Landlord Self Assessed Tax return

BionicRasher

OK so I had an account employed as i was self employed in a previous life but now as I have been PAYE for the last 36 months I finally got up the courage to try to do my Self Assessed Tax return on my own this year.
Only problem is I dont have a clue what to put in on the form I have from the Revenue.

Essentially I receive is €8050 in rent from 1 house i own each year. I pay the maintenance fees of €1000 each year and I have done some minor repairs to the house (approx €250 in the year 2009 and €550 in 2010)

Would anyone be able to point me in the right direction or is there some online tool to calculate what I owe. Should I be paying anything for 2010 or is it all 2009
I know its getting close to deadline day so keen to get the details back to Revenue ASAP

FoxT

I have just submitted a return via ROS (Revenue online services). It takes about a week to sign up, as they send you passwds etc by snailmail.

See

http://www.revenue.ie/en/online/ros/index.html

It took me about 3 hours to fill in the form ( FORM 11 , probably on the website) I suggest you apply for ROS access but in the meantime download the form , print it out, & start filling it in. That can take a few hours, or even a day, depending on how complex your situation is. .Then when you get website access punching in the data is reasonably quick.

the form is pretty comprehensive, you will need to fill in details of spouses income, medical expenses, etc etc etc .

God luck with it,

- FoxT

BionicRasher

I used to have a log in for ROS years ago but cant find any details about it now - I was hoping to just complete the paper form the Revenue sent me a few weeks back
Looks like there are only a few bits to fill out so just wondering how I calculate the amount I owe.

So confusing....what with me paying normal tax and all that each month on my salary and then having to do this
Is it not possible just to declare that i get the rent and then have the amount deducted from my salary each month??

macgintysgoat

i posted this info on another thread (about paylesstax). it's very easy to do using excel and the info found here http://www.mcgibney.com/tax_on_rental_income.htm.
if you can do it for 1 property you'll be able to do it for dozens. hope this helps.

BionicRasher

macgintysgoat wrote: »

i posted this info on another thread (about paylesstax). it's very easy to do using excel and the info found here http://www.mcgibney.com/tax_on_rental_income.htm.
if you can do it for 1 property you'll be able to do it for dozens. hope this helps.

Thanks for that great link
I think I have worked out now my Taxable rental income but how much or at what % do i pay tax on this amount.

So if i figure out I have €1000 Taxable rental income then how much tax do I pay on that?

I am a bit of a TAXphobe and a disaster when it comes to simple figures like this

GeorgeTaylor

Download the ROS offline software from ROS.ie, then the Form11 module for 2009. It's free. Enter your details and it'll calculate your tax for you.

JohnnyRoyal

Hey, in pretty similiar situation, first time form 12 filler inner. On the basis that I have always been PAYE and only started renting from last july 09 I have calculated as follows, Rental income july-dec09, minus, 75% of mortgage paid on interest portion only (not amortisation of property) jul-dec 09, minus 1/2 of annual managment fees (incl insurance, cleaning, bins etc) minus 20% of contents wear and tear, minus daft, minus painting, minus prtb reg fees. Now with that I get a (negative) figure meaning I'm not getting any taxable rental income, so do I still need to fill in the form? and if so is it still necessary to fill in everything about paye details, pension, medical, wife pps etc aswell?

Muchos gracious,

JR.

DoMyBooks

Yeah you need to fill in all sections of the form that apply to you. So you must fill in your PAYE income and Tax paid ect. .

candlemouse

Hi team,
Many thanks for the above very useful information. Some additional questions if I may:

Since Bin charges and Building insurance are included in the yearly Property Management fee can I claim total property management fee as an expense ? (Does not include Letting Agent Fee which is separate company)

What is meant by "Rented Residential Relief where 2014 is the first year of claim (Section 23)"

Can someone explain what "Allowable Interest" is ? For example my mortgage statement for the taxable year states:

Balance as of January xxx

Plus Interest: 2,908.67
Less Tax Relief: 872.60
Plus Insurance: 515.61
Less Payments made: xxx

Balance as of December xxx

Does Allowable Interest = 'Interest' as above ?

