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Return for one house landlord

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Comments

  • #52
    Barr
    Registered Users, Registered Users 2 Posts: 7,018 ✭✭✭Barr


    Just off the phone with revenue there.

    It seems the deadline of 31st Oct does not apply if it is your first return.

    Because I am PAYE at the moment the deadline only applies if you are already self assessed.

    Once I send the form in , it is up to revenue how they want to assess me. Something to do with the amount of income etc.

    They said I just need to complete “FORM 12” and that is it.


  • #53
    Sheep Shagger
    Moderators, Business & Finance Moderators Posts: 6,545 Mod ✭✭✭✭Sheep Shagger


    I used to be treated as PAYE but as my rental 'profit' (rental income less expenses/allowable deductions) is now more than €3174 (think that's the number) I'm now classed as self assessment and had to complete a form 11.

    Not allowed to offset tax bill against tax credits now it seems either (as I'm no longer looked after under the PAYE system).

    Have filed for 2014, just have the cough up the money, am in process of getting an accountant for 2015 (preliminary tax due v soon).


  • #54
    MayBee
    Registered Users Posts: 53 ✭✭MayBee


    Excuse my ignorance but what's this preliminary tax business, why / when would this be due ?

    Also I'm not currently working, so technically not paye, I assume I can still do my return on form 11, as it happens I would have very little in the way of deductions, house only rented for 5 months of 2014.

    I've a feeling this isn't going to end particularly well


  • #55
    Bold Abdu
    Registered Users, Registered Users 2 Posts: 212 ✭✭Bold Abdu


    MayBee wrote: »
    Excuse my ignorance but what's this preliminary tax business, why / when would this be due ?

    Also I'm not currently working, so technically not paye, I assume I can still do my return on form 11, as it happens I would have very little in the way of deductions, house only rented for 5 months of 2014.

    I've a feeling this isn't going to end particularly well

    Preliminary tax is a payment on account for the current year. So you're filing 2014 now (deadline 31/10/15) but you need to pay preliminary tax on account for 2015 by the same date.

    You'd often calculate PT as 100% of the previous years liability but in your case with only 5 months rent in 14 and not currently working, this would not be the best method.


  • #56
    Barr
    Registered Users, Registered Users 2 Posts: 7,018 ✭✭✭Barr


    Quick question on the 12.5% allowable on fixtures and fittings over 8 years .

    I’m just wondering would the kitchen, bathroom suite, tiling , flooring be allowable in this category?


  • #57
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,407 CMod ✭✭✭✭Pawwed Rig


    Barr wrote: »
    I’m just wondering would the kitchen, bathroom suite, tiling , flooring be allowable in this category?

    No but keep the receipts as a capital outlay.


  • #58
    Barr
    Registered Users, Registered Users 2 Posts: 7,018 ✭✭✭Barr


    Pawwed Rig wrote: »
    No but keep the receipts as a capital outlay.

    Are you allowed to write off capital expenditure as well ?


  • #59
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,407 CMod ✭✭✭✭Pawwed Rig


    Depends what it is on. Some capital expenditure is allocated to the capital outlay of the property for CGT purposes whereas other expenditure can be written off against income over 8 years.
    your tax advisor will know what is what.


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