Form 12- Rental Income

[Landlord]

I just need clarification on a couple of issues, first time filling out a form 12:

I am a PAYE worker and am currently renting out my house which was built in 2002.
This house is going to be my main residence in the future and am just renting it out for maybe 2 to 3 years.

First of all I am claiming Mortgage interest relief at source on the loan. Can I also claim this interest relief as an expense against my rental income.

My Capital allowances (fixtures and fittings) for the year come to 5000 euro. 12.5% of this is 625 euro. Under the heading Capital allowances for the year 2003 in Panel 10 which figure do I insert. Is it 5000 or 625. Does the tax inspector work out the figure.

Also Do I have to include an itemised list of fixtures and fitting with my tax return.

 

[Ham Slicer]

First of all I am claiming Mortgage interest relief at source on the loan. Can I also claim this interest relief as an expense against my rental income.

You shouldn't be claiming TRS - but you can claim interest against your rents

Is it 5000 or 625

625

Also Do I have to include an itemised list of fixtures and fitting with my tax return

No need

 

[Guest]

You should consider

(a) looking at the AAM Property Investment FAQ which summarises some of the tax issues

and

(b) getting a good accountant to ensure that you are meeting your liabilities and availing of all allowances etc.

 

[Guest]

Oops!

> (a) looking at the AAM Property Investment FAQ which summarises some of the tax issues

 

[unregistered]

Form 12-Rental income

I was under the impression that rental income on Form 12 was filled in for the year ended 31/12.
Do I as a PAYE worker have to file a preliminary tax return on the 31/10.
I normally fill in my Form 12 as soon as I get my P60 from my employer. Is it ok to continue doing this or do I have to file a PTR on the 31/12?