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PAYE worker with Rental income. Preliminary Tax Payment

  • 29-03-2016 8:03am
    #1
    black & white
    Registered Users, Registered Users 2 Posts: 1,288 ✭✭✭


    I am a PAYE worker with a couple of rental properties and have always submitted returns on a Form 12(I think) Last year I was asked to submit a Form 11s and I included my P60, rental income, outgoings and medical expenses etc and received a refund. The rental properties have been running at a loss since I bought them.

    Got a Reminder Notice in the post last week from Revenue saying they had no Preliminary Tax payment for 2015. I'm confused as I thought tax returns for 2015 did not have to be returned until Oct 31st ?

    Secondly, I read that from 01/01/16, landlords who rent long term to local authorities etc. can claim 100% of mortgage interest against income. Both my places have been with my local county council on the Rental Accommodation Scheme so do I qualify for this even though I have gone past the 7 years that I could previously claim the mortgage interest as relief ?

    Any help greatly appreciated.


Comments

  • #2
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,430 CMod ✭✭✭✭Pawwed Rig


    Preliminary tax is an advance payment against your liability for the year in question and should be paid at the same time as the prior year payment.

    Where you are in a refund position then you will be making a zero declaration for preliminary tax.
    You will make this declaration on ROS when you are filing your return so not sure what happened in this case.
    Log into ROS and make a zero 'payment'. This should keep them happy.


    Rewinding a little - I assume you are registered on ROS. If not then you need to register.


  • #3
    black & white
    Registered Users, Registered Users 2 Posts: 1,288 ✭✭✭black & white


    Thanks very much for that, and no I am not registered for ROS. Will do so straight away.


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