Skellinton
Registered User
- Messages
- 9
The right choice, the hard one, would be to deal with it now - engage a tax accountant, get in touch with Revenue to stop the clock so to speak and then to negotiate a payment strategy. He's terrified they would insist on full payment rather than instalments or that they would force him to sell the house.
I know he would like to do the right thing but I also know that if he's looking at a tax bill of 10's of thousands then he will kick it down the road.
Sorry, Brendan. New poster. Hope new title is OK?Skel
Edit the title of your post in line with the Posting Guidelines or else it and any replies will be deleted.
Brendan
Perhaps ( as it has been for other people) revenue have amended his tax credits and rate band to take account of the Irish pension?? Have a look to see??
Have you raised a problem for him that did not exist for him before this? Are you concerned that in your role as executor you might be liable for something?Anyway, I've been helping him recently with a banking problem and this has uncovered what I think could be a serious tax problem.
I would suggest that you leave things be. He is 84 years old and not in the best of health. If the Revenue query things after he has died then it can be dealt with then.
The 822 seems to be the cumulative credit to date (i.e. 117.50 x 7 months), so annual credit of 1410 giving an amount of income of 10,675 taken into account.That is positive...
You/he could ask Revenue for a copy of his tax credits and standard rate cut off point cert. well he will have to be there to be on call. Don’t mention anything else on call..
To my mind he should have at least:
Paye 1650
Single 1650 ( could be higher if widowed)
Age credit 245
Total 3,545
Actual 822
Difference =2,723
Multiple by 5 = 13,615
I make that his credits are taking account of 13,615 of other income... obviously the above is speculation...
If "dealt with" means leaving the estate open to a large tax, interest and penalties hit on grounds that will by that stage be even more difficult than now to challenge in any reasonable manner, I respectfully caution against that.
Fair point Ciru.. my mistake!The 822 seems to be the cumulative credit to date (i.e. 117.50 x 7 months), so annual credit of 1410 giving an amount of income of 10,675 taken into account.
Excellent point, which means that if Revenue discover a tax arrears issue during his lifetime, they may well press for its resolution while he's still living. All the more reason to address it now, and at the very least get some clarity on what hopefully are unjustified fears.No penalties/publication apply to an estate.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?