Form 11 or form 12??

fisher8181

I am PAYE and have rental income of €14,000 a year but had lots of experses last year so the taxable amount is only €2000.
Can i fill out a form 12 in these circumstances or does it have to be form 11?

Tails142

Form 12 if you have net non-PAYE income less than 5k, so you can use it.

If you're already registered on ROS from filling in Form 11 previously, I don't think it lets you submit a form 12 through myaccount so you have to go for Form 11. I read on Irish Times that one of the benefits of Form 12 is that you don't pay the 4% PRSI on the rental income, this automatically gets calculated filling the Form 11. Not sure why that is though as surely you would be liable to pay it either way.

tanit

Tails142 wrote: »

Form 12 if you have net non-PAYE income less than 5k, so you can use it.

If you're already registered on ROS from filling in Form 11 previously, I don't think it lets you submit a form 12 through myaccount so you have to go for Form 11. I read on Irish Times that one of the benefits of Form 12 is that you don't pay the 4% PRSI on the rental income, this automatically gets calculated filling the Form 11. Not sure why that is though as surely you would be liable to pay it either way.

There is an income threshold for paying PRSI of 5,000 euros, which is the threshold for using the F12. That's why you don't pay. It has nothing to do with the form if you fill and F11 with less than 5,000 taxable income you won't pay PRSI

fisher8181

Went to fill out form 12 but a notice comes up to say
"We cannot process your request as you were revisteted for income tax during 2017"

What does this mean?

Stratvs

fisher8181 wrote: »

Went to fill out form 12 but a notice comes up to say
"We cannot process your request as you were revisteted for income tax during 2017"

What does this mean?

To me that means you’re expected to file a Form 11 for 2017.

fisher8181

Thought so. Wonder why they are making me do that.
I am not registered with ROS so wont be able to fill out form 11 tonight.
Is there a penalty now that i will miss ocr 31 deadline?

Stratvs

fisher8181 wrote: »

Thought so. Wonder why they are making me do that.
I am not registered with ROS so wont be able to fill out form 11 tonight.
Is there a penalty now that i will miss ocr 31 deadline?

If you can both file and pay online through ROS you get up to 14 November.
Revenue did look at a lot of landlords in recent year or so and it has resulted in more F11 filers.

HcksawJimDuggan

If you file and pay online the deadline is extended until 14th November so you have another 2 weeks

Van.Bosch

if i submit income greater than 5000 on the form 12 - will it allow me?

also on the form 12 it seems to allow you to settle your liability with future tax credit adjustments rather than paying up front. Is this an option or does it just happen?

brdst3r

Where do you submit form 12? MyAccount or ROS?