Hi. We are in a situation where we have had to rent out our 3 bed duplex in Dublin while we as a family rent a house in Clare as we haven't been able to get another mortgage due to the negative equity against our Dublin house.
As rental incomes increase in Dublin so too do the tax bills for us and people alike. As we receive about €400 a month more than our mortgage repayments. Bear in mind this has to cover Property mgmt fees etc.
Anyway, we have submitted our tax returns and this year we owe €3800 on income tax! How can a couple be expected to pay this in less than one year?
We have been asked by Revenue to complete a PPA1 form and provide 6 mths bank statements and they will advise if they will allow a payment plan or agree to one we suggest.
Is there any advise you could give when negotiating with Revenue on income tax debt?
Thanks in advance
As rental incomes increase in Dublin so too do the tax bills for us and people alike. As we receive about €400 a month more than our mortgage repayments. Bear in mind this has to cover Property mgmt fees etc.
Anyway, we have submitted our tax returns and this year we owe €3800 on income tax! How can a couple be expected to pay this in less than one year?
We have been asked by Revenue to complete a PPA1 form and provide 6 mths bank statements and they will advise if they will allow a payment plan or agree to one we suggest.
Is there any advise you could give when negotiating with Revenue on income tax debt?
Thanks in advance