Irish citizen Working full time in UK with Irish rental income

Hello! I would love some advice as feeling a little deflated right now. I have been in the UK for over 5+ years. I have two rental properties. I filed my tax return in Ireland last year. And now preparing my self assessment tax returns in the UK. I wanted to expand my Irish property portfolio however would love to hear from other Irish citizens living & working in the UK if it’s worth it from a tax perspective? I was hoping the max id pay would be the 20% in Ireland however my tax consultant in the UK has suggested I may need to pay 45%. Is there anyone on this forum that could help share their experience in a similar position and if it’s worth it? I.E Irish citizen working in the UK with long term investment strategy to invest in Irish property. Thank you

ellaqueenroad said:

I have been in the UK for over 5+ years.

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Not the question you asked but are you making voluntary PRSI contributions in Ireland? You should be eligible if you have worked more than ten years in Ireland.

This is possible post Brexit even if you are working in the UK.

@Dr Strangelove I am unsure what the benefit is? I have set up a LTD company and can ask my Irish accountant about this but realistically I am unsure if I will live in Ireland ever again but definitely wish to visit a few months out of the year every year and have a lot of family there. I am really enjoying my Airbnb business in Ireland and wish to expand however I am unsure what the total tax costs implications are & if it will be worth it.

ellaqueenroad said:

I am unsure what the benefit is?

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If you get 2080 PRSI contributions (paid and coluntary) you can get a full state pension contributory in Ireland at age 66. That’s €14k a year separate from any UK pension. Apply ASAP as there is a five year window to do so.

As to your tax setup, you first mentioned rental, now Airbnb. My understanding is that rental income is a flat 20% for non-residents but Airbnb is trading income so treated like self-employed income. There may also be VAT implications.

You need good professional advice ideally from an Irish tax adviser who deals with UK residents.