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Rental tax calculator

  • 16-02-2019 11:04am
    #1
    polydactyl
    Registered Users, Registered Users 2 Posts: 855 ✭✭✭


    Reluctant landlord, waiting till out of neg equity to decide re selling (if I can afford tax and stable tenant I won’t) only renting since Nov.
    I know I will only have to pay the tax for Nov /Dec tax this Oct but I prefer to prepay my possibly prelim tax when I can incase I have a difficult year next year. In that vain I am just trying to have a vague idea of my prelim tax on the rent. Happy to overestimate as it would be my only savings.
    Chose HAP tenant as they seemed the most decent and fingers crossed for no issues. Seem genuinely lovely family so far.

    So basics (will figure out expenses etc closer to time)

    So rent x 12 x 52% tax (minus mortgage interest) should give me a rough ballpark that’s not too low??? Right?


Comments

  • #2
    thegolfer
    Registered Users, Registered Users 2 Posts: 346 ✭✭thegolfer


    Don't forget letting fees, repairs, registration to the prtb, capital allowances on white goods bought for letting the property, also mortgage protection is allowable.

    Every bit helps, in the long run.

    Assuming you are it the top bracket if tax then all profit is at the higher rate.


  • #3
    polydactyl
    Registered Users, Registered Users 2 Posts: 855 ✭✭✭polydactyl


    thegolfer wrote: »
    Don't forget letting fees, repairs, registration to the prtb, capital allowances on white goods bought for letting the property, also mortgage protection is allowable.

    Every bit helps, in the long run.

    Assuming you are it the top bracket if tax then all profit is at the higher rate.

    Yeah lucky enough to have a good job so all at higher rate. Thank you will def look at those! I do have an accountant but I like to make sure I understabd myself so I can budget as he’s more a once a year visit. Thanks!


  • #4
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,085 ✭✭✭relax carry on


    polydactyl wrote: »
    Reluctant landlord, waiting till out of neg equity to decide re selling (if I can afford tax and stable tenant I won’t) only renting since Nov.
    I know I will only have to pay the tax for Nov /Dec tax this Oct but I prefer to prepay my possibly prelim tax when I can incase I have a difficult year next year. In that vain I am just trying to have a vague idea of my prelim tax on the rent. Happy to overestimate as it would be my only savings.
    Chose HAP tenant as they seemed the most decent and fingers crossed for no issues. Seem genuinely lovely family so far.

    So basics (will figure out expenses etc closer to time)

    So rent x 12 x 52% tax (minus mortgage interest) should give me a rough ballpark that’s not too low??? Right?

    The interest is deducted from your gross rent before you work out the tax.


  • #5
    polydactyl
    Registered Users, Registered Users 2 Posts: 855 ✭✭✭polydactyl


    relax carry on wrote: »
    The interest is deducted from your gross rent before you work out the tax.

    Ah thanks!


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