Form 12 Tax return questions

K

Kenbo

Registered User
Messages
78
Hi all
We are trying to fill in a return for Tax year 2010 for an investment property.This is the first time we have tried to file one ourselves so sorry if the questions sound stupid. On page 6 of form 12 what do they mean by "Capital/balancing allowances for the year 2010"? Also what type of expenses go in under " Other"? on page 6.
Will ring the revenue in the morning but as the Accountant was charging us over 450 we decided to have a go at it ourselves, maybe a mistake!
any help/guidance greatly appreciated.
Also any other issues to be aware of when doing the return, is it a diy job?or should we go and find a more reasonably priced accountant or one of the Tax payment websites? We are both PAYE taxpayers with one rental property in negative equity.
Kenbo
 
Capital/balancing allowances relates to capital expenditure expensed over 8 years and capital items disposed of prior to the expiration of the 8 years.

"Other" is just a section to capture other expenditure which doesn't fall under categories such as interest or repairs.
 
on the form 12 is it ok just to print one off the revenue site and post in? can't get to a revenue office to pick one up.

or can this be done on payeonline at all?
 
While the FAQ is marked as out of date, it does contain some information on what you can and can't claim. Capital expenditure is the 12.5% of depreciation of your furniture/white goods etc. Other generally are expenses occured during the year for repairs, insurance, management fees. Don't forget to make a copy so you can carry forward or refer to it next year. As an aside, while 450 seems quite high for an accountant, he may save you money by not missing anything along the way. It is also (I believe) regarded as costs so in real terms it's about half that.

*Note: I am not an accountant so no conflict of interest.
 
thanks elcato...i was looking more for a help guide on actually what goes in where on the form..i think i'm ok with deductions etc.
 
You must log in or register to reply here.
Back
Top