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The dreaded Form 12...

  • 30-10-2015 6:57pm
    #1
    Zascar
    Moderators, Motoring & Transport Moderators, Music Moderators Posts: 12,781 Mod ✭✭✭✭


    Anyone else kicking themselves they left this to the last minute? There are few things I hate more in life than doing taxes. I'm not prepared. I can probably get something in but I want to make sure I'm claiming everything that I can as a landlord. What happens if you are late?


Comments

  • #2
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,113 ✭✭✭relax carry on


    Zascar wrote: »
    Anyone else kicking themselves they left this to the last minute? There are few things I hate more in life than doing taxes. I'm not prepared. I can probably get something in but I want to make sure I'm claiming everything that I can as a landlord. What happens if you are late?

    Possible late filing surcharge of 5% up to 2 months late. 10% thereafter. Possible interest charge also.

    You have had from the tax returns became available around February or March to do this. Have you an accountant?


  • #3
    Zascar
    Moderators, Motoring & Transport Moderators, Music Moderators Posts: 12,781 Mod ✭✭✭✭Zascar


    Thanks, so if it's possible, when do they charge it and when do they not?


  • #4
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,113 ✭✭✭relax carry on


    Zascar wrote: »
    Thanks, so if it's possible, when do they charge it and when do they not?

    There used to be a little bit of leeway regarding the paper returns. Not so much now that pretty much everything is online. Are you using the E Form 12 to file?


  • #5
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    relax carry on wrote: »
    Possible late filing surcharge of 5% up to 2 months late. 10% thereafter. Possible interest charge also.

    You have had from the tax returns became available around February or March to do this. Have you an accountant?

    Surcharge on a balancing statement, are you sure about that, and if so, since when?!


  • #6
    Alan Shore
    Registered Users, Registered Users 2 Posts: 735 ✭✭✭Alan Shore


    barneystinson wrote: »
    Surcharge on a balancing statement, are you sure about that, and if so, since when?!

    Oh that's technical but spot on!


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  • #7
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    Alan Shore wrote: »
    Oh that's technical but spot on!

    Of course, the flip side is, the rental income might exceed 3,174 in which case he'll need a (self)assessment, and then surcharge is back on the table..!


  • #8
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,113 ✭✭✭relax carry on


    barneystinson wrote: »
    Surcharge on a balancing statement, are you sure about that, and if so, since when?!

    Bugger. Brain fact re the form 12 and surcharge. Think I need another beer.


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