PAYE Rental Income

B

BigBear99

Guest
Hi there,

I am and always have been working for a company and part of PAYE. I am not self employed.

I have a new property that I am renting and I am wondering how or what I need to do to complete my tax returns for the rental income generated by the property?

I heard about Revenue Forms 11, 11E, 12 but i am unsure where to start. I would like to do this myself as opossed to paying an accountant.

Can someone outline the steps required to complete this process please?

Thanks in advance.
 
Have you read the Property Investment FAQ and forum? I think it's one of the Form 11s that you need. If you are unsure how to do this correctly (and now knowing the correct form is a sign that this may be the case) then you really should consider getting professional assistance.
 
Hi Bigbear. Ive been doing tis for 3 years now with rentalproperty and have each year found it a total mess. Im not tax minded at all but could waffle about science stuff for hours.... anyway I would advise you to ask to meet someone in Reveneue somewhere and let them tell you what you need to do as I asked over the phone and was sent all the wrong forms to fill only to find 2 years later that they had gotten it all wrong and I owed more tax and was been assesed wrong.

Best to start off with this asking for as much help as possible.
Working out how much tax you own on the property is the easy bit but then doing the forms etc is a nightmare.
If you go down the road of accountant make sure first he knows what hes doing. I hired one tnis year and he told me I had to pay 3500 euro but when I quizzed hm on it it turned out the bill was more like 650 euro, hed made a mistake he couldnt figure out somewhere!!!!! So needless to say I wont be going back to him and am hoping he got the message and wont dare send me a bill for his "work".....
Good luck its horrible if your confused like I was. Lok at the revenue site for rental property stuff they used to do a booklet that had a renatl tax thing wotked out that you could kinda copy, see if its still available othyerwise make appointment with revenue people themselves and cover you back by copying everything and keep all emails form themetc....

good luck, may the force be with you my friend...
 
Just be aware that Revenue will not give independent, professional tax advice. You need to get this for yourself. If you do not know how to do your returns and prepare them solely based on raw information given to you by Revenue (which suffer from errors and omissions) then there is a significant risk that you will do something wrong or not in the most advantageous (to yourself) way possible.

See this thread for some discussion of this issue:

Acupuncture in 2007 - Applicable for tax back?

In short - get an accountant if you are not 100% sure that you know what you're doing.
 
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