Rental Income - 1st Returns

MrPickwick

Just looking for advice regarding the above:

For years, Ive just been a PAYE worker with no other income, apart frommonthly salary. However, for the first time I have some rental income & I was just looking for some advice / guidance on what I need to complete & submit for YE 2010.

The details are that I have rental income for Oct - Dec of 2010 which I will reduce by allowable expenses [mortgage interest, letting fees, etc].

As an example if the taxable rental income ends up as €1000, my questions are:

1. Is it 41% of this that is payable or does the USC rates applicable here also? If yes, what is the USC rate to apply?

2. When Ive calculated the actual tax due, Im unsure of the actual forms Ive to complete:

(a) can I just send in details of my rental income & calculations together with the amount due and ask Revenue to produce a balancing statement for me ?

(b) or are there specific forms for rental income I should complete and submit with the amounts due?

(c) or are there forms which I should complete detailing all my income & taxes paid [so far, ie - PAYE, PRSI, USC for 2010 deducted & paid by my employer on my behalf, as per my P60] and add in details of my rental income & get them to calculate the tax due & then I make payment

I know these are probably fairly basic questions but I as I dont know the answers, would appreciate any expertise or guidance

Many thanks

Bobby1984

Wow that's a lot of questions but sending in rental details to the Revenue is not the way to go about it.

You need to do your own calculations and send your tax comp to the Revenue with a cheque. The only way to get correct calculations done is to contact an accountant. I know you probably don't want to do this due to cost but at least you will know that everything will be taken care off. There are a lot of rules such as the restriction of interest from 2009 onwards and the required registration with the PRTB.

If you insist on doing it yourself, google Form 11. This is the form where you complete details of your Paye income, rental income and any other income you may have.

If you would like a quote from an accountant to take care of the calculations, send me a PM and I'll see what I can do.

MrPickwick

Bobby
Thanks for feedback - I'll start with the form11 and see how I get on

nompere

You could register for ROS - go to www.revenue.ie and follow the links. Then fill in the tax return that way. ROS will do the sums for you.

Mr. Incognito

There is a guide to rental income in the stickies.

Please consult the resources available before opening threads.

tweety76

nompere wrote: »

You could register for ROS - go to www.revenue.ie and follow the links. Then fill in the tax return that way. ROS will do the sums for you.

I thought this was only for PAYE tax returns and not for the type of returns that the OP mentioned, please correct me if I am wrong. I've always been submitting the hardcopy/paper returns?

barneystinson

tweety76 wrote: »

I thought this was only for PAYE tax returns and not for the type of returns that the OP mentioned, please correct me if I am wrong. I've always been submitting the hardcopy/paper returns?

You're thinking of PAYE Anytime, thats the service for PAYE taxpayers.

ROS (Revenue Online Service) is the portal for filing business taxes and self-assessment income tax etc...