What figure to use for Capital Allowance ? e.g. the actual total purchase cost of all Furniture & Fittings (I no longer have receipts for most of these), or an estimated figure on what I believe the total worth was at the beginning of renting ?

Can I claim LPT as an expense ?

Also, My only other source of Income for the year was Illness Benefit. I was not in employment for the year in question. Unfortunately Gross Rental income + Illness Benefit is >15k.

So is it correct to assume that I will need to pay the USC even if total combined NET is below USC threshold ?

Finally, and again I was NOT in employment, nor did I have a medical card, Can I also claim for non-property items such as:
Health Insurance
GP visits
Child Maintenance
Debit and Credit Card Stamp Duty

Regards.

barneystinson

candlemouse wrote: »

Hi team,
Many thanks for the above very useful information. Some additional questions if I may:

Since Bin charges and Building insurance are included in the yearly Property Management fee can I claim total property management fee as an expense ? (Does not include Letting Agent Fee which is separate company)

What is meant by "Rented Residential Relief where 2014 is the first year of claim (Section 23)"

Can someone explain what "Allowable Interest" is ? For example my mortgage statement for the taxable year states:

Balance as of January xxx

Plus Interest: 2,908.67
Less Tax Relief: 872.60
Plus Insurance: 515.61
Less Payments made: xxx

Balance as of December xxx

Does Allowable Interest = 'Interest' as above ?

What figure to use for Capital Allowance ? e.g. the actual total purchase cost of all Furniture & Fittings (I no longer have receipts for most of these), or an estimated figure on what I believe the total worth was at the beginning of renting ?

Can I claim LPT as an expense ?

Also, My only other source of Income for the year was Illness Benefit. I was not in employment for the year in question. Unfortunately Gross Rental income + Illness Benefit is >15k.

So is it correct to assume that I will need to pay the USC even if total combined NET is below USC threshold ?

Finally, and again I was NOT in employment, nor did I have a medical card, Can I also claim for non-property items such as:
Health Insurance
GP visits
Child Maintenance
Debit and Credit Card Stamp Duty

Regards.

Whatever about the rest, you've a problem with the Tax Relief on the mortgage - this is only applicable to a property you are occupying, so if you've let it out you need to tell the relevant area in Revenue to stop applying it....

athtrasna

You can't claim full management fee, only the refuse portion. Your management agent should be able to give you the figure

candlemouse

Thanks for the feedback! keep it coming.

I note that Insurance is an allowable expense against a property. Building Insurance and/or Content Insurance ? If building, mine is an apartment which is covered by block insurance thus only way to break it down would be to divide by total number of units and the use that figure ?

TMC99

athtrasna wrote: »

You can't claim full management fee, only the refuse portion. Your management agent should be able to give you the figure

I understood that the full management fee was allowable - why would it not be?

That would cover maintenance of the common areas and also the insurance portion.

Arbiter of Good Taste

athtrasna wrote: »

You can't claim full management fee, only the refuse portion. Your management agent should be able to give you the figure

Of course you can claim it all as letting expenses. You are confusing it with tax credit for bin costs that every taxpayer is entitled to claim.

Arbiter of Good Taste

candlemouse wrote: »

Thanks for the feedback! keep it coming.

I note that Insurance is an allowable expense against a property. Building Insurance and/or Content Insurance ? If building, mine is an apartment which is covered by block insurance thus only way to break it down would be to divide by total number of units and the use that figure ?

Insurance will be included in the management fee which is allowable

Feed me Seymour

candlemouse wrote: »

Can someone explain what "Allowable Interest" is ? For example my mortgage statement for the taxable year states:

Balance as of January xxx

Plus Interest: 2,908.67
Less Tax Relief: 872.60
Plus Insurance: 515.61
Less Payments made: xxx

Balance as of December xxx

Does Allowable Interest = 'Interest' as above ?

.

As far as I can see, none of the interest would be allowbale to be used as a deduction agsint the rental income as you appear to be getting the TRS on the property. That would in effect mean you are getting relief twice. You would have to either pay back all the TRS (which you should be anyway seeing as your not living there) or not use any of the interest as a deduction.