ROS.ie Statement of Net Liabilities (Pay And File)

Jacksmommy

I've completed my 2012 return (PAYE Worker but have rental properties) and want to pay and file online with ROS. Last year I paid preliminary for 2012 at eur1350. I've calculated that my liability is actually eur2000.

I've a couple of questions - It is looking for a figure in Income Tax Preliminary Tax 2013 - How do I know what my tax for this year is going to be - I've only just completed my figures for 2012 (I can't remember how I arrived at the 2012 Preliminary figure). Why do I have to pay next years tax this year?

Also, is the Income Tax Balancing Amount 2012, my liability for 2012 minus Preliminary tax for 2012 which was paid last year, so its 2000 - 1350 = eur650?

Sorry for all the questions but I've left this to the last minute and am panicking/can't think straight.

dustyrip

Jacksmommy wrote: »

I've completed my 2012 return (PAYE Worker but have rental properties) and want to pay and file online with ROS. Last year I paid preliminary for 2012 at eur1350. I've calculated that my liability is actually eur2000.

I've a couple of questions - It is looking for a figure in Income Tax Preliminary Tax 2013 - How do I know what my tax for this year is going to be - I've only just completed my figures for 2012 (I can't remember how I arrived at the 2012 Preliminary figure). Why do I have to pay next years tax this year?

Also, is the Income Tax Balancing Amount 2012, my liability for 2012 minus Preliminary tax for 2012 which was paid last year, so its 2000 - 1350 = eur650?

Sorry for all the questions but I've left this to the last minute and am panicking/can't think straight.

Preliminary Tax is usually based upon 100% of your current year liability. You can also base it upon 90% of your 2013 expected liability. Usually people base it upon 100% of the current year liability.

In the Preliminary Tax Box 2013 put €2,000(100% of 2012 liability).

As you paid preliminary tax on account last year of €1,350 you would set this off against your 2012 liability of €2,000 to give a balancing payment for 2012 of €650.

Balancing Payment 2012 - €650
Preliminary Tax 2013 - €2,000

Overall Liability Due €2,650

clarkey1980

Jacksmommy wrote: »

I've completed my 2012 return (PAYE Worker but have rental properties) and want to pay and file online with ROS. Last year I paid preliminary for 2012 at eur1350. I've calculated that my liability is actually eur2000.

I've a couple of questions - It is looking for a figure in Income Tax Preliminary Tax 2013 - How do I know what my tax for this year is going to be - I've only just completed my figures for 2012 (I can't remember how I arrived at the 2012 Preliminary figure). Why do I have to pay next years tax this year?

Also, is the Income Tax Balancing Amount 2012, my liability for 2012 minus Preliminary tax for 2012 which was paid last year, so its 2000 - 1350 = eur650?

Sorry for all the questions but I've left this to the last minute and am panicking/can't think straight.

Balancing amount 2012 is total liability (2,000) less preliminary tax (1,350) leaving €650 due. Preliminary tax for 2013 is an estimate based on 100% of the previous year (2012) or 90% of the current year (2013)

You are in effect making a payment on account for the current year (2013) so it's not really next year's tax.