Form 12 Help

steamsey

Hi,

I'm looking for a little bit of help with Form 12. I have it all completed with the exception of the "Capital Allowances available for carry forward or offset" and "Excess Case V Capital Allowances" towards the end of Section 15 . I just starting renting the place last year, so I've no losses to bring forward. Last year, it made a rental loss of (€8.20). Do I need to complete the S.409A areas too?

If anyone could tell me what to put in for the lines mentioned above, it'd be a great help.

steamsey

Any help would be appreciated

Uriel.

which sections are you talking about exactly?

Are you completing the Form 12 for 2010 or 2011?

"Excess Case V Capital Allowances" I leave this blank and no one has come back to me on it yet.

Not really sure what it actually means though to be honest. Sorry I can't be of more help

Shane732

I haven't actually looked at the section of the form you're talking about. However, surely your loss is made up of your rental income - rental expenses - current year capital allowances?

Once you have the figures above in then you should be good to go.

steamsey

Uriel - I'm looking at Form 12 for 2011, specifically 15 - Rental Income from Land and Property in the State. Apart from personal details (and for the sole purpose of declaring rental income / loss) isn't this the only section I need to complete?

My calculation is 4k income, 2966.54 total expenses = 1,033 Net Income. Then Wear & Tear (house had 20k show house bits in it) of 1041 = Loss of 8.20 so no tax due. Does this seem right? I tried to attach an Excel calc for 2011 - hope it's there ok.


Shane732 - Yeah that's pretty much right. Just wondering what sections to put my bits into.

The last few lines in Section 15 refer to S.409A - just wondering what this is and do I need to compete them?

Uriel.

steamsey looks fine to me to be honest and my returns are on a very similar basis - just received my P21 today (yaaaay :rolleyes:)

I've left the two sections blank the last two years as I don't know what they relate to specifically. There's been no problem or queries from Revenue on this (so far).

PS you probably will be paying some tax (e.g. USC etc...) - revenue turn around the P21's in about a week so you will have a batter idea. If you do owe anything, if it's under €100 they'll collect at another time.

steamsey

Got my P21 balancing cert today! Happy days. First time tax return was less of a chore than I thought. Weight off my mind that I did this. Thanks for the help.