Skyler White
Registered User
- Messages
- 21
How much rental profit (nb not the gross rent) do you have?
I don't think so, we are both PAYE.Do you have any losses to carry forward and offset ?
After mortgage payment, €200 per month.
I appreciate your assistance but I'm sorry, I can't work that out. I know I can't deduct mortgage payments, only the 85% Mortgage Interest Relief.Taxable profit. So what is the gross rental income less allowable expenses and capital allowances for tax purposes?
I appreciate your assistance but I'm sorry, I can't work that out. I know I can't deduct mortgage payments, only the 85% Mortgage Interest Relief.
Are we entitled to claim the Employee Tax Credit (we are both PAYE)?
Thanks grateful for the assistance.
Total rent is 11400 (950x12). I can't access my other figures as they are on the laptop at home.
I have never claimed for depreciation.
With regard to the employee credit and poster relax stating "which is only available against your PAYE income", to my understanding, there is only one area on the online form 11 that allows for this to be deducted so I don't know how the system will differentiate between PAYE income and rental income when allowing this credit. To be fair, when I ticked the Employee Tax Credit for both myself and my husband, the final amount due has reduced significantly.
(I know, I know I should get an accountant...)
His tax increased by 5,300 from 3,000 to 8,300 - that seems about rightEven if we took the Rental income of 11400 and multiplied by 50% the tax due (tax, usc, prsi etc) it would be 5750. So the OP figure of €8300 tax seems to be way off.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?