You'll probably owe them a few grand. We can give you a decent estimate if we know:I am outstanding for a big tax bill?
Off the top of my head, €22,000 per year. Mortgage, €132,500 outstanding, can't put my hand to interest rate right now, but repayments are €960/month. Rental income €800/month. Should I get a tax advisor?You'll probably owe them a few grand. We can give you a decent estimate if we know:
- what other income you received during the 3/4 years (so we can figure tax brackets)
- what's the balance on the mortgage, and what's the interest rate (so we can allow for interest relief)
Yes.Should I get a tax advisor?
Not too bad - most (if not all) of your rental will attract income tax at 20% rather than 40%. Depending on what expenses you can account for, I think your liability will end up somewhere between 1100 and 1400 per year.Off the top of my head, €22,000 per year. Mortgage, €132,500 outstanding, can't put my hand to interest rate right now, but repayments are €960/month. Rental income €800/month.
Many thanks - it's a ballpark, that's what I was looking for.Yes.
Not too bad - most (if not all) of your rental will attract income tax at 20% rather than 40%. Depending on what expenses you can account for, I think your liability will end up somewhere between 1100 and 1400 per year.
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