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Universal Social Charge and Rental Income

  • 14-10-2011 1:38pm
    #1
    donegal100
    Registered Users, Registered Users 2 Posts: 37 ✭


    Hello,
    I am a PAYE worker and pay USC through my pay cheque. However, I also am a landlord; I rent a house to tenants.
    Say I earn €40,000 per year (gross) in my PAYE job. I earn €3,000 after expenses from the house rental. I pay 41% tax on this. Do I also pay 7% on the €3,000 or on €1,770 (i.e. the 59%)?

    Thanks
    Tagged:


Comments

  • #2
    squareboy007
    Registered Users, Registered Users 2 Posts: 108 ✭✭squareboy007


    donegal100 wrote: »
    Hello,
    I am a PAYE worker and pay USC through my pay cheque. However, I also am a landlord; I rent a house to tenants.
    Say I earn €40,000 per year (gross) in my PAYE job. I earn €3,000 after expenses from the house rental. I pay 41% tax on this. Do I also pay 7% on the €3,000 or on €1,770 (i.e. the 59%)?

    Thanks

    Universal Social charge is due on your net rental income. ie the €3000


  • #3
    donegal100
    Registered Users, Registered Users 2 Posts: 37 ✭donegal100


    Thanks, I take it this applies for all 2011 or begins in 2012?


  • #4
    squareboy007
    Registered Users, Registered Users 2 Posts: 108 ✭✭squareboy007


    donegal100 wrote: »
    Thanks, I take it this applies for all 2011 or begins in 2012?

    The USC is due since 1 January 2011


  • #5
    davidod
    Registered Users, Registered Users 2 Posts: 39 ✭davidod


    Hi are you sure this is right ? :confused:

    http://www.askaboutmoney.com/showthread.php?t=150746
    squareboy007 wrote: »
    Universal Social charge is due on your net rental income. ie the €3000


  • #6
    MBateson
    Registered Users, Registered Users 2 Posts: 169 ✭✭MBateson


    What do you see on the link which disagrees on the 3K?


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  • #7
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    davidod wrote: »
    Hi are you sure this is right ?

    http://www.askaboutmoney.com/showthread.php?t=150746

    :confused:

    All that link clarifies is that the 3k net rental income is indeed liable to USC...

    On the good side you've managed to last a few posts longer on boards than you did on AAM ;)


  • #8
    davidod
    Registered Users, Registered Users 2 Posts: 39 ✭davidod


    You're quite right seems crazy to charge income tax on a net loss i.e. you can have losses fwd to cover the profit rent but still pay USC..........

    Re AAM - well it's his ball.....:rolleyes:

    barneystinson wrote: »
    :confused:

    All that link clarifies is that the 3k net rental income is indeed liable to USC...

    On the good side you've managed to last a few posts longer on boards than you did on AAM ;)


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