Form 11 - Farm Rental Income

Sunny76 · 31-10-2019 12:28pm #1

Hi there,

I am looking for advice on filling out an Form 11.

I am a PAYE worker and have a small income of €4500 from renting out of farm land I own. This is my first year doing this as the owner (for 2018 income). I thought I would be able to complete a Form 12 on My Account but as there is no option to claim tax relief on the income on the Form 12, I have to complete a Form 11.

I contacted ROS yesterday and they were very helpful. I have registered for income tax and am waiting so apply for a RAN so I can complete the registration.

I had a look at the paper version of the Form 11 and I am wondering if anyone could advise me on what parts I need to fill out. Most of the form is not applicable to me.

As I mentioned, I have rental Income of €4500 p.a. which I have been informed is exempt from income tax as it's farm land under S664.

I would be very grateful if anyone could offer any assistance.

Also...I want to ensure that my PAYE income, tax credits etc are kept separate. Even with the extra income I am still in lower income bracket. I would prefer to pay whatever I owe on the rental income separately. Is this possible?

Apologies for the long post and thanks in advance.

Sunny

Calahonda52 · 31-10-2019 12:44pm

Wait till you get set up online: much easier to deal with
https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/land-and-property/leasing-farm-land/index.aspx
shows it is given as a form of tax relief which is very different from being exempt, assuming you meet the criteria listed

If no tax is due, why the worry about more tax

Sunny76 · 31-10-2019 1:31pm

Calahonda52 wrote: »

Wait till you get set up online: much easier to deal with
https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/land-and-property/leasing-farm-land/index.aspx
shows it is given as a form of tax relief which is very different from being exempt, assuming you meet the criteria listed

If no tax is due, why the worry about more tax

Hi there,

Thanks for the reply.

Ok....I will wait until I am registered and see how it goes.

Yes, I meet all the criteria so should get the tax relief. Still getting used of the terminology.

I suppose what I meant is I would like to keep them separate. I understand if I get the relief there will be no tax, but guessing there will be PRSI and USC to be paid...won't there?

Thanks again...new territory, so a bit nervous about it all!

Sunny

Geuze · 31-10-2019 2:33pm

All income from all sources is reported/entered into a Form 11.

Sunny76 · 31-10-2019 2:55pm

Geuze wrote: »

All income from all sources is reported/entered into a Form 11.

Thank you....I see that now.
It's a lot more complicated that the Form 12 ðŸ™„

Geuze · 31-10-2019 9:54pm

Sunny76 wrote: »

Thank you....I see that now.
It's a lot more complicated that the Form 12 &#55357;&#56900;

Yes, very much so.

Sunny76 · 10-11-2019 12:47am

Hi again,

I have managed to get set up online for ROS.

I have completely the Form 11 to the best of my knowledge. Most of the form was not relevant to me, some of it was prepopulated and I filled in the section on rental income (including claiming relief) that was relevant to me.

I am now ready to submit the form but on reviewing where everything is calculated I have noticed there is no figure in for PRSI. It says:
(iii) (I) Amount of PRSI chargeable for this period - self is 0.00
Should there be a figure in here? As I mentioned everything else in relation to my income from my employment just prepopulated.

If I submit this and something is wrong, will I be penalised? I am happy that everything else is correct. It was very straight forward...maybe too much so!

Also...I owe a small amount. How do I pay this? Will they request payment when I submit the form 11?

Apologies for all the questions...it is my first time doing this, and thanks in advance!!

Regards,
Sunny

Calahonda52 · 10-11-2019 10:37am

There is a facility within ros to set up a bank account for both paying to revenue and receiving from revenue.
Do this before you submit, at this stage you get the option to pay what you owe.
,
https://www.revenue.ie/en/self-assessment-and-self-employment/guide-to-self-assessment/do-you-need-to-pay-prsi.aspx

Are you liable for PRSI?

Sunny76 · 10-11-2019 2:30pm

Calahonda52 wrote: »

There is a facility within ros to set up a bank account for both paying to revenue and receiving from revenue.
Do this before you submit, at this stage you get the option to pay what you owe.
,
https://www.revenue.ie/en/self-assessment-and-self-employment/guide-to-self-assessment/do-you-need-to-pay-prsi.aspx

Are you liable for PRSI?

Well I pay PRSI through my employment, so presumed I would have to pay it on the rental income?

I will set up that now ðŸ‘ Thank you so much for your help.

Sunny76 · 10-11-2019 4:35pm

Calahonda52 wrote: »

There is a facility within ros to set up a bank account for both paying to revenue and receiving from revenue.
Do this before you submit, at this stage you get the option to pay what you owe.
,
https://www.revenue.ie/en/self-assessment-and-self-employment/guide-to-self-assessment/do-you-need-to-pay-prsi.aspx

Are you liable for PRSI?

Ok....so the rental is €4500 and it states if you have income of over €5000 you pay PRSI. Is this treated separately from my employment income? Could this be why it is saying I have no PRSI to pay?

Form 11 - Farm Rental Income

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