70% on income from rental

D

dodo

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Just completed ROS and bit confused as I pay my income tax via my employer and then I add in income from rental
This calculation after deductibles is below
Amount of chargeable income after expenses – residential property E3,801 but Amount of tax payable for this period E2,677. I thought this would be more like 50% as income is 40% plus PRSI,USC maybe above 50%.

This works out at 70% so not sure how that could be.
 
Anything in this post to help?

First time form 11, nearly 70% tax on rental income estimate!

Have done partners tax return last few years and bills were more or less as expected, first time doing mine this year. taxable rental income of 12k, ROS site is calculating a liability of over 8k. Apart from the available deductions to reduce the rental income to reduce the taxable income I’ve...
www.askaboutmoney.com
 
RedOnion said:
Anything in this post to help?

First time form 11, nearly 70% tax on rental income estimate!

Have done partners tax return last few years and bills were more or less as expected, first time doing mine this year. taxable rental income of 12k, ROS site is calculating a liability of over 8k. Apart from the available deductions to reduce the rental income to reduce the taxable income I’ve...
www.askaboutmoney.com
Click to expand...
Yes it did tks, E700 , I can trace to see why that is.
Balance of Tax Payable for this period€
 
I don't have a rental anymore but the way i used to do it was to make sure my PAYE balanced first.

Afterwards I would add in the rental income.
 
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