sangilford
Registered User
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So preliminary tax due is zero but you can pay some if you wantYou must make sure that you do not under pay your preliminary tax, or you may be charged interest. The amount of preliminary tax for a year must be equal to, or more than, the lowest amount of the following:
- 90% of the tax due for that tax year - you can estimate the tax due based on receipts and expenses Jan-Dec 2019
- 100% of the tax due for the immediately previous tax year - zero
- 105% of the tax due for the tax year preceding the immediately previous tax year (often called the ‘pre-preceding year’). This option only applies where you pay by direct debit. It does not apply if the tax due for the pre-preceding year was nil.
Yes. You can pay it anytime in 2020. The reason people leave it till late in the year, I believe, is in case something happens in the year and their preliminary tax for the current year could go askew due to tenants moving out or unforeseen repairs.I can pay the full 2019 tax next year along with the preliminary tax for 2020?
You didn't ask but heregoes anyways:I let out my apartment in February and this is the first time that I have income other than my PAYE employment. The taxable income is greater than the €5,000 Form 12 threshold so I registered for ROS. As the Form 11 relates to the 2018 tax year, do I need to pay tax now before the November 12 deadline on the 2019 income? As I have not been income tax registered previously, there seems to be no option in my ROS account to register the income.
If a tradsman [sic] doesn’t have a “proper receipt” it’s because he/she has done it “off the books” aka “on the black market” aka “cash in hand”, etc, etc. That is, he/she has done the job and gets paid for it, but does not intend to pay tax in that income.You didn't ask but heregoes anyways:
- Keep all receipts, for absolutely everything, if a tradsman doesn't have a proper receipt get him to write one on the back of an envelope
If a tradsman [sic] doesn’t have a “proper receipt” it’s because he/she has done it “off the books” aka “on the black market” aka “cash in hand”, etc, etc. That is, he/she has done the job and gets paid for it, but does not intend to pay tax in that income.
You’ll be charged about half the price for such a job, and you will not get a receipt under any circumstances.
However, as you’ve no receipt you will not be able to deduct it as a liability against your taxes.
The expense of getting the gaff ready for renting is solely on your shoulders.
I don't care if the receipt is on the back of a cornflake box. As long as it has name, property, job, amount date and signature. It is not my responsibility to enquire into the tax status of people who do jobs for me. I get receipts for everything.If a tradsman [sic] doesn’t have a “proper receipt” it’s because he/she has done it “off the books” aka “on the black market” aka “cash in hand”, etc, etc. That is, he/she has done the job and gets paid for it, but does not intend to pay tax in that income.
You’ll be charged about half the price for such a job, and you will not get a receipt under any circumstances.
However, as you’ve no receipt you will not be able to deduct it as a liability against your taxes.
When I had a Revenue audit they initially refused to accept a hand written receipt which I had for an expense. I was able to provide the contractors telephone number and Revenue were satisfied. That was just my experience.
Rent it first and then get it ready.
I don't care if the receipt is on the back of a cornflake box.
When Revenue define to all of us what is or is not a receipt then I will comply. A valid receipt as far as I'm concerned is any kind of paper with the work, property, signature, amount and date.To elaborate, it’s not all about you, Bronte, and what satisfies you.
If you get a receipt written on the back of a corn flakes box and you are happy with it, that doesn’t matter. Revenue has to be happy with it. As indicated by CremeEgg, if they are not initially happy with it they’ll need to trace it back to the source. If the source validates it, then Revenue will be satisfied with your corn flakes box receipt.
Otherwise there wouldn’t be a roll of toilet paper left on the supermarket shelves because every Tom, Dick and Harry up and down the country would be writing a makey-uppy receipt on each piece of toilet paper and submitting it in their annual returns, safe it the knowledge that Revenue would never chase up a suspect looking receipt.
This isn’t the 1930ies, someone needs to stand over the receipt.
That does not prove your point. At all. In that case the problem was not the receipt. The problem was the expense. Which was invalid.I’m sure that, ten years ago or whenever it was, when Sean Quinn submitted his tax return and included a receipt for €100,000 for his daughters wedding cake, as a business expense, the receipt was perfectly genuine, on headed paper, etc. Not on the back of a corn flakes box. And likewise the flight receipt of the lady who flew return from NY to County Cavan with the cake.
But Revenue decided that this was not a genuine business expense. Valid receipt or not.
In the end, both the expense and the receipt must be valid.
In fact some of the till receipts I have are fading because of the type of paper they are, so on those I use a pen to write in the details.
Yesterday I spent quite some time deleting 2000 emails from my husband's email account. There's thousands more to go. I do not recommend icloud email to anyone. It took me ages to figure out how to select the emails to delete. I have boxes of tax returns/receipts. And I'm relying on no cloud ever to mind them for me. I have a drop box for photos of the dog from the dog minder. That's full for more than a year. I don't have a camscanner, my mobile is full for more than 5 or six years at least. But I'm ready for revenue.If it's any help at all - I use an app on my phone "Camscanner" to scan these type of receipts as soon as I receive them and save them in a file on my Dropbox accounts. Actually I do it with all of my rental expense receipts so I have them there in the cloud, ready for my tax return.
I just take a photo of the receipts.If it's any help at all - I use an app on my phone "Camscanner" to scan these type of receipts as soon as I receive them and save them in a file on my Dropbox accounts. Actually I do it with all of my rental expense receipts so I have them there in the cloud, ready for my tax return.
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