Failure to file Form 12

Salthillprom

Hi,

I am just filling in my Form 12. I used to own a property and received rental income. I sold it last year but I still have to return the Form 12 because I owned it for the first few months of 2016.

I was going through my records and I found the Form 12 (fully completed!) that I was meant to send in last year (for 2015 return!). I genuinely forgot to post it obviously!! I've returned the form in every single other year.

I'm going to send it tomorrow with the Form 12 that I'm doing up now for last year. Are there sanctions ill now face due to the year-long late return of last year's form?

Thanks

CIARAN_BOYLE

Not sure. I will guess and say thats its similar to not filing a form 11 where you would be surcharged 10% of the liability.

So if you owe 1500 tax you have to pay a surcharge of €150 On top of that.

Salthillprom

CIARAN_BOYLE wrote: »

Not sure. I will guess and say thats its similar to not filing a form 11 where you would be surcharged 10% of the liability.

So if you owe 1500 tax you have to pay a surcharge of €150 On top of that.

I won't owe any tax though as the rental income was much less than the interest I had to pay on the mortgage.

exaisle

Salthillprom wrote: »

I won't owe any tax though as the rental income was much less than the interest I had to pay on the mortgage.

Relax....no liability = no surcharge. unless you're a proprietory director!

Salthillprom

exaisle wrote: »

Relax....no liability = no surcharge. unless you're a proprietory director!

Thanks that's a relief

exaisle

Salthillprom wrote: »

I won't owe any tax though as the rental income was much less than the interest I had to pay on the mortgage.

....But only 75% of the interest is allowable.....

Salthillprom

exaisle wrote: »

....But only 75% of the interest is allowable.....

Yes I know. I'm still in the same boat as if tenants who squatted for over 6 months without paying rent (nightmare situation)