Preliminary tax for 2014 query

hawkelady

Hi , I hope someone here can help me , my accountant just got back to me regards my tax I owe from a rental property for '13.. It's €2200 which is fine , but for the first time my accountant added in that I also have to pay 90% of the €2.2k in preliminary tax for next yr all in one go . I have the €2200 but I haven't got the €4180!! I've been renting the place for 8 years now and this is the first time I've been requested to pay this .
Has the law changed or can I just pay the tax I owe for last year and worry about the 2014 tax in 2015??
I'm kinda worried over this , I thought if throw it out to you guys first before I rang my accountant .
Thanks in advance.

hawkelady

Can a mod please move this to accommodation and property as I'm not getting any answers here ..

filbert the fox

hawkelady wrote: »

Hi , I hope someone here can help me , my accountant just got back to me regards my tax I owe from a rental property for '13.. It's €2200 which is fine , but for the first time my accountant added in that I also have to pay 90% of the €2.2k in preliminary tax for next yr all in one go . I have the €2200 but I haven't got the €4180!! I've been renting the place for 8 years now and this is the first time I've been requested to pay this .
Has the law changed or can I just pay the tax I owe for last year and worry about the 2014 tax in 2015??
I'm kinda worried over this , I thought if throw it out to you guys first before I rang my accountant .
Thanks in advance.

Hi, I had this Mullarkey too. Rich People like us who earn over €3150 or something after all deductable allowances and expenses are liable for preliminary tax. That's the theory anyway. I have always paid the previous year's tax by Oct 31st of the current year. This has never been queried by Revenue and I read on here? recently that if you submit your return by 31st Aug , Revenue will calculate your liability and you've satisfied the criteria for declaring taxable income.
If Revenue get stroppy just tell them you're discrimated against as follows:
1. There is a tax free €10,000 allowable for individuals who rent a room in their own home whereas,
2. I paid the following on my rental most of which is not deductable for tax purposes and my income is taxed at the marginal rate plus USC and Prsi:
a. Stamp duty,
b. VAT
c. Prtb,
d. NPPR tax
e. Household charge
f. Property tax
g. Pre letting kitting out of the property
h. uncle tom cobbley and all and

I provided employment for the builders tradesmen and estate agents who built and sold the place and to solicitors who "facilitated" the purchase - oh and land registry fees - and funded a private bank by means of a mortgage - who now get even more taxpayer's money to be Bailed OUt.

So don't lose any sleep over this, this will by my argument when the taxman calls.:rolleyes:

CIARAN_BOYLE

Someone earning under the paye system has to pay tax as it occurs why should a self assessment person get to wait 10 months after þhe tax year ends to pay their taxes. At least that is the idea.

Revenue are entitled to claim interest on preliminary tax not paid. Usually they only bother looking for in bigger cases where the interest is worth the bother of calculating it.

A phone call to your accountant might be a good idea. They can teĺl you why this is coming up and why it didn't other years. Probably someone with a small liability that your accountant acts for was assessed for interest so they are paranoid.

Worst case scenario you have till 31 october till preliminary tax even becomes late. So you have some time to get money together

kerdiff

what would happen if you could not pay the preliminary tax

Citizenpain

may attract interest penalties of 0.02% per day

kerdiff

yes but if you just could not pay at all..... what would be the likely outcome

Citizenpain

depends on the situaltion really but failure to pay a tax liability, or failure to pay on time, can result in enforced collection through the Sheriff, Court proceeedings or Notice of Attachment.