An individual with assessable non-PAYE income of €3,174 or more for any year is regarded as a "chargeable person" for Self-Assessment and must file a Form 11 for that year.
To avail of the €3,174 exemption you have to have the tax collected through the PAYE system by coding the liability against your tax credits for the year. It's awkward as you will have to know what your liability is going to be for the year, and have it coded to your tax credits before the start of the year
Not quite sure yet at this stage. None of us have been landlords before so all this is quite new to us. Does it have to be a single individual registered with the PRTB for the property or are there any advantages to just having a single person nominated for the role? Not sure if it makes a difference but we are planning on using a property management company in the long run.ircoha said:Op: who is the landlord going to be with the PRTB?
What happens if you overestimate or underestimate for the current year? Do you claim back or pay the outstanding in the following year's tax credits?off the ball said:To avail of the €3,174 exemption you have to have the tax collected through the PAYE system by coding the liability against your tax credits for the year. It's awkward as you will have to know what your liability is going to be for the year, and have it coded to your tax credits before the start of the year
Hi,
Thanks for the replies.
Not quite sure yet at this stage. None of us have been landlords before so all this is quite new to us. Does it have to be a single individual registered with the PRTB for the property or are there any advantages to just having a single person nominated for the role? Not sure if it makes a difference but we are planning on using a property management company in the long run.
What happens if you overestimate or underestimate for the current year? Do you claim back or pay the outstanding in the following year's tax credits?
Not quite sure yet at this stage. None of us have been landlords before so all this is quite new to us. Does it have to be a single individual registered with the PRTB for the property or are there any advantages to just having a single person nominated for the role?
Not sure if it makes a difference but we are planning on using a property management company in the long run.
Bronte said:It's much easier if one person is nominated as the person who will register with the PRTB, LPT etc. And to do the account, you then take your profits and expenses and divide by 3.
Bronte said:But you 3 need to clearly understand what you are getting into.
I do not advice on using a property management company, are none of you near the property?
Bronte said:Does it make sense to keep the property.
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