Rental Income Tax Changes

Bob99754096

I have a property under the long term rental scheme with the local county council.
Two questions:
- Do i now qualify for the full 100% mortgage interest relief from the budget?
- If so, is this just for 2016 income or can i claim it for last years return?
Thanks.

maticm18

Same question here. Did you find out answer for this? Also how do you pay taxes from this income? Me and my wife are PAYE workers and have this additional income. Is there any other benefits we can claim?

taxpro_ie

To qualify, the accommodation must be available to social tenants for a minimum of three years and must be registered with the Private Residential Tenancies Board (PRTB). You can apply it from January 1 2016 as an expense to the income received.

You have to sign up with revenue as an income tax client and submit income tax return by October every year.

As a PAYE employee, you cannot offset non-earned income on your earned income, but you have many things to use as expenses on a rental.

Life insurance, rental insurance, mortgage interest and any other expenses you incur in the rental property.

Completing rental accounts is something my company specialises in, we have had a huge influx of new clientele since revenue started increasing their monitoring of rental properties. There can be severe penalties and even jail time for not registering with the PRTB and revenue for any additional income.

Please message me if you need additional help.

maticm18

taxpro_ie wrote: »

To qualify, the accommodation must be available to social tenants for a minimum of three years and must be registered with the Private Residential Tenancies Board (PRTB). You can apply it from January 1 2016 as an expense to the income received.

You have to sign up with revenue as an income tax client and submit income tax return by October every year.

As a PAYE employee, you cannot offset non-earned income on your earned income, but you have many things to use as expenses on a rental.

Life insurance, rental insurance, mortgage interest and any other expenses you incur in the rental property.

Completing rental accounts is something my company specialises in, we have had a huge influx of new clientele since revenue started increasing their monitoring of rental properties. There can be severe penalties and even jail time for not registering with the PRTB and revenue for any additional income.

Please message me if you need additional help.

Thank you for your reply. We are currently renting to council and we signed contract for 10 years. We don't know about tenants, who they are. It's council business. I don't think PRTB apply to us.

taxpro_ie

maticm18 wrote: »

Thank you for your reply. We are currently renting to council and we signed contract for 10 years. We don't know about tenants, who they are. It's council business. I don't think PRTB apply to us.

If you're on the RAS scheme, you should register with PRTB.
There are only a few exemptions to not having to register I can't post a link for some reason, but google "citizens information Rental Accommodation Scheme".


You always have to register with PRTB, once per tenancy and if the tenancy doesn't cease within 4 years, you have to register again every 4 years. In your case you should have 3 PRTB fees in your entire 10 year agreement (at the beginning and every 4 years).

If you haven't registered within one month of the tenancy starting you have to pay a late fee. Good Luck.