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Not working but renovating old home

  • 25-07-2019 12:31pm
    #1
    crorod
    Registered Users, Registered Users 2 Posts: 2 ✭


    Hi, I'm hoping for guidance as to what to do next.

    Current situation, two toddlers, wife is teaching and I am employed in the building trade.
    I plan on leaving in the next few weeks to concentrate on renovating our own home and also a second home. What do I do re. revenue/tax etc?
    Have I to go self employed or can I just work away myself on the house and say nothing?

    Thank you.


Comments

  • #2
    Calahonda52
    Registered Users, Registered Users 2 Posts: 12,873 ✭✭✭✭Calahonda52


    so nobody is paying you so no tax issues.
    If you draw the dole, you will need to do job interviews etc.

    “I can’t pay my staff or mortgage with instagram likes”.



  • #3
    crorod
    Registered Users, Registered Users 2 Posts: 2 ✭crorod


    Is there anything though that needs to be declared as it is a second house? Or even tax credits with looking after children?
    Thanks for the reply.


  • #4
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,113 ✭✭✭relax carry on


    crorod wrote: »
    Is there anything though that needs to be declared as it is a second house? Or even tax credits with looking after children?
    Thanks for the reply.

    Assuming this is the situation for the rest of the tax year:

    Depending on your income for 2019 you wife might be able to claim the home carers tax credit.

    https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/health-and-age/home-carer-credit/index.aspx

    Also ensure you are jointly assessed as your wife may be able use some of your unused rate band/credits.

    Unless the second property is generating a source of income there shouldn't be any tax issues. Ensure the property is registered for LPT though.


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