PAYE for part of year, rental income for full year. Tax liability?

(Please note: this is a copy of the first post of this thread: http://www.askaboutmoney.com/showthread.php?t=145429 which was deleted in its entirety apart from my OP as it was in the wrong forum. Sorry to the contributors who posted their information for me there-I thought that because the post contained a mixture of personal taxation and rental income taxation that that forum would be appropriate. I would be highly obliged if you guys could summarise your posts again as they were most helpful and I didn't think I would need to save them to my hard disk lol!)

Hi all,
I'm submitting my rental income tax return (bear with me, this is not purely a rental income question) atm and I'm wondering do I have to pay tax.

My circumstances in 2009:
Worked from 1st January to 15th February and resigned (before travelling for the rest of the year).

Earned €9661 gross in this app. 6 week period.

Paid €2076 in income tax on this. Did not claim refund for overpaid tax.

Earned €7143 in taxable rental income after all deductions/allowances.

By my reckoning then my total taxable income between PAYE and rent is €16803 and I have already paid €2076 in tax for 2009.

I suspect I don't owe any tax after my PAYE and single persons tax credit are applied. What do others think. I believe I can only apply my PAYE tax credit to my PAYE earnings (ie, NOT to my rental income, but I believe my single persons tax credit can be applied to all income). Is there a floor below which no income tax is to be levied?

Thanks for any input folks.

for those under 65 there is no set threshold amount on which no income tax is levied but instead, it is calculated using the person's tax credits. In your case, your tax credits cover all your income for the year and so you will be entitled to a refund of the €2,076 PAYE deducted.

TAX EST

Income

Paye 9,661
Rent 7,143
Income 16,804


Tax at 20% 3360.80

Credits

Single 1830
Paye 1530.80
Total 3360.80

Income levy 16804*1.67% = 280.63

Paid paye on p60 2076.00

Overpaid 1795.37



Notes

Income levy above 15k approx

The levy cert is separate form to p45(if you paid income levy also get an credit)

Thanks very very much folks. I appreciate you taking the time to give me those answers.

I've never claimed a refund for anything except some dental work which was the Med2 form (straighforward enough). Normally I just complete the tax on the rent at 41% and send revenue a cheque...not used to money flowing the other way!

Is there any special form I need to complete in order to get a refund? Or do I just complete my return as I normally would on a blank sheet?

murphaph said:

Thanks very very much folks. I appreciate you taking the time to give me those answers.

I've never claimed a refund for anything except some dental work which was the Med2 form (straighforward enough). Normally I just complete the tax on the rent at 41% and send revenue a cheque...not used to money flowing the other way!

Is there any special form I need to complete in order to get a refund? Or do I just complete my return as I normally would on a blank sheet?

Click to expand...

Download a form 12 employee from revenue site and fill that in with paye and rent information and them post to tax office.

link below- copy and paste
www.revenue.ie/en/tax/it/forms/form12.pdf