Preliminary Tax 2017

LePrince

My accountant said I don't have preliminary tax to pay for 2017 because my 2016 return had no income tax.

I understand that but shouldn't he file a return anyway?

nompere

Why wouldn't you ask him this question? That's why you're paying him.

As a general rule, if he's filing a 2016 tax return showing there's no liability then as part of the ROS procedure he will almost certainly be making a "nil" declaration of preliminary tax for 2017.

There's no 2017 return due until next year.

LePrince

nompere wrote: »

Why wouldn't you ask him this question? That's why you're paying him.

As a general rule, if he's filing a 2016 tax return showing there's no liability then as part of the ROS procedure he will almost certainly be making a "nil" declaration of preliminary tax for 2017.

There's no 2017 return due until next year.

Thank you nompere for your reply. In fact I just rang Revenue, they checked my records and exactly as you said, he automatically filed the nil declaration.

acb

I sold an apartment in December 2016. Prior to this the apartment was rented out for a number of years. I have paid tax on the rental income for these periods. Last year I rented the apartment for 6 months before I moved back in prior to its sale in December 2016.

I am aware that I have to pay tax on the rental income for half of 2016. My question is can I claim tax back on the costs associated with the sale of my property (i.e. estate agent fees, solicitor fees etc)?

Also as the apartment was my principle private residence for 6 months am I able to claim back mortgage interest relief?

exaisle

acb wrote: »

I sold an apartment in December 2016. Prior to this the apartment was rented out for a number of years. I have paid tax on the rental income for these periods. Last year I rented the apartment for 6 months before I moved back in prior to its sale in December 2016.

I am aware that I have to pay tax on the rental income for half of 2016. My question is can I claim tax back on the costs associated with the sale of my property (i.e. estate agent fees, solicitor fees etc)?

Also as the apartment was my principle private residence for 6 months am I able to claim back mortgage interest relief?

No, you can't claim tax back on the costs. It's exempt for CGT but the costs asociated with the sale have nothing to do with rental income.

Mortgage interest relief is granted at source. You get it automatically. However, if you were getting it (it'll be on your mortgage interest statement) you should repay it for the period when the house was being rented. This will also make a higher amount allowable for deduction against the gross rent received....so you may have paid too much tax on the rental income....

Professional advice should be sought....