Tax Returns - Levies on Rental Income

D

deburka

Guest
Hi. I've been doing my own Tax returns now successfully for a number of years and have had no surprises with regard to shortfall in tax paid. For year ending 2010 however i have been issued with a substantial tax bill which appear to be levies applied to rental income that does not go through my normal (paye) payroll. Has anyone had the same experience? Should I be paying preliminary tax at beginning of year to avoid these unexpected charges. Any advise appreciated. Many thanks.
 
Preliminary tax should be paid by end October.
But whether you pay it or not makes little difference on relatively small rental incomes-a percentage charge on sum owed.

As you state, you have had no surprises until now so the question is whether you or Revenue have miscalculated the tax due.
So double-check your figures. (I assume you kept a record/copy of your self-assessment form if you didnt do on-line )then query Revenue's.
 
Thanks for the sound advice Oldnick. I'll double check and have an extra set of eyeys review my numbers. Kind regards.