come to €5,000. Then your p60 will show taxable pay of €40,000. That’s what goes on the form as gross for tax purposes.
    By way of further illustration if you look at p60 you’ll see pay for usc will be higher than pay for tax, that’s because pension contributions are tax deductible but not usc deductible.


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