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Accountant or DIY rent return

  • 12-03-2015 11:45pm
    #1
    adam88
    Registered Users, Registered Users 2 Posts: 1,610 ✭✭✭


    Hi all, small time land lord here. Just wondering if it's worthwhile employing an accountant to do my return or could I do it myself. Do revenue look after all the prsi and that or do I need to go to seperate departments???

    Rent is small enough


Comments

  • #2
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    It's doable yourself but the cost of hiring the accountant can be offset against tax. Generally I would advise to pay an accountant the first time, study their return and do it yourself from then on.


  • #3
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    The cost can be written off to a degree so I get an accountant to do a full return for me and the wife, we generally make a couple of other savings on a fresh pair of eyes going over our expenses for the year in other areas too.


  • #4
    ted1
    Registered Users, Registered Users 2 Posts: 23,901 ✭✭✭✭ted1


    From personal experience I would not go near accountants when it comes to filing returns on income from apartments. 2 of them tried to convince me to pay revenue what they said owed them after an audit. I got a reauduit and revenue ended up owing me money.


  • #5
    adam88
    Registered Users, Registered Users 2 Posts: 1,610 ✭✭✭adam88


    athtrasna wrote: »
    It's doable yourself but the cost of hiring the accountant can be offset against tax. Generally I would advise to pay an accountant the first time, study their return and do it yourself from then on.

    Ballpark figure. I'm talking country bunglow. 500pm rent. I'm a standard paye worker apart from that.


  • #6
    Gumbo
    Moderators, Society & Culture Moderators Posts: 40,349 Mod ✭✭✭✭Gumbo


    adam88 wrote: »
    Ballpark figure. I'm talking country bunglow. 500pm rent. I'm a standard paye worker apart from that.

    IT can be as low as approx €250 for a standard straight forward return.

    I would recommend these http://www.irishtaxsupport.ie/rental-income/


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  • #7
    Moonbeam
    Moderators, Education Moderators, Society & Culture Moderators Posts: 18,986 Mod ✭✭✭✭Moonbeam


    kceire wrote: »
    IT can be as low as approx €250 for a standard straight forward return.

    I would recommend these http://www.irishtaxsupport.ie/rental-income/

    I would definitely use an accountant for the 1st year .
    My tax bill is usually awful for my rent property :(


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