What’s New in the 2023 Form 11 Tax Return?

Revenue updates the tax return form every year for budgetary and operational reasons, and this year is no different. Here are two things to look out for:

 

 

From 1 July 2023 the new online system called NLWT became operational.

 

On the income tax return there is a new section that should be pre-populated in respect of gross rental income and withholding tax, as processed through the NLWT.

 

 

This credit was introduced for 2023 with a view on easing the burden of the cost-of-living crisis along with certain mortgage interest rate increases.

 

A new section has been added to the tax form to enable claiming of the Mortgage Interest Tax Credit.

 

In this section you will need to answer some qualifying questions. You will need to know the value of the mortgage on 31 December 2022, the interest paid on your mortgage in 2022 and in 2023.

 

 

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 2023 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.