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Preliminary Tax - No estimated income

Torres999 · 2015-11-11 14:25:35

I have an enquiry regarding preliminary tax, I had a liability this year and paid say 5k in tax. But I will not have any income for 2015 as all my rental properties were sold by the end of 2014. My only income is a small pension and the PAYE credit offsets that and therefore I estimate nil liability for 2015. Do I inform…

11-11-2015 03:25PM

#1

Torres999

Registered Users, Registered Users 2 Posts: 186 ✭✭

Join Date: June 2013

Posts: 148

I have an enquiry regarding preliminary tax, I had a liability this year and paid say 5k in tax. But I will not have any income for 2015 as all my rental properties were sold by the end of 2014. My only income is a small pension and the PAYE credit offsets that and therefore I estimate nil liability for 2015.

Do I inform revenue of this or just pay nothing? I assume they will come looking for some prelim?

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Comments

#2 11-11-2015 05:07PM

DmanDmythDledge

Registered Users, Registered Users 2 Posts: 976 ✭✭✭

Join Date: October 2007

Posts: 914

When filing your 2014 return there should be an option to make a preliminary tax payment for 2015. Once your preliminary tax payment is 90% of your final liability for 2015 then there is no problems.

If your current sources of income are all PAYE income (employment and pension) then you would be able to de-register for income tax as all your income would be earned income.

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