If you receive rental income then you must submit a tax return regardless of whether you are making a profit.
Below are some common areas that TaxAssist Accountants can help you with your property affairs:
If you rent out property you will pay income tax on the difference between the rents you have charged in a tax year, less any allowable expenses and charges. We can help you to make sure that you are claiming all of the expenses and reliefs to which you are entitled.
Knowing what maintenance and repairs can be deducted can be tricky, because there are a number of different methods that can be used depending on your circumstances. We can discuss your options with you and make sure that you make the right choice; to optimise your tax position and fit your needs. We can also make sure that you are claiming all of the finance costs for any loans or mortgages you have on your properties, as again, this can be a complicated area and taxpayers can miss out on valuable tax relief.
You can download our guide Do you own a Rental Property? for more information here
If you have Capital Gains Tax to pay, for example because you've sold or given away a holiday home or second property, you will need to complete a tax return. TaxAssist Accountants can advise you on any tax planning opportunities available, in order to minimise your Capital Gains Tax liability. We can also calculate your Capital Gains Tax liability and complete your tax return for you.
Letting rooms in your home
If you let rooms in your own house, you may not pay tax but there are conditions in order to apply for an exemption, which your local TaxAssist Accountant can discuss with you.
The rise of Airbnb in Ireland has seen numerous people utilising free space in their house in order to earn some extra income. The first thing to be aware of if you are a host is that Airbnb have confirmed that they regularly share details of their hosts in Ireland with Revenue. Therefore, whether you earn €10 or €10,000 through the site the chances are that Revenue already knows about it.
All the income and expenses that you earn each year must be reported to Revenue on a tax return.
You can download our guide Hosting with Airbnb? for more information here
We're here to help
TaxAssist Accountants can provide you with advice regarding all tax aspects of buying, selling and letting property. We have only included a few areas for you to consider on this web page. If you are about to invest in, dispose of, or let property do contact us.