Form 11 - Rents, Medical Expenses & First Active

I have downloaded Form 11 from Revenue and the 4 page guide. I have a property rented out in 2004, medical expenses for 2004 and I also received payout from First Active, which I returned last October with a cheque for my self assessed liability. Now:
1. Do I need to enter the details of the FA distribution on my F 11 for 2004? The form does not have sufficient space for detailing B&B arrangements etc.
2. The F11 has a section on medical expenses. Is it appropriate to include my claim for medical expenses for 2004 on this form and not on a separate Med1/2?

Thanks for any help.

Slim

Slim said:

The form does not have sufficient space for detailing B&B arrangements etc.

Click to expand...

If Revenue forms don't have enough space for supporting information/calculations then just add them on a separate sheet and attach it to the return. That's what I do anyway.

Slim said:

The form does not have sufficient space for detailing B&B arrangements etc.

Click to expand...

Why would you want to enter details of B&B?

All you need is sale price, gain, liability.

If Revenue want details they'll ask for them.

Yes, noted. I thought I would have to repeat the calculations I had submitted originally to mitigate my liability to CGT on FA distribution. Do you think I have to declare the FA stuff on this Form 11 for 2004?


Slim

I believe it IS appropriate to use F11 for medical expenses instead of Med 1/2.

The Form 11 is sufficient for the Med 1 expenses, but you may still need to get the Med 2 completed by a dentist

Replies all appreciated. Still puzzled. I have completed the section relating to rental income and estimate my liability at €200 approx. However, I have med expenses and qualifying dental well in excess of this and so would be due a refund. So far so good. However, if I include the FA distribution, it shows a liability of €131. This liability is, however, paid since last October(04). Does its appearance on the form without a note to say it has been paid mean they will now deduct that from my refund? Should I just ignore the FA distribution, as I am paid up and compliant on that?


Appreciate the responses.

Slim

Income Tax and CGT are seperate taxes so although you can return them both on they same form, they are not calculated together and you will get seperate notices of assessment for each. You income tax assessment will show whatever your refund is and your cgt assessment will show your liabilty less payment on account, so no need to worry.

Even though you can fill out your regular medical expenses on the Form 11, you will still need to send along the seperate MED 2 form or you won't be allowed the dental expenses.

Many thanks Xeresod and everyone else. Last minute as usual. Off we go!


Slim

One more question. Do I have to estimate the tax payable on rental income for 2005 at this stage?


Sorry, Slim

Yes, you will need to pay your preliminary tax for 2005 when you make the reurn for 2004. The rules regarding preliminary tax are;

1. Pay 90% of what's due for 2005
2. Pay 100% of your liability for 2004
3. Pay 105% of your liability for 2003

As it is rental income you shouldn't have much problem working out 90% for this year as you most likely will have the same monthly rental income for the rest of the year as you have has until now. If you are in a refund situation for 2004, then 100% of your laibility is 0, so you could make a declaration of €0* on your preliminary tax for 2005 but this will leave you with the full amount to pay this time next year and your preliminary tax for 2006 at the same time.

*If you go down this route you must make the declaration of €0 on your preliminary payslip so it will be recorded on Revenues records. If you just ignore it you will be down on their records next year as not submitting any preliminary tax and may be liable for interest charges next year.

Damn. I have just sealed the envelope. Where do I get a payslip or the appropriate form for 2005? Can I download it from Revenue as with the form for 2004? Sorry for being so ignorant at the last moment.

#
Slim,

You can just write a note and send it to the Collector General in Limerick giving your PPS number and specifying that your preliminary tax for 2005 is €0. Or check to see if you still have any of your pay & file reminder notices from earlier in the year and use the payslip on that. (Or unseal the envelope, as long as it is postmarked on or before 1st November you are on time!)

Sorry to be obtuse. Facts are that after all expenses are put in for 2004, I reckon I am owed a refund of €1,000 approx. I estimate that in relation to rental income and medical expenses/qualifying dental in 2005, I will have a small liability in 2005. If so, should I still put in an estimate of €0 for preliminary tax for 2005? Will I get into trouble if I later have a larger liability for 2005?


Many thanks for all the help.

Slim

You can do €0 as if falls within Revenues rules (100% of previous years liability) but as I said in my earlier post then you will be stuck next year paying all tax due for 2005 and 2006 at the same time. From a cashflow point of view I'd recommend paying now just so you're not hit a double whammy next year.

Again, many thanks. I will estimate liability for 2005 and pay 90% today.

Slim