Form 12 late return

D

dessierb

Guest
Can anyone advise on the following. I never submitted a form 12 for tax year 2007 in relation to a rental property. Is it too late to submit despite that i will not have made any profit on this first year of renting. Will Revenue penalise me or issue a fine if I do the return now, 4.5 months late. What should i do?
Thanks
 
Well, regardless of the outcome, you should definitely file your return. Revenue should only charge a 10% surcharge on any balance due on foot of filing the return. As you have made a loss on the rental property it's safe to assume that there will be no liability and therefore no surcharge (assuming you have no other income apart from a salary and the Paye system was operated correctly on that salary).
 
Hi Dess, Before you file a return you must make sure you have registered the tenant with the PRTB otherwise the interest on your mortage would not be allowable which may make your rental income liable to the top rate of tax. Hope this is of help.
 
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