No I still pay my taxes to the UK despite living in RoI.
Does this mean all my rental income will be taxed at 41%?
If so, I think I'll just try to sell up, that amount of tax is too much while trying to continue 2 mortgages.
Tax to pay?
- Thread starter Mammysboy
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No I still pay my taxes to the UK despite living in RoI.
Does this mean all my rental income will be taxed at 41%?
If so, I think I'll just try to sell up, that amount of tax is too much while trying to continue 2 mortgages.
T McGibney
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Just for the sake of clarity, you are taxed at your marginal rate on your rental surplus, after deductions and capital allowances, not "all your rental income".
I think I might need to find myself an accountant, cos to be honest this line is like double Dutch to me
I basically want to know is it worth my while renting out my old property now. I think if I was to have to pay over two thirds of it in tax then I would not be interested, as I will then have two mortgages to cover. If the rental income can't cover the mortgage premium then it might have to go.
T McGibney
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I think I might need to find myself an accountant, cos to be honest this line is like double Dutch to me
Its not that complicated surely? Put simply, you are taxed on your rental profit not the entire rent you receive.