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Overpaid tax 2012 - what's Preliminary tax 2013

  • 13-11-2013 1:05am
    #1
    Raoul Duke
    Registered Users, Registered Users 2 Posts: 1,012 ✭✭✭


    I'm currently filling in the Form 11 for my parents and they are due a refund from 2012. It's a joint assessment and there are 3 income streams - farming, rent & a PAYE job. All 3 together makes the form 11 calculation show that tax was overpaid. Happy days!

    However, every other year the preliminary tax is simple, but what do I do this year? Put down Nil? Or does some element of tax still have to be paid, like PRSI?

    Appreciate any help someone could throw my way here.


Comments

  • #2
    nompere
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    If there is a liability that is then turned into a refund because of the preliminary tax paid last year, then the preliminary tax due now is equal to that liability, reduced, perhaps to nil, by the refund.

    On the other hand if there's a refund before looking at any tax payments, then the preliminary tax due now is likely to be nil.

    Not all reliefs and credits are eligible to be taken into account in assessing preliminary tax, but that's an issue probably beyond this forum.


  • #3
    Raoul Duke
    Registered Users, Registered Users 2 Posts: 1,012 ✭✭✭Raoul Duke


    nompere wrote: »
    If there is a liability that is then turned into a refund because of the preliminary tax paid last year, then the preliminary tax due now is equal to that liability, reduced, perhaps to nil, by the refund.

    On the other hand if there's a refund before looking at any tax payments, then the preliminary tax due now is likely to be nil.

    Not all reliefs and credits are eligible to be taken into account in assessing preliminary tax, but that's an issue probably beyond this forum.


    Thanks for your response. Yes, the refund is due before taking into account the preliminary tax already paid. The refund will get larger as the preliminary tax paid will obviously all have to be refunded.

    Would it be possible to point me in the right direction for what reliefs and credits aren't eligible, as that is really what I'm looking for. Or, as it's a pretty basic tax calculation, what would be the main ones? Thanks again.


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