A: There are two things that you need to be aware of:
- Budget 2018 introduced a new deduction you can make for 'pre-letting' expenses. You can claim for these up to a maximum of €5,000 per property. These pre-letting expenses should be of a revenue nature i.e. in relation to the letting and not for building works etc. This could result in a potential tax saving of approximately €2,438 for you.
- Make sure you are claiming the right amount of mortgage interest relief. For 2017 you can deduct 80% of the interest you pay on your mortgage however in 2018 this will rise to 85%. This effectively means an additional €5 tax deduction for every €100 you have spent on mortgage interest in 2018.
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