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Non resident landlord tax returns

  • 12-10-2015 7:22pm
    #1
    RedFace
    Registered Users, Registered Users 2 Posts: 4 ✭


    Just wondering how other non resident landlords handle the tax? I only found out recently that rent is not supposed to be paid directly to me or if it is the tenant is supposed to send 20% of the rent to revenue! I'd prefer not to have my tenants involved in that but how have others handled it? Do you have a family member receive the rent and do the return? Did you have to apply for a separate pps number for this purpose? I'm confused by all the jargon on the revenue website! Thanks!


Comments

  • #2
    bbari
    Registered Users, Registered Users 2 Posts: 996 ✭✭✭bbari


    RedFace wrote: »
    Just wondering how other non resident landlords handle the tax? I only found out recently that rent is not supposed to be paid directly to me or if it is the tenant is supposed to send 20% of the rent to revenue! I'd prefer not to have my tenants involved in that but how have others handled it? Do you have a family member receive the rent and do the return? Did you have to apply for a separate pps number for this purpose? I'm confused by all the jargon on the revenue website! Thanks!


    imo - It doesn't have to be your tenant, you can have an agent who can do this for you. Agent can be a friend/family member. You don't need a separate pps number.


  • #3
    RedFace
    Registered Users, Registered Users 2 Posts: 4 ✭RedFace


    bbari wrote: »
    imo - It doesn't have to be your tenant, you can have an agent who can do this for you. Agent can be a friend/family member. You don't need a separate pps number.

    Thanks, so I just set up a separate bank account for the rent in my friend/family members name? They then are "responsible" for the tax return getting done? Is it that simple of am I missing something?


  • #4
    bbari
    Registered Users, Registered Users 2 Posts: 996 ✭✭✭bbari


    RedFace wrote: »
    Thanks, so I just set up a separate bank account for the rent in my friend/family members name? They then are "responsible" for the tax return getting done? Is it that simple of am I missing something?

    Does your tenant know that you are living abroad or is heshe/ insisting on paying 80% of the rent only? if not you can get 100% of the rent in your account and file the return at the year end yourself.
    A friend of mine is a LL and living abroad, he receives 100% of the rent himself and file/pay taxes himself.


  • #5
    RedFace
    Registered Users, Registered Users 2 Posts: 4 ✭RedFace


    bbari wrote: »
    Does your tenant know that you are living abroad or is heshe/ insisting on paying 80% of the rent only? if not you can get 100% of the rent in your account and file the return at the year end yourself.
    A friend of mine is a LL and living abroad, he receives 100% of the rent himself and file/pay taxes himself.

    No, the tenants don't care, they'll pay the full amount where ever I want! I'm just trying to figure out the easiest way to pay and be tax compliant! I'm confused with the revenue website and just wanted to see how other landlords handle it from a practice perspective! Have revenue asked your friend anything about who his agent is?


  • #6
    TheChizler
    Registered Users, Registered Users 2 Posts: 9,514 ✭✭✭TheChizler


    RedFace wrote: »
    No, the tenants don't care, they'll pay the full amount where ever I want!
    I'm pretty sure the tenant is obliged to withhold the tax unless you've appointed a collection agent.


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  • #7
    RedFace
    Registered Users, Registered Users 2 Posts: 4 ✭RedFace


    TheChizler wrote: »
    I'm pretty sure the tenant is obliged to withhold the tax unless you've appointed a collection agent.

    That's what I thought! Just wondering how to set up a collection agent and what their responsibility is in the process! I want to have my facts straight if I ask a friend/relative to do it!


  • #8
    bbari
    Registered Users, Registered Users 2 Posts: 996 ✭✭✭bbari


    TheChizler wrote: »
    I'm pretty sure the tenant is obliged to withhold the tax unless you've appointed a collection agent.

    That's correct but if tenants isn't withholding the 20% then the LL can take the 100% rent and file the tax himself...


  • #9
    bbari
    Registered Users, Registered Users 2 Posts: 996 ✭✭✭bbari


    RedFace wrote: »
    No, the tenants don't care, they'll pay the full amount where ever I want! I'm just trying to figure out the easiest way to pay and be tax compliant! I'm confused with the revenue website and just wanted to see how other landlords handle it from a practice perspective! Have revenue asked your friend anything about who his agent is?


    No - the Revenue didn't ask the LL.


  • #10
    TheChizler
    Registered Users, Registered Users 2 Posts: 9,514 ✭✭✭TheChizler


    bbari wrote: »
    That's correct but if tenants isn't withholding the 20% then the LL can take the 100% rent and file the tax himself...
    Is anyone in trouble there if it's discovered?


  • #11
    bbari
    Registered Users, Registered Users 2 Posts: 996 ✭✭✭bbari


    TheChizler wrote: »
    Is anyone in trouble there if it's discovered?

    I assume if the OP files his return and pay the taxes on time there will not be any trouble.

    Revenue suggests tenants/agents to withhold 20% just incase LL don't pay any tax on the rental income but in this case the OP will pay the tax and it won't cause any harm to tenant or the revenue.

    again - this is my opinion.


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