Rental Income, UK income

L

LByrne

Registered User
Messages
75
Hi

I work in Northern Ireland but live in the republic and I am considering renting out my property,
Does anyone know what my rental income tax bill would be to the Republic of Ireland.

I am paid 35,000£ per year, receive 8,400€ in rental income?

I will be registering with the PRTB would I be entitled to tax relief of interest for mortgage?

I would really appreciate if someone could help me out with these calculations.

Thanks
 
You've posted this in three separate threads.

Please read and respect the posting guidelines.
 
Sorry I just didn't know which forum it was relevant for so post it in each that I thought as I didn't know if everyone reads each of the forums.
 
You haven't given enough information for anyone to respond to your question.

We dont even know which jurisdiction you are tax resident in.
 
I believe I am entitled to transborder relief but because I have additional rental income I was wondering how much tax do I need to pay to the republic of Ireland as I am resident here therefore my tax obligations is to the republic of Ireland even though I pay National insurance etc to HRMC
 
What deductions do you have from the rental income?

Do you pay insurance mortgage interest ect??

There is a worked example [broken link removed]
 
Hi Joe_90 sorry I haven't got back on this..

I seen that link that you have posted there but it doesn't mention anything in relation to tax reduction such as 75% interest relief, PRTB reduction and I was wondering am I eligible for allowing them reductions given my circumstances of working in Northern Ireland?
 
You have to do Irish property rental returns and therefore all those deductions are allowable. They would even if you were living in NI. I live abroad and I do my Irish rentals that way.

The 75% is 100% if it's social welfare tenants.

Of course whether becoming a landlord is a good idea or not is a totally different question.

I suggest you delete your other two threads. And if there is anything on those threads that might be pertinent you post it on here.

Your obligations to HM Revenue after you've done your Irish tax returns is a different matter. You will have no doubt a duty to report it to HM Revenue and then you may or may not be taxed on it.

There are two accountants on this thread. I always advise new landlords to hire an accountant. It will only be a couple of hundred euro (your case is abc of renting) and will set you on the right road. With no headaches. I think Joe is in Dublin and Tommy is Donegal. But you don't need to be near an accountant to do business with them.
 
Joe_90 said:
What deductions do you have from the rental income?

Do you pay insurance mortgage interest ect??

There is a worked example [broken link removed]
Click to expand...

Oh dear, I get a headache looking at that. Yes I could work it out if I had a mind to, but I must say since I have an accountant, hired via AAM (merry Christmas my accountant) it's great not to really have to think about every change in rules with each budget etc.
 
Bronte said:
The 75% is 100% if it's social welfare tenants.
Click to expand...

It's still only a 75% deduction in the computation even if you have social welfare tenants but there is a rather convoluted procedure where you can claim the additional 25% after 3 years.
 
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