Return for one house landlord

Try the Irish Landlord Calculator to give you an indication of the tax you will pay: http://www.irishlandlord.com/index.aspx?page=calculators_taxestimation

As Emme has stated, Revenue on line is very easy to use and easy to submit your details.

I think an accountant is overkill for this and it will take you 20 minutes max. online.

Just to make sure you know what all you outgoings are for the year e.g. alarm service, furniture, plumbers, estate agent fees etc.

Even I f money is really tight, I would get the accountant to do it the first year. You will then have a template if you want to do it yourself subsequently.

solargain wrote: »

I would pay the accountant, by the time everything is done, depreciation on furniture & fittings, accountants fees, repairs and maintentance etc , if the rent is as low as you say he might be able to get you something back off your paye salary

Rental losses can not be offset against non-rental income, but can be carried forward to subsequent years.

In terms of getting an accountant at this busy time of year the OP would have more chance if they were organised and had a tabulated list of expenses, fixtures and fittings etc. ready to go rather than expecting to hand over a carrier bag full of receipts (which my acct assures me does happen!).

Get a self assessment tax form,
fill it in,
you can claim for repairs ,property tax,
tax,prtb fee,insurance,service charges .
75 per cent of the interest on the home mortgage,for each tax year.jan 1st to dec 31 st.
service charge,items purchased,eg towels, curtains,sheets ,pillows .
Large items, eg cooker ,fridge claim over 8 years.
eg 800 euro fridge, claim 100 euro per tax year.
Claim for small items ,eg towels in the year of purchase.
You can claim for fee to agent or accountant .
i fill in form every year ,it takes 20minutes .
i put large x over sections that do not apply to me.
eg pension, stocks, bonds, wife . shares,
http://www.irishlandlord.com/

YOU must register the tenant with the prtb before you submit the tax return ,
they,ll send you an email and a receipt for payment .
registration fee is 240 approx for each tenant.
http://prtb.ie/
They will not process your tax return unless you are registered with the prtb.
You have to put in your total income from the job,
plus total rental income ,
before expense,s .
my friend pays no tax as her loan is 14 k approx,
rental income is 8400 euro approx on 1 apartment .
She still has to fill in a tax return .
i fill it in each year for her.
The tax form is pretty simple to fill in ,if you have a basic leaving cert pass level of education .
keep all receipts for towels ,sheets, cutlery etc
anything you buy for use in the rental house.

Barr wrote: »

Ok an accountant is back on the cards. Being the first time I just don't want the risk of an audit etc.

Does €300+ vat sound reasonable ?

Having an accountant does not guarantee that you will not be selected for an audit though!

€300 plus vat is high I think. I have an accountant do mine for €150. Well worth it.
The problem you will have is getting someone to do it at this time of year & I think you'll end up paying more because of time pressure.

The law is YOU MUST REGISTER with the ptrb as a landlord or else be fined 100,s of euros,
Also you cannot claim tax credits for loans ,mortgage etc in a tax return ,
IF you are not registered with the prtb AS a landlord for that house .
the tax office can check this out if they want.
SO if you do not want to get a tax bill for 1000,s of euros ,
and a large fine i would suggest you register before you send in a tax return.
so there is some connection between the prtb and your tax return.

i would not go buy out and buy a new 30k bmw car if i cannot afford to pay for tax and insurance.

i do my friends tax return every year for her, 75 per loan interest ,plus insurance,property tax,expenses etc
is larger than her rental income.
i think she charges around 600euro per month approx .
she gets a letter your tax liabilty for year x is zero euros in regard to the rental unit.

