Tax On Rental Property

S

sjane

Registered User
Messages
9
I am renting my apartment in Dublin while living and working in the UK. I am aware I now need to pay tax on these earnings but not sure where to start.
Can anyone please advise?
 
There are special rules for non-resident landlords. I'd suggest finding a reasonably priced accountant to help you out. The tenant has to withhold 20% of the rent unless you appoint an agent. Then it's about your deductions and tax credits and standard rate cut off point. A tax adviser's services are deductible, so the real cost is probably half of what it appears to be.
 
Thank you both for your responses.
As I am not living in Ireland, I am finding it difficult to source a reasonably priced and trusted accountant. Do you know of any sites where I can find one or of any recommendations?
 
No need for an accountant, they are too dear.

If you have all receipts for all deductions/expenses, then easy enough to do, and you save several hundred euro.
 
My thoughts exactly hence why I was hoping to do it myself.
That said, I have no experience in dealing with matters of this nature so am unclear as to what form(s) I need, how to pay the monies owed, etc.
 
Protocol said:
No need for an accountant, they are too dear.

If you have all receipts for all deductions/expenses, then easy enough to do, and you save several hundred euro.
Click to expand...

A ludicrous way to look at it to be honest.

The OP has "no experience in dealing with matters of this nature". For something basic like this, you could get a professional at a net cost of a couple of hundred Euro.

But no, do some research online and take your chances...sure what could go wrong?
 
Protocol said:
No need for an accountant, they are too dear.

If you have all receipts for all deductions/expenses, then easy enough to do, and you save several hundred euro.
Click to expand...

It's not easy for everybody to do. And it's not advisable for some to do at all. Even if they think they can do it.
 
sjane said:
My thoughts exactly hence why I was hoping to do it myself.
That said, I have no experience in dealing with matters of this nature so am unclear as to what form(s) I need, how to pay the monies owed, etc.
Click to expand...

I hired my very reasonable accountant via this website and it was the best money I ever spent (if he reads this he'll be chuffed as well he might be)

Post McGibney who replied on here is an accountant and is well up on landlords taxes. Gordon Geko may also be an accountant but I'm not sure. (I'm not connected to either of them)

If you're going to go it alone, please post up all the figures, and have a look at the numerous posts on here on the subject matter. Remember even for someone like me, also abroad, it's very hard to keep pace with the yearly changes in taxs as they have made it more and more complicated.
 
Many thanks to you all for your advice, links, etc. They have all been most helpful.

I have decided to use an accountant as this I feel is the best way to move forward and ensure everything is processed correctly and up to date.
 
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