Folks,
Just wondering if someone could advise if capital allowances are greater than allowable expenses and I get a minus figure do I need to still pay tax, for example if my gross renal income is €5k and allowable expenses are €4.5k and capital allowances are €1k that gives a taxable income of minus €500 - what happens here? Also does preliminary tax have to be paid on taxable income for a rental property?
I am a fulltime PAYE employee and I read somewhere that if tax due is €3k (in and around) a form 12 is just filed - Does tax still have to be paid?
Thanks for your help......great site by the way!!!
Just wondering if someone could advise if capital allowances are greater than allowable expenses and I get a minus figure do I need to still pay tax, for example if my gross renal income is €5k and allowable expenses are €4.5k and capital allowances are €1k that gives a taxable income of minus €500 - what happens here? Also does preliminary tax have to be paid on taxable income for a rental property?
I am a fulltime PAYE employee and I read somewhere that if tax due is €3k (in and around) a form 12 is just filed - Does tax still have to be paid?
Thanks for your help......great site by the way!!!