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Rental Income Form 12 Questions

  • 27-08-2012 1:15pm
    #1
    jack_pearse
    Registered Users, Registered Users 2 Posts: 121 ✭✭


    Hi
    I am a PAYE worker due to pay tax on a property rented out for 2011 by end of Oct this year. I have all my calculations done and as the Taxable income is below 3174 Euro I can use Form 12 for the return, but still have a couple of questions:
    1. Is the amount of tax due automatically taken via tax credits or can I pay by cheque or some other method? (would prefer to pay upfront)
    2. Do I just need to fill in my details and and the relevant section for rental income?
    3. Do I have to pay USC also on the income @ 7%? I already pay this through my PAYE income.
    4. Will I recieve notification taht all is in order after I submit?

    Thanks...just want to get it all right


Comments

  • #2
    Shane732
    Registered Users, Registered Users 2 Posts: 5,006 ✭✭✭Shane732


    jack_pearse wrote: »
    Hi
    I am a PAYE worker due to pay tax on a property rented out for 2011 by end of Oct this year. I have all my calculations done and as the Taxable income is below 3174 Euro I can use Form 12 for the return, but still have a couple of questions:
    1. Is the amount of tax due automatically taken via tax credits or can I pay by cheque or some other method? (would prefer to pay upfront)
    2. Do I just need to fill in my details and and the relevant section for rental income?
    3. Do I have to pay USC also on the income @ 7%? I already pay this through my PAYE income.
    4. Will I recieve notification taht all is in order after I submit?

    Thanks...just want to get it all right

    To answer your questions:

    Do you know your tax liability? If so you can submit a cheque at the time of filling. Otherwise you'll get a P21 showing a balance due which can be discharged by cheque.

    Fill in all section which apply to you - i.e. include details of your employment income etc...

    Yes you will pay the USC on your rental profit.

    You'll receive a P21 balancing statement. However the Revenue have the right to carry out an audit.


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