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All rental income charged at higher rate??

  • 25-02-2016 9:28pm
    #1
    pj9999
    Registered Users, Registered Users 2 Posts: 155 ✭✭


    I'm thinking of giving up my 9-5, and living off rental income from a number of properties I own.

    A solicitor said to me that all such income is subject to the higher rate of tax. Can anyone confirm if this could be the case?

    Many thanks
    P


Comments

  • #2
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,690 Mod ✭✭✭✭Stheno


    No it's not if you are not using your tax credits against other income.


  • #3
    ted1
    Registered Users, Registered Users 2 Posts: 23,903 ✭✭✭✭ted1


    pj9999 wrote: »
    I'm thinking of giving up my 9-5, and living off rental income from a number of properties I own.

    A solicitor said to me that all such income is subject to the higher rate of tax. Can anyone confirm if this could be the case?

    Many thanks
    P
    Good thing solicitors are not accountants..,


  • #4
    pj9999
    Registered Users, Registered Users 2 Posts: 155 ✭✭pj9999


    ted1 wrote: »
    Good thing solicitors are not accountants..,

    Indeed. Strange think for them to say though unless they had some basis for it.


  • #5
    newacc2015
    Closed Accounts Posts: 2,379 ✭✭✭newacc2015


    pj9999 wrote: »
    Indeed. Strange think for them to say though unless they had some basis for it.

    Not at all actually. Most of the big 5 law firms are trying to hire more Business students. They have massive issues with their solicitors being great at law, yet cant read a balance sheet or anything accounting related. Think about it. Four years studying law without studying accounting or any finance subject. Any estate agent has better business knowledge than most solictors.


  • #6
    ted1
    Registered Users, Registered Users 2 Posts: 23,903 ✭✭✭✭ted1


    pj9999 wrote: »
    Indeed. Strange think for them to say though unless they had some basis for it.

    I guess most their experience revolves around landlords who work do automatically the income is at the higher rate


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  • #7
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Think your solicitor is getting mixed up with rental income for companies which is indeed at the higher rate of corporation tax.

    dbran


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