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dumb Self Assessment Question.

  • 17-09-2015 12:39pm
    #1
    Grumpypants
    Registered Users, Registered Users 2 Posts: 8,085 ✭✭✭


    Hi All,

    Likely a very dumb question but between the letter I got from revenue and the ROS system it is not very clear what I actually have to pay this October. :)

    I had to rent out my house starting Oct 2014 and I'm now in the process of doing a self assessment on the rental income.

    I got my letter and it say i need to pay Preliminary tax for 2015 and outstanding balance for 2014. This seemed to make sense as I have only had rental income in 2014&2015.

    I assumed this was asking for the balance of income tax for 2014 (based on 3 months rental income)

    And the Preliminary tax for 2015 was based on 12 months income (Jan15 to Dec 15)

    When I log into ROS I have two eform12's waiting one say "due 2014" (but is for income earned in the time period Jan 2013-Dec 2013)

    The second one is "due 2015" (but for the period Jan 14 to Dec 14)

    So now I'm not sure what is actually due this October is it the income from 2013 & 2014? and I pay 2015 in 2016? Or do I pay 2014 and 2015?

    I hope that makes sense


Comments

  • #2
    Carawaystick
    Registered Users, Registered Users 2 Posts: 8,779 ✭✭✭Carawaystick


    You pay your first year tax the following october, but all the next years tax the october of that year.

    So pay tax for 2014 in 2015, and tax for 2015 in Oct 2015.


  • #3
    Grumpypants
    Registered Users, Registered Users 2 Posts: 8,085 ✭✭✭Grumpypants


    Carawaystick wrote: »
    You pay your first year tax the following october, but all the next years tax the october of that year.

    So pay tax for 2014 in 2015, and tax for 2015 in Oct 2015.

    Thank you. So this Oct 2015 Ill be paying for 15 months tax. Thankfully that is what I have been saving up for. Phew :)


  • #4
    Carawaystick
    Registered Users, Registered Users 2 Posts: 8,779 ✭✭✭Carawaystick


    Grumpypants wrote: »
    Thank you. So this Oct 2015 Ill be paying for 15 months tax. Thankfully that is what I have been saving up for. Phew :)

    Could be worse, you could be running a Xmas business, and have to pay in advance, and then if you have a good xmas, revenue hassling you for guessing wrong...


  • #5
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    For preliminary tax 2015 you have a choice

    100% of the 2014 liability
    90% of the expected 2015 liability

    In this case it sounds like it would be better for you to go for the 2014 liability.


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