Tax Form 12-Couple of Questions.

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Hi

I have a couple of questions re the above form if anyone can help please.

Our situation. PAYE Couple who own one rental property since 2003.
I have always completed this form and seem to have got on ok judging from balancing statement received from revenue each year. Basically things balancing out,noone makes anything!

1.In the section where you put in rental income etc, what does the question about case V allowances relate to?

2.Another question refers to Med 1 form. It says put in the amount claimed.Is that the amount before tax relief that I have already put on my Med 1 form? If I have also done a med 1 form should I put anything here at all.

3.Finally,there are questions relating to Bank Deposit accounts, one asks for the amount of interest earned before Dirt I think, and the other asks for gross interest or something similar. Any small account I have has had dirt paid,are we obliged to reveal this information legally?

Any feedback appreciated. thanks

 

[Graham_07]

1.In the section where you put in rental income etc, what does the question about case V allowances relate to?

Case V ( Case 5 ) is the section of the tax code which relates to rental income. Excess Case V Capital Allowances are wear & tear allowances on furniture/fitting etc. where they exceed net income and are therefore available to carry forward to next years rents as a deduction. Unless you had claims for fixtures/fittings this is not likely to apply.

2.Another question refers to Med 1 form. It says put in the amount claimed.Is that the amount before tax relief that I have already put on my Med 1 form? If I have also done a med 1 form should I put anything here at all.

You input the net med exps per the MED1. You attach the MED1 to the Form 12. If you have already been granted relief on a MED1 and reseived a refund then that refund will be deducted from whatever the final balance is for the year otherwise.

3.Finally,there are questions relating to Bank Deposit accounts, one asks for the amount of interest earned before Dirt I think, and the other asks for gross interest or something similar. Any small account I have has had dirt paid,are we obliged to reveal this information legally?

Irish deposit interest must be shown gross i.e. including DIRT. You get a credit for the DIRT on the Balancing Statement. You are still supposed to give the details even though DIRT is paid.

 

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Case V ( Case 5 ) is the section of the tax code which relates to rental income. Excess Case V Capital Allowances are wear & tear allowances on furniture/fitting etc. where they exceed net income and are therefore available to carry forward to next years rents as a deduction. Unless you had claims for fixtures/fittings this is not likely to apply.



You input the net med exps per the MED1. You attach the MED1 to the Form 12. If you have already been granted relief on a MED1 and reseived a refund then that refund will be deducted from whatever the final balance is for the year otherwise.




Irish deposit interest must be shown gross i.e. including DIRT. You get a credit for the DIRT on the Balancing Statement. You are still supposed to give the details even though DIRT is paid.

Many thanks for that reply