Form 12 - Some questions

F

Fifitrix

Registered User
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Evening All,

I am a PAYE worker completing a form 12 and have a couple of questions which I would greatly appreciate some help with:

page 4 - question 5 asks that if you were in receipt of Jobseekers Benefit you need to fill in the "Taxable Amount of Payment in 2008".
Q1. Does that mean put in the full amount I received from Oct to Dec?

page 5 - question 13 - Rental Income from Land and Property in the State
Q1. What can I put in under the "other" section listed underneath "Repairs" and "Interest".

Q2. What are capital allowances?

Q3. What does "capital allowances forward from a prior year" mean? I did complete a form 12 for last year.

Q4. What does "capital/balancing allowances for the year 2008" mean?

Q5. What does "captial alloances available for carryforward or offset" mean?

Q6. What does "excess case v capital allowances" mean?


I would appreciate any help with the above as I have totally left it to the last minute despite promising myself faithfully I wouldnt!

Thanks

F
 
Just re the first query on taxable amount of JB, the first €13 per week is tax exempt, as is any amount which was for child dependant allowance.
 
As a PAYE worker why are you filling up a form 12 and why are you rushing to fill it up now. Do you have other income apart from your PAYE job.

The questions re "Capital allowances" would usually apply to a self-employed person (business, trade or profession) or someone who has a rental property
 
Q1. What can I put in under the "other" section listed underneath "Repairs" and "Interest".
Click to expand...

This is any other expense that you might have incurred. For example, advertising fees, insurance etc. Basically any expenses you have incurred which are not repairs or interest.

What are capital allowances?
Click to expand...

When you incur a large item of expense which is a once off or something that you would not have to pay out for each year, this is general treated as a "capital" expenses rather than a "revenue" expense. An example might be a new sofa suite.

You cannot claim the total cost of a capital expense item in one tax year. The cost of it must be spread out and claimed over a number of years. At the moment, the relevant rate for capital allowances is 12.5% which equates to spreading the cost of the item out over 8 years.

In the example of a sofa costing, say, €1,500 you could claim €187.50 (being €1,500 x 12.5%) of this each year for 8 years.
 
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