New to being a Landlord

GAACL

I have started to rent out my apartment and my query is, how do i go about paying tax on the rental income, whats involved etc and should i employ an accountant or can i do a tax return myself?
any help on this matter would be greatly received. Thanks!

hohojojo

you can do it yourself if your handy at that type of stuff i myself employ an accountant its about 250 euro a year and it claimable i think

you do a return in for october for tax make you sure keep reciepts for your furniture and appliances

maddogcollins

As mentioned it is very straight forward to file your own return. A form 12 can be printed off from revenue.ie and there is a section for Rental Income. You will only pay tax on the profit! As mentioned keep receipts for all expenses and these can be deducted from Rental Income to give you your profit.

If you have any queries on what is allowable etc send me a PM.

You should also register with PRTB.

killers1

It's easy enough to do the return yourself... The link below outlines everything you can offset against taxable income etc..

http://www.revenue.ie/en/tax/it/leaflets/it70.html#section4

subway

You can get capital allowances at 12.5% on furniture etc. Nothing for the house itself.
You can claim 75% of interest.
You can claim most expenses, but none from pre letting.
You cannot claim for improvement but you can for repairs.
You cannot claim your own labor.

Shane732

Pop across to the taxation forum of boards.ie!

Also, engage a tax consultant! Of course I'm not a biased tax consultant at all!

GAACL

Thank you all for your advise, I will take it all on board, digest it and see what happens. i dont have to do a return till next year, but its good to know well in advance and be prepared.
Thanks again everyone