Rental Income: Should ROS Calculate your tax liability

[markm030]

Registered for ROS in order to file my return for rental income for 2012. I am a PAYE worker and when I use the calculate option on ROS it thinks this is my only income for the year and tells me I have no liability.
I just filed it anyway and will pay before the deadline.

Can somebody tell me if I filed correctly or not?

I know what my taxable rental income is for 2012 but not sure what my tax liability is. (Profit is €2500 approx). Should my tax liahility be €2500x48%(41%+7%usc)?
Should the revenue confirm this to me?

 

[Joe_90]

Did you File a Form 11 on ROS?

A Form 11 is a return of all income. It appears that you did not include your Income from employments ie the details of your P60 on the return. If you had and you are a higher rate tax payer then when you reviewed the return the rental income would be subject to tax at 41% and USC at 7%.

I just filed it anyway and will pay before the deadline.

Good policy when dealing with returns to the Revenue.

You will get a notice of assessment which should have your PAYE income on it. If it does not then you need to make contact with Revenue to correct the return that you made.

Are you sure that you have included the correct expenses, 75% of mortgage interest if registered with the PTRB ect

 

[markm030]

A Form 11 is a return of all income. It appears that you did not include your Income from employments ie the details of your P60 on the return. If you had and you are a higher rate tax payer then when you reviewed the return the rental income would be subject to tax at 41% and USC at 7%.

No i didn't include PAYE income, can I amend the return or wait for notice of assessment that you mention?

 

[Eithneangela]

You can go back on to the ROS site and amend the return. There is an option on the left hand side which requests input of PAYE income (Gross, PRSI, USC) - all of which you should have on your 2012 P60. When you have completed your input, there is an option to 'Calculate' which will immediately give you a balancing amount for 2012 - either under or over-payment as appropriate.
I discovered this myself which I input my rental income and associated costs, including mortgage interest etc. Then I got a nice cheque from Revenue which I was certainly not expecting. When I printed off the Form 11 details, I realised I had omitted to enter my pension details. No problem, just did as above and it seems fine now.