What to include with your tax return

K

KBR

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I'm just completing my tax return for 06 concerning a rental property. Do you include a simple P&L account with the Form 12? Do you also include a cheque for the tax due?
I have been to see a chartered accountants practise & was informed to submit nothing - just the form and let revenue come back to me, but I was a bit dubious about this particular employee's advice (I had to point out to her that we could definitely allow for depreciation of furniture/fixtures/fittings @ 12.5% p.a.!)
 
just submit the form and a cheque. if they want more info then they will come back to you. revenue dont want loads of info being sent in with every return so they request supporting documentation from a random sample of forms sumbitted each year.
 
Beckie said:
just submit the form and a cheque. if they want more info then they will come back to you. revenue dont want loads of info being sent in with every return so they request supporting documentation from a random sample of forms sumbitted each year.
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I agree. Cheque and form is all that is required.
 
I'd keep it simple! Income - expenses = profit x your tax rate. Just do a simple depriciation over 5 or 7 years. Put in your cheque (or ask them to let you know what you owe). I've always just sent my in with my std PAYE form and they have always happily accepted it, no questions.
 
The 20% over 5 years (20 X 5 = 100%) is now 12.5% over 8 years (12.5 X 8 = 100%). Prior to 20% it was 15% for 6 years and 10% in year 7 (15 X 6 + 10 = 100%).

OP - there is a lot more then depreciation that you can subtract to arrive at your profit. Have a look at the forums on investment property here on AAM and also on the revenue which lists some of the things you can deduct.​
 
KBR said:
I'm just completing my tax return for 06 concerning a rental property. Do you include a simple P&L account with the Form 12? Do you also include a cheque for the tax due?
I have been to see a chartered accountants practise & was informed to submit nothing - just the form and let revenue come back to me, but I was a bit dubious about this particular employee's advice (I had to point out to her that we could definitely allow for depreciation of furniture/fixtures/fittings @ 12.5% p.a.!)
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The 12.5% for wear and tear what amount is the normal to work of, ie is it 12.5% of 10K roughly .
 
Thanks for all the replies. I have just sent back my return with a cheque & nothing else & will post how I get on as info for new landlords like myself. I have to say it is surprising how little tax you really have to pay when all allowances are deducted & you wouldn't believe the amount of people who will tell you not to declare your property at all.
 
As a new landlord, I hope you are registered with the PRTB Cost is about €70. You have to be registered with them in order to claim the interest on the mortgage. You can also deduct the cost of registration.
 
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