Myself and my wife have been living in Australia since 2008 & have made no tax declaration in Ireland since then. In the meantime we've both signed up to the PRTB, NPPR, Household Charge & Property Tax. We both have houses at home.
I've seen some other posts on the forum relating to the Form 11. I've checked the form and see that for 2013, it's due by the end of this month. Rather than burying our heads in the sand for any longer I'm thinking of making a return for both properties for the 2013 financial year, carrying on in this vein.
What's a ballpark figure for getting a tax accountant to do this on our behalf, for both properties? We've no other income in Ireland.
On another point - both properties are with a Property Management company at home. They pretty much just get the tenants and leave the rest of it up to us. Now my wife is looking for them to take it on fully. They've explained that there's a 20% Withholding Tax for non Irish resident landlords. What exactly do they do with the amount collected? I presume they take their fee out of it and then wait till we've declared the income to revenue? My wife's mortgage is currently 1700 Euro per month. She's currently getting 1000 Euro Rent. From a revenue point of view what effect does this have on what is owed from a rental perspective? Does it limit the tax owed or is it seen purely as income, regardless of the profit or loss that's being made from the property.
If anyone's got any insight into where we currently stand and the best way to go forward it would be great to hear.
Cheers!
I've seen some other posts on the forum relating to the Form 11. I've checked the form and see that for 2013, it's due by the end of this month. Rather than burying our heads in the sand for any longer I'm thinking of making a return for both properties for the 2013 financial year, carrying on in this vein.
What's a ballpark figure for getting a tax accountant to do this on our behalf, for both properties? We've no other income in Ireland.
On another point - both properties are with a Property Management company at home. They pretty much just get the tenants and leave the rest of it up to us. Now my wife is looking for them to take it on fully. They've explained that there's a 20% Withholding Tax for non Irish resident landlords. What exactly do they do with the amount collected? I presume they take their fee out of it and then wait till we've declared the income to revenue? My wife's mortgage is currently 1700 Euro per month. She's currently getting 1000 Euro Rent. From a revenue point of view what effect does this have on what is owed from a rental perspective? Does it limit the tax owed or is it seen purely as income, regardless of the profit or loss that's being made from the property.
If anyone's got any insight into where we currently stand and the best way to go forward it would be great to hear.
Cheers!