My wife and I are working in the UK for a couple of years but moving back to Ireland shortly. While we have been over in the UK my wife has registered her father as a collection agent with Revenue in respect of rental income on an Irish rental property, though in practice we do the Form 11 returns for him on the collection agent ROS profile we have setup. Recently he received a letter from Revenue telling him that Revenue was introducing a new online system for non-resident landlords and that all payments of rental income (either by the tenant to the landlord, or by the collection agent to the landlord) need to be logged in this system. Furhter detail to be set out in a new tax manual as of yet unpublished but apparently the system kicks in from July 2023.
It undoubtedly helps Revenue monitor non-resident money flows but will create added red tape here for citizens with a one-off property. I know non-resident landlords are not flavour of the month but really we are just ordinary joe soaps who pay our taxes on our rental income. Just wondering if anyone has seen more detail on this. The revenue website is very high level. All I can say is I am glad we are moving back permanently to Ireland shortly to escape this extra bureaucracy soon.
From my perspective, the tenants pay their rent into a ring-fenced account in my wife's name. It does not cover the mortgage on the property so we top up the shortfall every month. So I am unclear what payments we need to be logging here. We never get the rental income really, it goes straight to the mortgage provider, and we pay Revenue our income tax bill from other sources.
I'm also unclear whether we need to record each payment monthly or whether we can do this in bulk. I know Revenue is moving to real-time returns digitally in other tax areas so unsure if this is the expectation under these new reforms. So many questions, but so little clarity really.
It undoubtedly helps Revenue monitor non-resident money flows but will create added red tape here for citizens with a one-off property. I know non-resident landlords are not flavour of the month but really we are just ordinary joe soaps who pay our taxes on our rental income. Just wondering if anyone has seen more detail on this. The revenue website is very high level. All I can say is I am glad we are moving back permanently to Ireland shortly to escape this extra bureaucracy soon.
From my perspective, the tenants pay their rent into a ring-fenced account in my wife's name. It does not cover the mortgage on the property so we top up the shortfall every month. So I am unclear what payments we need to be logging here. We never get the rental income really, it goes straight to the mortgage provider, and we pay Revenue our income tax bill from other sources.
I'm also unclear whether we need to record each payment monthly or whether we can do this in bulk. I know Revenue is moving to real-time returns digitally in other tax areas so unsure if this is the expectation under these new reforms. So many questions, but so little clarity really.