Hi, I earn rental income and filed my Form 11 for 2013 back in July on ROS.
As part of that submission i must have indicated my preliminary tax liability for 2014 as being 100% of previous year income as I got a statement of assets and liabilities showing the amount i owe by end October (balance of 2013 tax and preliminary tax for 2014).
Since i filed on ROS that my estimated rental tax return for 2014 will now be less as my property by the end of the year will have been vacant for the last 2 to 3 months as i am now selling the property.
Question: Do i have to pay the amount of preliminary tax that i stated back in July or can i just pay now 90% of the estimated tax liability for 2014 which will be a lesser sum. If I do this will i need to inform the revenue of this as they may be expecting a different amount?
As part of that submission i must have indicated my preliminary tax liability for 2014 as being 100% of previous year income as I got a statement of assets and liabilities showing the amount i owe by end October (balance of 2013 tax and preliminary tax for 2014).
Since i filed on ROS that my estimated rental tax return for 2014 will now be less as my property by the end of the year will have been vacant for the last 2 to 3 months as i am now selling the property.
Question: Do i have to pay the amount of preliminary tax that i stated back in July or can i just pay now 90% of the estimated tax liability for 2014 which will be a lesser sum. If I do this will i need to inform the revenue of this as they may be expecting a different amount?