Preliminary tax calculation

Discussion in 'Property investment and tenants' rights' started by Rotarywing, Jan 8, 2017.

  1. Rotarywing

    Rotarywing Registered User

    Posts:
    16
    Good evening all and thanks for who will reply.
    I am currently renting a property and filing tax return for income on ROS. Due to personal circumstances I am now late filing 2015 return.
    I am required to fill in the preliminary tax but i must admit i am not really sure of how to calculate them.
    i am a full time employee and i am filing the tax return only for the purpose of the rental income. Many thanks :)
     
  2. T McGibney

    T McGibney Frequent Poster

    Posts:
    2,670
    a) 100% of your 2015 self-assessment liability (the balance you owe on your 2015 return excluding late filing surcharge); or, if lower,
    b) 90% of your estimated liability for 2016.

    As you won't probably know now what b) is, a) is a safer option.