Rental Income Tax Return

Hi,
I am a paye worker and I started renting a second property in October 2010 for €800 per month. I now need to submit a tax return to cover this income. I have registered and paid the NPPR and PRTB up to date and now I just need to submit a return.

Do I need an accountant to do this or should I do it myself online or by filling out form 12. Is there any good online resource to help with submitting this?

do a quick search and you will see this has been covered before -- take a look and then if you have any queries post back

there is also a leaflet on the revenue website that is pretty comprehensive.

no reason why you cannot do the return yourself

Hi Dino,

Not sure if you are still looking for info on this (?) but I'm in a similar boat (PAYE employee & have my apartment rented out). I have done my own tax returns for rental income the last 3 years and I found it quite OK to do.

Remember that you are allowed to offset certain expenses against your rental income:

- 75% of the interest you pay as part of your monthly monthly repayment,
- depereciation @ 12.5% per year for 8 years on fixtures and fittings,
- the annual service charge you pay to the Managment Company is an allowable expense,
- any life assurance premium you pay that relates to your mortgage (but NOT critical illness cover),
- any other legitimate expenses for general repairs or for replacing white goods (make sure to keep the receipts if case Revenue ask for them).

Hope that all makes sense.

Good luck,

Marwood.