Tax Returns - Levies on Rental Income

[deburka]

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.

 

[oldnick]

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.

 

[deburka]

Thanks for the sound advice Oldnick. I'll double check and have an extra set of eyeys review my numbers. Kind regards.