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Pay tax to Revenue in monthly installments?

  • 07-05-2020 4:18pm
    #1
    Lucuma
    Registered Users, Registered Users 2 Posts: 1,356 ✭✭✭


    My tax bill on rental property this year (pay in November for 2019 rent) is going to be 4grand plus. Moved back from abroad in 2019 so going from paying 20% previously to paying 40% now.

    In the event I don't have this amount of money to hand in November, has anyone ever agreed with Revenue to pay the tax on their rental income off in monthly installments?


Comments

  • #2
    Hubertj
    Registered Users, Registered Users 2 Posts: 2,000 ✭✭✭Hubertj


    Lucuma wrote: »
    My tax bill on rental property this year (pay in November for 2019 rent) is going to be 4grand plus. Moved back from abroad in 2019 so going from paying 20% previously to paying 40% now.

    In the event I don't have this amount of money to hand in November, has anyone ever agreed with Revenue to pay the tax on their rental income off in monthly installments?

    I came to a similar arrangement with revenue a few years ago. It was income tax but not for rental income. Accountant handled it and revenue were understanding. Accountant said key to it was we engaged revenue early and proposed payment plan. Good luck.


  • #3
    Lucuma
    Registered Users, Registered Users 2 Posts: 1,356 ✭✭✭Lucuma


    Hubertj wrote: »
    I came to a similar arrangement with revenue a few years ago. It was income tax but not for rental income. Accountant handled it and revenue were understanding. Accountant said key to it was we engaged revenue early and proposed payment plan. Good luck.

    Thanks Hubert. Were you charged interest?


  • #4
    Wanderer19
    Registered Users, Registered Users 2 Posts: 258 ✭✭Wanderer19


    Do you mean in advance if it becoming due?
    If you go into your Revenue Account you will options to make payments against specific tax years.


  • #5
    Lucuma
    Registered Users, Registered Users 2 Posts: 1,356 ✭✭✭Lucuma


    Wanderer19 wrote: »
    Do you mean in advance if it becoming due?
    If you go into your Revenue Account you will options to make payments against specific tax years.

    Oh really? Just log into my personal ros is it?

    I won't find out how much it is until November when Revenue makes the calculation.

    I would have to estimate it myself I suppose based on the fact that I moved back to Ireland in the last 12 months so my new payment will be way higher than it ever was before


  • #6
    Hubertj
    Registered Users, Registered Users 2 Posts: 2,000 ✭✭✭Hubertj


    Lucuma wrote: »
    Thanks Hubert. Were you charged interest?

    No interest was charged. Accountant said revenue could have but likely didn’t as we engaged before it was due


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  • #7
    Wanderer19
    Registered Users, Registered Users 2 Posts: 258 ✭✭Wanderer19


    Lucuma wrote: »
    Oh really? Just log into my personal ros is it?

    I won't find out how much it is until November when Revenue makes the calculation.

    I would have to estimate it myself I suppose based on the fact that I moved back to Ireland in the last 12 months so my new payment will be way higher than it ever was before
    Yes, you could calculate it yourself, or get an accountant. Or just lodge it so you know you have money put aside.

    Or, you could just put it in a seperate bank account until it's due, but that takes willpower to not dip in, and once it's spent it's hard to replace.


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