Is there anything I can do?
Drunat do you really think your current tenant can sustain a whopping 20% increase. Did the tenant's income increase dramatically, to the order of 20%. Have you thought about the benefits of a long term excellent tenant to you.
I can't believe you are considering giving the tenant notice to quit.
And I wouldn't worry, I have a feeling these rental measures might be unconstitutional and no doubt a test case will be brought.
Yes if I have to change the tenant, I would reluctantly do it.
Of course there is nothing to stop a landlord classifying an element of the rent as a service charge.
You are overthinking it. Any and all receipts for incidental charges are and always have been taxable as rental income. And corresponding qualifying expenses are similarly deductible.Would there not be tax implications? Would the service charges have to be fully offset against specific expenses and therefore could not just be banked as rental income? And the expense could no longer be used as a deductible against rental income for taxation? Maybe I'm over thinking it...
I don't understand the level of chagrin with the new measures brought through in December. Presumably landlords were happy with their rent before the change, they had the opportunity to increase it at least once since the start of Q4 2015. Therefore, if they were renting to good tenants, they are/were happy with their 'below market' rents at that point
Fast forward to today and no landlord will be further behind the market now than they were before, assuming everyone tops up the rent by 4%. In fact, if you increased the rent in (say) October 2015 and your fellow landlord did so in January 2015, he won't be any more than 4% better off than you for most of this year (whereas before, the market could be 10-20% better off than you while you're held back by the 'no increases in 2 years rules'). What else has changed? Are their tenants with the lower rent no longer worthy of this rent?
No one else is putting their rent up by more than 4% either, so your compassion for your tenant isn't any more materially impacted since the new rules came in. As I see it, the only situation this doesn't work for is where the tenants themselves want to move out and there's a risk that new tenants won't be as good... in this case, the landlord should try to accommodate (excuse the pun!) the tenants that he/she is happy to have.
You are overthinking it. Any and all receipts for incidental charges are and always have been taxable as rental income. And corresponding qualifying expenses are similarly deductible.
I don't understand your questions. Why should Revenue care what you call your rental income, once you fully and correctly disclose it?So you have to have a receipt for the expense to tie the service charge to?
Would Revenue not take a dim view if someone assigned 50% of the rent against various "service charges" but have no receipts for same?
I don't understand your questions. Why should Revenue care what you call your rental income, once you fully and correctly disclose it?
Ok so maybe the Revenue won't care but won't the PRTB?
Let's say the rent is €1000, you charge a service charge of €100 for X but you have no receipt for this service.
You declare to the Revenue that your rental income is €1100 but you are declaring to the PRTB that your rent is €1000.
Ok so maybe the Revenue won't care but won't the PRTB?
How strong is the paper wall between those two bodies?
Personally I have no interest in the RTB other than to give out about them as being useless for landlords. And their website I doubt very much has actual rents because how many landlords can be bothered to update rent increases on their impossible to navitage unusable website. I had to contact them recently to try and figure out how to print out my actual tenancies. They told me it couldn't be done, I needed it for HAB and that they had to send it to be by post. I'm just dying to know how the RTB are going to have the manpower to deal with these rent caps.
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