Tax Payable - A Revenue Christmas Cracker..

Arrived home from a lovely Christmas break at the in-laws to discover amongst the late cards was a Notice of Assessment from the Revenue to the tune of E2,500 owed for tax year 2005

I recently submitted a tax return for 2005, based on profit from letting an investment property. The Revs obviously run all data through their assessment system and found a tax paid shortfall. So much for being an honest citizen..

Anyway, I checked my P60 and all is in order for me for 2005 i.e. my gross salary and PAYE Paid figures are correct. I suspect it may be something to do with the gross pay and PAYE paid for my wife, as she was on maternity leave for a good part of 2005. She is going to check with her Payroll people next week when back at work.

Anyone else get more than they bargained for this Christmas..?

igloo said:

I recently submitted a tax return for 2005, based on profit from letting an investment property.

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Could the tax payable be on the rental income, does the notice of assessment show taxable rental income?

No, the tax payable on the letting profit is calculated and represented correctly.

Can I suggest that you check it very carefully? I submitted my return in late Sep and then got a bill for circa E2,000. Not being that au fait with tax matters I assumed it was right and paid it. Some weeks later I got a cheque for E2,900, the original amount back and E900 with it! I had calculated 'Gross Income' to be the figure shown on the P60 plus the deductions for Superannuation and another item which are deducted at source. I suppose I was lucky that someone spotted it.

Yes will do thanks. Sounds like your honesty paid out in the end