regvw Registered User
#1

Hi Guys,
looking for a bit of help

I rented my home in August, I think I have done everything correctly registered the rental with PRB, cancelled TRS, got landlord insurance etc

Now I want to get an understanding of what I need to do from tax perspective, I know I need to fill a form 11 or 12 or something by end of October.
wondering what can I claim for or how I can fill this in or if i need an accountant to do so.

any other relevant help would be greatly appreciated
thanks
Reg

ted1 Registered User
#2

regvw said:
Hi Guys,
looking for a bit of help

I rented my home in August, I think I have done everything correctly registered the rental with PRB, cancelled TRS, got landlord insurance etc

Now I want to get an understanding of what I need to do from tax perspective, I know I need to fill a form 11 or 12 or something by end of October.
wondering what can I claim for or how I can fill this in or if i need an accountant to do so.

any other relevant help would be greatly appreciated
thanks
Reg


It’s October next year

Pawwed Rig Category Moderator
#3

August this year or last year? If this year then nothing needs to be declared until next year.

mr_cochise Registered User
#4

You will need to file F12 by October 2019 for the tax year 2018.
If you are a PAYE worker then any tax owed to Revenue will/can be taken by adjusting your tax credits in 2020.

Samuel T. Cogley Registered User
#5

Get an accountant, it tax deducatable and mine does all mine and the wife's tax for his fee.

6 people have thanked this post
regvw Registered User
#6

Hi Guys,
I know I can let this go for the first year to 2019, but I can pay 2018 in October also.

this is my preferred option, I am wondering how much are you paying your accountants for this service and is anyone doing the return themselves, if so is there a list to explain what we can claim

many thanks
Reg

Samuel T. Cogley Registered User
#7

Hi Reg,

IIRC I pay about 350.

ted1 Registered User
#8

regvw said:
Hi Guys,
I know I can let this go for the first year to 2019, but I can pay 2018 in October also.

this is my preferred option, I am wondering how much are you paying your accountants for this service and is anyone doing the return themselves, if so is there a list to explain what we can claim

many thanks
Reg

The tax year is Jan-Dec. You can’t pay 3 months before the end of the tax year as you don’t have the income for the last three months

Spook_ie Registered User
#9

Be aware though that in Oct 2019 you will be expected to also pay preliminary tax for 2019.

2 people have thanked this post
pc7 Moderator
#10

Spook_ie said:
Be aware though that in Oct 2019 you will be expected to also pay preliminary tax for 2019.



Was just about to mention preliminary tax, its a dog. Even though first year or two you will likely be running at a deficit, I'd start a direct debit (even a small amount now) monthly to Revenue to start working towards your prelim tax when the time comes. It can be a right B**tard to be honest. I can't figure out how Revenue get away with it, they must have millions on deposit from it. Pay tax now on money you may not earn.

regvw Registered User
#11

god what is preliminary tax

what is IIRC Samuel

thanks Guys

will I make anything out of this at all when everything is paid

Reg

kceire Moderator
#12

regvw said:
god what is preliminary tax

what is IIRC Samuel

thanks Guys

will I make anything out of this at all when everything is paid

Reg


Pre Lim Tax - Payments now to offset your liability for next year.
IIRC - If I Recall Correctly

Profit - most likely no after all taxes and fees and expenses, but if you break even you are doing very well

Get an accountant. Their fee is 100% tax deductible. You may do a return and pay 100 too much, or 100 too little, get them to do it correctly.

2 people have thanked this post
pc7 Moderator
#13

kceire said:


Profit - most likely no after all taxes and fees and expenses, but if you break even you are doing very well

.



Also you will have an asset that is being paid for, but it takes one bad tenant to even ruin that, honestly I would consider it deeply. I'm an accidental landlord and could now probably sell but have decided to keep at it as I reckon the smallies won't thank me for getting rid of a house when they are older, who knows?

1 person has thanked this post
Browney7 Registered User
#14

pc7 said:
Was just about to mention preliminary tax, its a dog. Even though first year or two you will likely be running at a deficit, I'd start a direct debit (even a small amount now) monthly to Revenue to start working towards your prelim tax when the time comes. It can be a right B**tard to be honest. I can't figure out how Revenue get away with it, they must have millions on deposit from it. Pay tax now on money you may not earn.


Is it not that you pay the final 2018 liability in October 2019 and the preliminary payment at that point covers the 2019 year - ie you will have received rent from January to October 2019 so it's not that much in advance?

pc7 Moderator
#15

Browney7 said:
Is it not that you pay the final 2018 liability in October 2019 and the preliminary payment at that point covers the 2019 year - ie you will have received rent from January to October 2019 so it's not that much in advance?


Yeah may have worded it wrong but it was a big shock the first time I had to pay. I felt my accountant should have advised me prior to the years it fell due. I know others who were caught out. I now just lodge money monthly so it’s not a big outlay.

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