Form 12-rental income question

G

guideanna

Registered User
Messages
93
Hi all,

i've just completed filling in my form 12 in relation to a rental income i have.

Looks like i owe a few hundred to revenue, i can't remember though, do i post a cheque in with my form?
Seem to remember i did this couple of years ago and they posted it back to me?

Anyone clarify for me?
 
If you are filing a Form 12 then you are not in a self assessment position. The Revenue should reduce collect tax by reducing your tax credits for 2014. It is assumed that a Form 12 is the correct form you to file in the first place.
 
Ah, that woud explain the returned cheque then.
Yea form 12 is the correct form for me to fill in.
Don't recall reading anywhere that they adjust your tax credits for the following year though....and since it's 2012 returns does that mean adjustments will be made for 2014?
Do you have any links with info on this?
 
They normally reduce for the following year which is 2014 - it can be a bit random though. You might find something on the Revenue website but good luck finding it. It is more from what I have seen over the years.
 
ok, well thanks for the info. i don't owe much anyway so if they spread it over the year it'll be grand. Off to the postbox i go so...
 
guideanna said:
ok, well thanks for the info. i don't owe much anyway so if they spread it over the year it'll be grand. Off to the postbox i go so...
Click to expand...

Your P21 balancing statement will tell you what way they propose to collect the "underpayment" that arises as a result of your non-PAYE income.

It will either ask you to forward payment, or more likely, it will tell you how much your credits are being reduced by and for which year(s).

Have a look at last year's one and see what it said...?
 
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