Your tax bill depends mainly are your expenses and loan interest higher
than your rental income for the house,

the revenue ignore the capital repayments on your home loan.

if you dont claim for mortgage interest on your loan you,ll
pay a large amount of tax.
ASK your bank for a mortgage interest statement for last year,
if you dont have one already
it say loan interest paid for 2014 = x amount .http://prtb.ie/

http://prtb.ie/landlords/helpful-info-documents

i put all expenses down on the self assessment tax return,
i go to a tax office get a self assessment tax return,
and post it off to the tax office.
i find it easier to fill in the tax form about 7 pages then use the online
tax forms.
AS the landlord can read the form and check it over a few times ,
before we post it .
About half the sections we leave blank,
as she does not have bond,s ,shares, a pension ,
or children.
seh works in an office and she is a paye tax payer
as well as a landlord with 1 rental unit .
Since this is your first time sending in a tax return i think its easier to use the paper tax self assessment form,
not online version.

if you are at least a leaving cert pass student ,you can fill in a tax form.
you,ll need info re what is your total income from paye job in 2014.
income before tax.

if you send in a tax return, fill it in properly ,register with the prtb first ,
the chances of being audited is close to zero.
check what is the closing date for paper form tax return,
its not the same as the ros online closing date.
I have done at least 6 tax returns and never had any bad feedback or querys from the tax office re the tax forms sent in.

Pawwed Rig wrote: »

Again incorrect. There is a doubling of the €90 charge to €180 if you register late.


You cannot claim mortgage interest relief if you do not reg with prtb, that is all. You cannot claim for loans or mortgages or etc. on your tax return even if you are registered (well you can for some loans but that is a different topic).


The only reason to register before filing a return is to enable you to claim mortgage interest relief. Otherwise Revenue don't really care whether you're registered or not.


If you are claiming a deduction for property tax you are doing her return wrong so you really should tell her and allow her to make an unprompted qualifying disclosure for all of the years that you have done her return and allow her to rectify matters with Revenue.


Not really true as it depends on the property. Where you are mortgage free for example with few capital allowances even a modest gross rent could attract tax at the highest rates.


Not necessarily true. There are alot of other deductions that can offset a case V profit (section 23 relief for example)


You raise a good point here. OP bear in mind that you need to register with ROS. This can take upto a couple of weeks as they send the password by post. I would get onto that straight away if I was you.


Not true. There are many reasons why someone may be selected for a tax audit including a random basis.


The closing date for paper returns is October 31st with a Nov 12 date via ROS. Paper returns are discouraged and are being phased out.


It is a self assessment system. Not sure what feedback you are expecting. What you file you pay for. You can claim for whatever you like and Revenue will accept it. When you are selected for audit though is when they can look at every figure on the returns. You have already left your friend wide open for interest and penalties along with the repayment of underpaid tax so if I were you I would get straight onto a tax advisor for both of you to sort all of this out.

OP - posts like this are why you do not take tax or legal advice from strangers on the internet. I have laboured the point somewhat here but tax in particular is a very personal thing and the same advice may not be applicable to 2 different people.

Excellent comments here.

The only thing I would add is that at various times Revenue do target specific industries for audit. It could be, say, pharmacists one year and hairdressers the next. With the amount of "accidental landlords" coming on the scene, I would venture a guess that a large scale review of landlords is due to happen soon and a lot of people are going to get the shock of thier lives.

OP get a professional to help you. Expect to pay at least a few hundred euro otherwise you're just paying for someone to input numbers on a screen.

Armando Ancient Bongo wrote: »

You sure about that. I know that farming losses for instance can be offset against the tax from your PAYE job and would see it as similar with a renting loss.

Not the case unfortunately!

It is very clearly set out in Revenue's IT70.

Edited to say that I know nothing about farming! I know section 23 etc. allowed some allowances against other income classes, but I was never in a position to benefit.

Howjoe1 wrote: »

100 + VAT is enough.

Unless, of course, you expect a trained professional who will spend more than 20 minutes doing your return.

I'm following this thread with interest as I will be making my first tax return also this year, and unfortunately have left it very late, I was thinking of using an online tool to do the return, not sure if I can mention the website, has anyone any experience of this, thanks in advance,
Also my property was only rented for 6 months, so do I do everything pro rata ?