# Do you understand your online Revenue form 11 Calculation ??!!



## landlord (17 Sep 2013)

As most people who file a form 11 would file it online using www.ROS.ie
I thought it would be useful to include a sample from my form 11 “Calculate” page.
( I changed my personal figures )
I am a single payee employee with rental property.
I am trying to understand everything on this page, but perhaps the tax buffs out there could copy/paste and then help me fill in the gaps, or re-word/edit to make more sense….
Blue I think I understand
Red I am unsure.


PPS Number ……….
Name …………. 
Date 2012 (tax year) calculated in Sept 2013
Currency All Amounts in Euro 

*Income*


1. Gross Employment/Pension for Universal Social Charge-Self 100545 
This figure comes from your P60 under _(C)_ _Pay for Universal social Charge(USC) purposes_ and is greater than your _(A) PAY_ (gross pay figure) on the P60, because it includes your employer/employee pension contributions. 
_______________________________________________________________ 
2. Profit from Letting Premises-Self 18464 This is you rental profit (case V income)…..ie total gross rent minus (management fee, mortgage interest (75%), repairs, letting adverts, PRTB registrations etc…)
3. Emoluments-Self 89967 P60 gross pay (box A on P60) Your p60 will show that you have paid tax based on this income, but you will actually have to pay tax based on your P60 pay plus your extra income i.e. rental income (minus costs and capital allowances)
4. Total Income 108431 (2+3) Rental profit + gross pay.

*Capital Allowances / Losses / PAYE Expenses*


5. Rental Capital Allowances-Self 6589 (Includes any purchases you made for your rental property in 2012, for example new table, chairs, carpets etc…calculated at 12.5% over 8 years.)
6. Expenses in Employment-Self 275 (flat rated expenses that you may be entitled to depending on your profession…see http://www.revenue.ie/en/tax/it/leaflets/flat-rate-expenses.xls to see if you qualify.

*Net Position*


7. Income* 108431 Total income from line 4
8. Less Capital Allowances/Losses/PAYE Expenses 6864 (5+6)
9. Total 101567 (7-8) Net income after capital allowances/Losses/PAYE Expenses 

*Allowances / Reliefs / Deductions*


10. Total 0 (This is not relevant to me but includes……?)

*Taxable Income*


11. Taxable Income 101567 (9-10) Net income after capital allowances/Losses/PAYE Expenses minus Allowances/Reliefs/Deductions.

*Charged To Tax As Follows*

( The taxable income of line 11, which is 101567 which for 2012 is charged at…
The first 32800 at 20% and the balance at 41%) 
12. Standard Rate 32800 @ 20% = 6560.00 
13. Higher Rate 68767 @ 41% = 28194.47 
14. Total Income Tax 34754.47 (This figure represents the total income tax I SHOULD be paying on my P60 pay AND my rental income after costs and capital allowances.)

*Credits / Reliefs set against Tax on Income*


15. Personal Credit 1650.00 
16. PAYE Credit 1650.00 
17. Health Expenses 111.00 (20% of your 2012 health expenses)
18. Total 3411.00 (15+16+17)
19. Net Tax Liability 31343.47 (14-18) (This figure represents the net income tax I SHOULD be paying on my P60 gross pay and my rental income after costs and capital allowances and also after credits and Reliefs)
Does my P60 PAY/TAX already reflect any of these credits?

*PRSI/USC/TRS*

USC is paid on
Line 1 above Gross Employment/Pension for Universal Social Charge-Self (This figure comes from your P60 under _(C)_ _Pay for Universal social Charge(USC) purposes_ and is greater than your _(A) PAY_ (gross pay figure) on the P60, because it includes your employer/employee pension contributions) 
PLUS
Line 2 Profit from Letting Premises-Self This is you rental profit (case V income)…..ie total gross rent minus (management fee, mortgage interest (75%), repairs, letting adverts, PRTB registrations etc…). Unfortunately you cannot deduct capital allowances before calculating USC owed. 
(1+2) ( 100545+18464) = 119009 
20. Universal Social Charge-Self 10036 @ 2% = 200.72 
21. Universal Social Charge-Self 5980 @ 4% = 239.20 
22. Universal Social Charge-Self 102993 @ 7% = 7209.51 
23. Total 7649.43 This figure represents the USC you SHOULD be paying which includes rental income, and this is over and above what was actually deducted from you pay according to your P60. 

_The standard rates of Universal Social Charge are: _
_• 2% on the first €10,036 _
_• 4% on the next €5,980 _
_• 7% on the balance._

*Other Credits / Reliefs*


24. Paid PAYE 26586.00 
25. Universal Social Charge deducted under PAYE 6357.00 
25. Total 32943.00 This figure is your (Line 24) P60 Paye tax paid PLUS your (Line25)P60 USC deducted.
When this figure is compared to the higher figure of (Line 19) Your Net tax liability, which is the tax you actually should be paying (which includes rental income) PLUS (Line 23) the USC you should be paying (which includes USC on rental income). The difference is your Total Liability…see below. 

*Total Liability*


26. Payable 6049.90 

(and for example if you paid 6000 pre tax last year then you would only owe 49.90 this year......plus whatever preliminary tax you wish to pay for next year)


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