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Rental income tax bill query

  • 10-02-2015 9:08pm
    #1
    Registered Users, Registered Users 2 Posts: 1,073 ✭✭✭


    So i got my 2013 tax bill for my modest rental income in the post. Was a lot higher than expected. For the record im PAYE so filled out the form 12 as i had the previous year. Filled it out exactly as previous. My net profit for tax was up about a grand between a combination of slightly more income and less interest paid. I filled it out honestly and as best i could with a basic understanding of the tax declaration process. However, my tax bill is basically 80% of the rental profit! How the hell can that be right! So i checked my equivalent tax bill from last year and the glaringly obvious omission in this years bill is there is no PAYE tax credit! If i deduct this from the tax bill then the figure comes down to what i would have expected. Why is this not on my breakdown this year would anyone know? Any advice as to how to get this sorted? Obviously ill be ringing the revenue and to be fair they were very reasonable last year when they stung me for late submission which was a genuine misunderstanding on my part of the process as i was new to it, which they generously accepted and wavered the fine in the end. So im hoping theyll be able to help. My big worry is that maybe its not wrong! But how can i be liable for 80% tax????

    Cheers in advance for the help......


Comments

  • Registered Users, Registered Users 2 Posts: 14,024 ✭✭✭✭Geuze


    Relax.

    Do you have PAYE income?

    If so, you are entitled to the PAYE tax credit.

    It's likely just a mistake, they are not infallible.

    Every year, I have to correct mistakes on P21s.


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