Ceasing Income Tax Registration Rental Income

Koalaface

Hi all, I'm ceasing tax registration online with ROS online due to no longer receiving rental income on my apartment (net income was under €4000)

I'm stuck on the question about assets and property associated with the business in that is the apartment classed as an asset of the business? The apartment is now sold and CGT paid and return filed.

Thanks in advance for any advice.

Koalaface

It's the assets and equipment question and the business premises question that I'm confused about!

Garibaldi?

If the CGT is paid, they aware that the property is sold and that no further rental income will accrue. Just make sure that you pay any tax still due on rent ie anything due for 2020(the part over and above Preliminary tax) and the tax due on rental income received in 2021, if any.

Koalaface

Thank you for your advice, Garibaldi.

So I don't need to complete this form then?

relax carry on

https://www.boards.ie/discussion/comment/118025405#Comment_118025405

You still need to complete the form to cease the IT registration but just tick no for the assets bits as that's really for someone like a sole trader with a business premises etc.

x982021

Hi ,

I have a question on rental income. Would really appreciate it if someone could help me on this.

I started to rent a room for 7200 (600*12) gross per year and I got an email from revenue about filling in form 11. Is it correct to fill out form 11, since my rental income is quite low. if so, how do I fill in form 11? Can anyone give me so pointers and what to watch out when filling it.

I am also wondering if I'll need to pay any tax on this. I am housewife, with no other income.

Thanks!

Koalaface

https://www.boards.ie/discussion/comment/118025744#Comment_118025744

Thank you, Relax!

paul71

https://www.boards.ie/discussion/comment/118026145#Comment_118026145

You are exempt from income tax, USC and Prsi on renting a room in your own home up to a value of of €14,000 per annum. However you must complete a form 11, declare the income and claim the exemption.

x982021

https://www.boards.ie/discussion/comment/118030075#Comment_118030075

that's great. thank you so much for your reply

x982021

https://www.boards.ie/discussion/comment/118030075#Comment_118030075

Hi Paul71,

Sorry, a quick further question.

I register for ROS today and started filling in Form 11. I am housewife, with no income except for the room I rent out giving me 7200 gross income. the system calculated and stated that I am net liability is 500 PRSI. Any idea why PRSI was not exempted?

Thanks!

paul71

https://www.boards.ie/discussion/comment/118039063#Comment_118039063

It is a minimum contribution, that would show up even if there was income, I have not done tax returns for a couple of years so I forget where the box to turn off the minimum contribution is. If you call your tax district the will be able to instruct you how to amend the return or they will put you onto someone in the ROS helpline who can.

Gruffalo22

Submit the return on Form 12. Form 11 is for people with taxable net income above the threshold. No PRSI on Form 12