ROS question?

ooter

I have been renting out my house since march 2011 and I recently registered for ROS,
I was hoping to declare rental income for last year and this year on it but having looked at it last night it seems I can only file and pay for 2011,is there no option to do this for 2012?
Will I have to fill out a physical form for my 2012 liability?
I was hoping to not have to do this because I haven't got the first clue about calculating my liability.

seamus

You can't pay and file for 2012 until next year. How can you submit a return for 2012 when 2012 isn't over yet and you don't know what your final figure will be?

ooter

I know what you're saying Seamus but I got a booklet from revenue called "a guide to self assessment" and in it there's a timetable of important dates,it says pay current year preliminary tax (2012?) by October 31st and file your tax return for the previous year by October 31st and pay the balance of tax for the previous year by October 31st.
I'm completely new to all this but When I started renting my house last year I was told I would have to pay on the double in October 2012 for 2011 and 2012 so I'm confused.

nompere

Preliminary tax for 2012 is normally based on your actual liability for 2011.

If you pay 2012 preliminary tax equal to your 2011 liability or equal to at least 90% of your final liability for 2012 then you won't be charged any interest on the balance of 2012 tax.

Because it can be hard to estimate the liability of a year not yet ended, most taxpayers opt for the 100% of the 2011 liability basis of paying 2012 preliminary tax. If you pay too much Revenue will make a refund. Sadly they will no longer add interest to that repayment.

But just because you can't file a return for 2012 yet is no reason not to try to calculate the tax liability now if you think it will make a difference.

ooter

Thanks a lot for the reply nompere.
It's very confusing,some people I speak to tell me to just pay my tax for 2011 but if I do that it sounds like I'll be liable for penalties next year.
I spoke to someone from revenue today and she said I'm "supposed" to pay preliminary tax by October 31st,not that I "have" to.

nompere

There's no compulsion to pay any particular amount of preliminary tax - but Revenue charge significant interest on underpayments of 2012 tax this time next year where the preliminary tax doesn't met the rules. That's what they mean by "supposed to".

I do this for a living, and in the absence of compelling reasons to do something different, I tell my clients to pay 100% of 2011 tax as preliminary tax for 2012.

Doing something different too often ends in (metaphorical) tears.

ooter

Sounds like good advice nompere,thanks very much.

owen78702

Help!

I'm having difficulty registering with ROS on my MACbook pro. I have my RAN but it will not accept it to allow me to move onto step two which is to apply for a digital certificate. I think its something to do with accepting a digital certificate onto my MAC.....but I am clueless as to how to do it!

I'm use Os X Yosemite & up to date Safari & Java.


Any help would be greatly appreciated.


Owen

thesimpsons

I don't know anything about Mac products but I've found Revenue Technical help desk extremely helpful with any technical issues I've ever had. give them a call or email

http://www.ros.ie/PublisherServlet/info/help