Part of a Share Scheme? Expect to hear from Revenue very soon

31 March 2022 is the deadline for employers that operated employee share incentive schemes in 2021 to file their returns with the Revenue Commissioners.

This form details the awards given to each employee along with their PPS numbers. 

What this means for employees is that if you have been given shares by your employer, then your details are now in the tax system and unpaid tax will be pursued.

When you get shares for your employer you need to pay income tax. Sometimes, people assume their broker or employer has looked after the tax, however this is not always the case. It is your responsibility to calculate the tax and file the necessary tax returns. 

Also remember if you sell shares you will need to file and pay Capital Gains Tax.

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 “in recent weeks we have seen 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.

Read more about paying tax on shares here.

Date published 29 Mar 2022