Complete Tax return myself

Hedgecutter

For the last few years iv been paying an accountact to do my tax return. I'm a PAYE worker and lease a house. All im declaring is the rent i earn from the house. Can i declare this myself is it a simple enough process or should i stic with the accountant?

Geuze

I have landlord friends who do their own tax returns.

If it's fairly straightforward, I suggest you do it yourself.

If the fee is 400/500, and the rental income/expenses are fairly straightforward, then I would do it myself.

Hedgecutter

All I would be declaring is the income.

Anyone know what the form to declare the income from rent is?

Xopher

https://www.boards.ie/discussion/comment/119764169#Comment_119764169

Its very straight forward. Do you have a myRevenue account?

Hedgecutter

Ya I have.

DaveRs7

I did it through Revenue and got 0.02c owed ... then when i got a third party company to do it for me they managed to get 520euro out of it for some reason.

If you're renting a room and declaring the income under the rent a room relief then it's 1 line to include in the Form12 PAYE tax return.

If you're renting out a full property make sure to claim all of your allowable rental expenses to reduce the net rental income which will reduce your tax liability.

Don't forget the accountant fee is an allowable expense. Sometimes these things are worth paying for.

Hedgecutter

The accountant told me it wasn't thats afew years ago now.

Hedgecutter

https://www.boards.ie/discussion/comment/119764699#Comment_119764699

So u had to pay revenue 520 or the accountant got 520 back from revenue?

DaveRs7

https://www.boards.ie/discussion/comment/119764757#Comment_119764757

accountant got me 520 extra