Need to submit form 12 for last 3 years - advice

T

tweety76

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Hi,
I have not filed a form 12 since 2009. I submitted it for a rental property that we have ( we are not making any profit/income from it). I have everything gathered together for the last 3 years but did not submit the form 12 return for 2010-2012.

Am I better off to just go through the pain of submitting the 3 forms myself or else hand it over to a qualified person to submit the returns for me. What would it cost me roughly to get a qualified person to do this?

Thanks.
 
Two issues come to mind - once you have income that is not covered by PAYE you are a chargeable person and required to file a return. It is not relevant if you don't have a taxable profit.

If you have already done the first return (assuming it is correct) then use that as a basis for the following three years. The Revenue have a fairly good leaflet on rental income which you should use when preparing your returns. I would suggest using a Form 12 (and not a Form 11) as using a Form 11 is an admission that you are in self-assessment and you may have to deal with preliminary tax and late filing surcharges. You may get bounced into self-assessment in any event but see if you can avoid it.

In terms of interest remember that you can only claim 75% of it. Don't forget capital allowances on furnishings and any expenses relating to the property.

In terms of an accountant doing the returns I would budget for €1,000 (plus VAT) provided you give the accountant everything sorted and in summary form for all years. If the accountant has to start going through bank statements and boxes of receipts that will increase the time requirement and the cost. The accountants fee should be tax deductible.

Others may disagree with my approach and fee suggestion but ...
 
Thanks Dublin66 for the feedback. I obtained a copy of the one from 2009 from the tax office so I will use this as a starting point. Unfortunately 1000 is out of the question for me so I think I will tackle them myself.
 
€1,000 plus VAT for a rental comp and PAYE return is outrageous!

More like €200 - €250 inc VAT. The rules are there if you have non PAYE income of less that €3,174 and it had been coded into your PAYE Credits then you can use a Form 12 otherwise it's a Form 11. A form 11 has a late filing fee if not filed on time and an interest charge if not paid on time.

If the income less 75% of the interest and other deductions is positive you have a taxable profit, it's not relevant whether it pays the mortgage or not!
 
Joe 90 - your obviously haven't read the post properly. 1K is for the three years.

The remainder of the advice is practical - different courses etc.

Best of luck tw 76
 
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