Form 12 Rental Income- 3 qs

[keff]

I am completing my Form 12 for rental income and have a few (very basic!) questions as this is the first year that my husband and I have been jointly assessed-

1. The rental property is in our joint names so other years we declared half the income each- do I do the same this year or do I atttribute it to one or other of us? (The reason I ask is that I have to insert the "number of properties" for each of us. if I put 1 for each that makes 2 but we only have 1) Same goes for our deposit account which is in joint names- 1 and 1 =2 so do I split the amount and put one (or a half) each or does it matter?

2. Also- I was on social welfare for some of last year and am appealing the decision that it was taxable as I think it was just down to the classification of my hours on the SW computer system as opposed to reality. So, I have a letter with my taxable amount which is how things stand at the moment- my question is if I declare this amount and then they agree that it wasn't in fact taxable can I claim it back and, if so, how?

3. And finally I think its OK to hold off doing my MED1 for a while since I Don't have all my receipts to hand and I can submit over the next few years?

Thanks in advance for any replies, I really appreciate the help.

 

[mandelbrot]

I am completing my Form 12 for rental income and have a few (very basic!) questions as this is the first year that my husband and I have been jointly assessed-

1. The rental property is in our joint names so other years we declared half the income each- do I do the same this year or do I atttribute it to one or other of us? (The reason I ask is that I have to insert the "number of properties" for each of us. if I put 1 for each that makes 2 but we only have 1) Same goes for our deposit account which is in joint names- 1 and 1 =2 so do I split the amount and put one (or a half) each or does it matter?

Just put the 1 in both boxes - after all you are letting one property, and so is your husband, it just so happens they are the same one. This is the only way it makes sense to complete it, and the fact that it could be looked at in a "1+1=2" way doesn't really matter.

2. Also- I was on social welfare for some of last year and am appealing the decision that it was taxable as I think it was just down to the classification of my hours on the SW computer system as opposed to reality. So, I have a letter with my taxable amount which is how things stand at the moment- my question is if I declare this amount and then they agree that it wasn't in fact taxable can I claim it back and, if so, how?

You have to complete the form with the figures as they stand at the time, so you'll have to use the current taxable figure from SW. If/when you successfully appeal, then you'll need to forward the new letter from SW to the tax office and request that they issue you a new P21 Balancing Statement reflecting the lower taxable amount.

3. And finally I think its OK to hold off doing my MED1 for a while since I Don't have all my receipts to hand and I can submit over the next few years?

That's fine - in fact if you register online for PAYE anytime, you can submit this claim electronically.

 

[keff]

Thanks so much mandelbrot, that's really helpful.

I'm already registered for PAYEanythime so I can do it electronically.

Thanks again

 

[T McGibney]

1. The rental property is in our joint names so other years we declared half the income each- do I do the same this year or do I atttribute it to one or other of us? (The reason I ask is that I have to insert the "number of properties" for each of us. if I put 1 for each that makes 2 but we only have 1) Same goes for our deposit account which is in joint names- 1 and 1 =2 so do I split the amount and put one (or a half) each or does it matter?

This is merely my opinion but it should be far simpler for both Revenue and yourself if you specify joint income in the name of the assessable spouse. Otherwise, there is potential for confusion and miscalculation. You don't want Revenue asking you in 5 years time about 2 rental properties when you only had 1.