I own a house without a mortgage which I'm currently living in. It's the only house I own. I am a single person with no marriage or children. I'm looking to go travelling for 6 months to 1 year (or more). If I go travelling and rent out the house how much tax will I need to pay? I will not be in Ireland during the rental period and it will be my only income during this period. It would be in the range of €12,000-€14,000 a year.
€13,000 @ 20% is €2,600. Your personal credit is €1,650, so net tax payable of €950.
USC at 1.5% on €12,000 is €180 and at 3.5% on €1,000 is €35. Total USC of €215 payable.
PRSI at 4% is €520.
Total therefore €1,685.
All of the above assumes that you've nothing to deduct from that income (e.g. interest, wear and tear on furniture, etc) or that you've already deducted the expenditure.
€13,000 @ 20% is €2,600. Your personal credit is €1,650, so net tax payable of €950.
USC at 1.5% on €12,000 is €180 and at 3.5% on €1,000 is €35. Total USC of €215 payable.
PRSI at 4% is €520.
Total therefore €1,685.
All of the above assumes that you've nothing to deduct from that income (e.g. interest, wear and tear on furniture, etc) or that you've already deducted the expenditure.