Ham Slicer,
Before you go, could I ask you to give your opinion on my own case, which is different to Casiopea's with regard to how I receive the rent.
Every month, the tenant pays the gross rent to my management company, an estate agent. The estate agent duducts their fee plus any expenses incurred directly by them during that month (e.g. boiler service), and deposits the difference in my Irish bank account.
Annually, to calculate my profit, I sum the bank deposits, and deduct any expenses incurred directly by me during the year (e.g. house insurance). This rent profit is declared in my tax returns, I receive a Notice of Assessment, and I pay the tax due.
Is the notion of a Collection Agent relevant in my case?
Am I breaking any tax law?
James
Before you go, could I ask you to give your opinion on my own case, which is different to Casiopea's with regard to how I receive the rent.
Every month, the tenant pays the gross rent to my management company, an estate agent. The estate agent duducts their fee plus any expenses incurred directly by them during that month (e.g. boiler service), and deposits the difference in my Irish bank account.
Annually, to calculate my profit, I sum the bank deposits, and deduct any expenses incurred directly by me during the year (e.g. house insurance). This rent profit is declared in my tax returns, I receive a Notice of Assessment, and I pay the tax due.
Is the notion of a Collection Agent relevant in my case?
Am I breaking any tax law?
James