Tax return advice

remembering

Can someone please advise me what I need to do. I genuinely and stupidly forgot to send in a tax form to revenue for the last 6 years. .i sent 2 in at the beginning and owed no tax. I co own an apartment with my ex so I guess it's something I just blocked out over the years. I know it was very stupid. I just haven't a clue where to start or who to ask about this. Any advice much appreciated. Thanks

Alan Shore

Well you need to do a summary of the rental income for each year.

Then summarise the rental expenses for each year. You are entitled to claim 75% of the mortgage interest if the property is registered with the PRTB.

Was there any furniture purchased for the property? You can claim 12.50% per annum Capital Allowances on this.

Then you need to get your P60s then either download Form 11s for the years or register for ROS. You could also take your information to an accountant.

remembering

Alan Shore wrote: »

Well you need to do a summary of the rental income for each year.

Then summarise the rental expenses for each year. You are entitled to claim 75% of the mortgage interest if the property is registered with the PRTB.

Was there any furniture purchased for the property? You can claim 12.50% per annum Capital Allowances on this.

Then you need to get your P60s then either download Form 11s for the years or register for ROS. You could also take your information to an accountant.

Thanks a mil for replying alan.very much appreciated.don't have a clue when it comes to this stuff !!

relax carry on

remembering wrote: »

Can someone please advise me what I need to do. I genuinely and stupidly forgot to send in a tax form to revenue for the last 6 years. .i sent 2 in at the beginning and owed no tax. I co own an apartment with my ex so I guess it's something I just blocked out over the years. I know it was very stupid. I just haven't a clue where to start or who to ask about this. Any advice much appreciated. Thanks

A bit more info might clear it up a bit. You co own the apartment. Has it been rented out in the entirety for the 6 years (were either of you living there during the 6 years) How is the rental income and expenditure shared between you? Have either of you spoken with an accountant? Have you been approached by Revenue for the outstanding returns? Were you getting mortgage interest relief on the property? Did you claim stamp duty relief on the purchase of the property?

The link below is Revenues guide to rental income which you may wish to read.

http://www.revenue.ie/en/tax/it/leaflets/it70.html

remembering

relax carry on wrote: »

A bit more info might clear it up a bit. You co own the apartment. Has it been rented out in the entirety for the 6 years (were either of you living there during the 6 years) How is the rental income and expenditure shared between you? Have either of you spoken with an accountant? Have you been approached by Revenue for the outstanding returns? Were you getting mortgage interest relief on the property? Did you claim stamp duty relief on the purchase of the property?

The link below is Revenues guide to rental income which you may wish to read.

http://www.revenue.ie/en/tax/it/leaflets/it70.html

Thanks for reply. It's always being rented . We never lived there. We have a joint mortgage account where we pay x amount into it every month for management fees etc. Revenue hasn't approached me. I feel very foolish as I only realised today that my ex has a direct debit comin out of the account every month for his revenue which I presume is for his tax owed. Im in full time employment. I'm just afraid I'm going to owe a lot of money. I can get an accountant and I have all my p60s.

ravima

Look, you have a problem and YOU need to sort it out.

Try TAXASSIST - they have offices throughout the country. The first consultation is usually free and they will then do their best to sort you out.

The thing to remember is that you can't fool Revenue!!

remembering

ravima wrote: »

Look, you have a problem and YOU need to sort it out.

Try TAXASSIST - they have offices throughout the country. The first consultation is usually free and they will then do their best to sort you out.

The thing to remember is that you can't fool Revenue!!

I never tried to fool revenue but thanks for the great advice

relax carry on

remembering wrote: »

Thanks for reply. It's always being rented . We never lived there. We have a joint mortgage account where we pay x amount into it every month for management fees etc. Revenue hasn't approached me. I feel very foolish as I only realised today that my ex has a direct debit comin out of the account every month for his revenue which I presume is for his tax owed. Im in full time employment. I'm just afraid I'm going to owe a lot of money. I can get an accountant and I have all my p60s.

You definitely need to talk with an accountant. You are operating a partnership with your ex in relation to the property. You will need information in relation to income and expenditure for the property over the last 6 years including what your ex has been returning if possible. Your P60s aren't really the issue, it's the income and expenditure in relation to the property along with proofs that is the central issue here.
As an aside, depending on how high your expenditure is in relation to the rental income you may not actually have much of a liability. But you won't know until you get all your information together and sit down with a professional.

remembering

relax carry on wrote: »

You definitely need to talk with an accountant. You are operating a partnership with your ex in relation to the property. You will need information in relation to income and expenditure for the property over the last 6 years including what your ex has been returning if possible. Your P60s aren't really the issue, it's the income and expenditure in relation to the property along with proofs that is the central issue here.
As an aside, depending on how high your expenditure is in relation to the rental income you may not actually have much of a liability. But you won't know until you get all your information together and sit down with a professional.

Thank you so much. I'm so grateful for your advice. I will have to organise to meet him so and get things sorted somehow. Something I hate doing. Thanks again.