Rental Income- Premilinary Tax due

lotusm

Hello,

I bought a property and has been rented out from January 2015. Do I have to pay preliminary Tax for this year by the 31st October. is there a link on revenue or somewhere else as it is very hard to a straight answer on it. thanking you all I advance

CBA123

No, but next October you will be obliged to pay Income tax for 2015 along with preliminary tax for 2016-Preliminary tax is like paying a deposit on your tax bill. The rule for paying preliminary tax is 100% of previous years bill or 90% of what you expect 2016 bill to be.

Example 2015 liability amounts to €1000, the amount due to be paid next oct will be

2015 Bal = €1000

2016 Prelim = €1000

Total due = €2000

Then when it comes to paying 2016, you will already have paid €1000 on account and will only have to pay the balance due (if any) plus preliminary tax for 2017.

Also you don't have to wait till Oct to do your tax return- you can do in Jan/Feb- file then and pay in Oct.

lotusm

Thanks very Much CBA 123, Very clear and concise answer

Alan Shore

You might not have to pay anything but should should file a NIL PT return.