PAYE & Rental Income - Form 12 or ROS

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Bearish

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Hi,

My main earnings are PAYE based but I also have a rental property/rental income since late 2012 and filled out a Form 12 for 2013 and submitted it earlier in the year. Now I read in the Indo that people like myself need to also submit a Prelim Tax declaration for 2014 by Oct 2014. Im confused as I assumed the Form 12 would cover everything and I wouldn't need to register on ROS etc?...can anyone provide any clarity on the issue?...it would be much appreciated.
 
What is the profit.

A form 12 is used where your non PAYE income is less than €3,174 otherwise a form 11 and preliminary tax is the way to go.
 
Start the ros process asap so as any wrinkles get ironed out, the hrlp desk are very good.
That indo article was real rep top jurnocrap they way it wss written .
Note the you must pay the 2014 preliminary tax by October ad well, not just the return, assuming of course u breach the 3174
 
Many thanks for the replies. The rental income will be circa €13,000 gross but after expenses (interest, letting costs etc) no more than c€2,000 - €3,000 in profit. So I will be within this €3,174 threshold?....where can I find details of this threshold?
 
I will dig out a link, however I dont know if the Revenue return would wash with those numbers: How are you doing the calculations?
Have you read this stuff: http://www.revenue.ie/en/tax/it/rental-income.html
How much interest are you charging?

Cant find a direct defn of chargeable person but its on the front of the Form 12

Its not just rental income, its all non Paye income
[broken link removed]
 
ircoha I would of thought 2-3k was a pretty healthy profit on 13k rental?

Costs - 5k interest (75%), 1k utilities, 2k wear & tear, mortgage protection 1k, insurance & repairs 1k. letting agent 1k plus I had a 1.5k loss to carry over from last year but that's only once off for 2014.

Yes Ive read up on the links...very useful thanks. I shouldn't be over the threshold this year re non paye income so will review for next year whether I need to file for ROS. I can see it getting tricky trying to forecast it!
 
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