Rental Income Tax Calculation

BionicRasher

Real novice when it comes to taxes and figures but as times are hard I have decided to try to submit tax return on a rental property myself as paying €495 for my previous accountant to do it just seemed like robbery

Anyway - has anyone got a good tax calculator or is there a good web site that I can input details on my property too and get an idea of
A) What I can expect to pay the tax man
Assist with filling out forms for submission

Really dont know where to start and all this stuff has me completely confused - I think they need to start teaching this stuff in schools to make people ready for the real world

Thanks

Selik

I do it myself, it's easy!

Just get the form from the Revenue website, do your calculations on a spreadsheets and work out the tax you pay (rental income less expenses less 20/41% tax). I'm a PAYE worker so my rental income from one property is taxed at a blend of 20% and 41%.

Then just send the completed form in before 31 December - so I'm paying tax for 2010 before the end of this year. No way am I paying an accountant a fee that's over half of the actual tax I'm paying on the rental income!

maiby

Hi

Perhaps you should give an accountant a call, the income Tax returns are due in 31st October not 31st December!!

BionicRasher

Will give the form a go and see if I can figure it out

ants09

tui0hcg wrote: »

I think they need to start teaching this stuff in schools to make people ready for the real world

Thanks

they do teach it in school when people study accountancy or taxation

you think they should start teaching medicine in school also as people get sick !

get a accountant or tax consultant to do your tax return and then next yr have a look at how they done it and see if it makes sense ?

you could also register on ros and do it online

but if your not completely happy with doing it yourself seek professional advice as could save your money in the long term

BionicRasher

ants09 wrote: »

they do teach it in school when people study accountancy or taxation

Well I didn't study Accountancy or Taxation! I am talking about the basics of doing tax returns and claiming tax back etc if you are PAYE worker or just general taxation - things they could teach in 2nd-3rd year in secondary school.

get a accountant or tax consultant to do your tax return and then next yr have a look at how they done it and see if it makes sense ?

This is what I am trying to avoid - had an accountant a few years back and it was costing €495 to do basic books and submit tax returns

you could also register on ros and do it online

I am registered but its all a bit complex - they really need to set it up for the general public and explain things in lay mans terms

but if your not completely happy with doing it yourself seek professional advice as could save your money in the long term

again at a cost - cash is tight enough already

ants09

i realise your points but at the same time you have to consider tax is complicated and well changes every yr.

troops

can anyone tell me if you can do the rental income return through ROS?

I had a look earlier and couldn't see anywhere on ROS to enter figures.

Shane732

Just one thing....

Are you restricting the mortgage interest you are claiming on the rent property?

brinks_18476

Shane732 wrote: »

Just one thing....

Are you restricting the mortgage interest you are claiming on the rent property?

How do you mean shane? Capping it at 75%?

BionicRasher

OK - trying to get all details in a spreadsheet before I go any further

Is it Form 12 that I need to fill out?

senordingdong

I thought you could no longer claim tax for rent.

BionicRasher

senordingdong wrote: »

I thought you could no longer claim tax for rent.

Not a clue - I need to pay tax on rental property not claim it back