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Property management vat rate

  • 03-04-2012 4:50pm
    #1
    Gel
    Registered Users, Registered Users 2 Posts: 240 ✭✭


    Can someone confirm the correct vat rate that applies to property management fees

    and also an idea of what the property management fee for a 3 bed semi
    in a country town would be?

    Thanks


Comments

  • #2
    Paulw
    Registered Users, Registered Users 2 Posts: 13,381 ✭✭✭✭Paulw


    Property management for letting/renting? Or property management for a managed development?


  • #3
    markpb
    Registered Users, Registered Users 2 Posts: 9,389 ✭✭✭markpb


    Gel wrote: »
    Can someone confirm the correct vat rate that applies to property management fees

    Assuming you mean the service charge that you pay to the management company of which you are an owner, it should be zero. I don't think MCs are allowed to charge VAT because they're not selling a service, they're sharing costs between members. I'm open to correction on this.
    and also an idea of what the property management fee for a 3 bed semi
    in a country town would be?

    It's too hard to give a proper answer for this but you can assume you'll be paying for public liability insurance, landscaping and street lighting at a very minimum.


  • #4
    Gel
    Registered Users, Registered Users 2 Posts: 240 ✭✭Gel


    To clarify...

    I mean a company who finds a tenant and organises maintenance/repairs as required.

    What would a typical fee be for a 3 bed semi in a country town?
    and
    What vat rate do they charge for this service?


  • #5
    Victor
    Registered Users, Registered Users 2 Posts: 78,577 ✭✭✭✭Victor


    Gel wrote: »
    What would a typical fee be for a 3 bed semi in a country town?
    The finders fee for getting a tenant in would be one month's rent. General management would probably be another month's rent per year, assuming the is nothing out of the ordinary.
    What vat rate do they charge for this service?
    Whatever the highest rate is, 22% or 23%.


  • #6
    rcdk1
    Closed Accounts Posts: 558 ✭✭✭rcdk1


    The Standard VAT rate (currently 23%) applies to "Management Services- Including Property Management"

    http://www.revenue.ie/en/tax/vat/rates/decision-detail-01143.jsp


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  • #7
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,628 ✭✭✭✭Marcusm


    Victor wrote: »
    The finders fee for getting a tenant in would be one month's rent. General management would probably be another month's rent per year, assuming the is nothing out of the ordinary.
    Whatever the highest rate is, 22% or 23%.

    That's way over the top in the current environment. While my experience is of Dublin based agents, I'm looking at a fixed fee of less than 1/2 a month's rent (in reality much less) to source a tenant and an annual management fee (including some weekly tidying) of well under 8%.


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