New Landlord... Help Please!!!

[Angrygirl]

I am new to being a landlord and want to make sure I do everything right..
Management company have got me tenants and am paying them a fee each month too look after my tenant and to register me with the PRTB...

When do I have to declare that i am a landlord/what if anything do i need to fill in? Will i be paying much tax on the rent i get as its only just covering the mortgage and when will i have to pay this?

I know these sound like very obvious questions but i'm totally new to this and dont know where to start

thanks

 

[Protocol]

As I said before, it amazes me that people acquire assets worth 100,000s of euros, yet they admit ignornace of basic tax laws.

Sorry I'm not answering your query, I'm sure others will.

 

[webtax]

You should make sure that the mgt company properly register you with the PRTB (or do it yourself if they are charging for it) as you need to be registered in order to claim your mortgage interest as an expense.

Your first tax return & payment will be due in October 2009 if you have started renting this year. You don't have to inform the revenue before then. It is not likely you will have to pay much tax to begin with if you make sure you claim all your expenses (interest, mgt company fees, prtb fee, capital allowances etc.)

 

[peteb]

As I said before, it amazes me that people acquire assets worth 100,000s of euros, yet they admit ignornace of basic tax laws.

Sorry I'm not answering your query, I'm sure others will.

Helpful post that! If i were to purchase a helicopter I would probably have to ask some one what i needed to do to be leggit! Should we all be experts in every field? Isn't that the reason that why people post here? To ask questions and get answers? Not to get " haha i know what to do but i think you're stupid so im not telling you".

At least the OP admitted ignorance and wanted to get things straight unlike a lot of other people who just arent arsed when it comes to renting property!

 

[Angrygirl]

Webtax - Thanks for your help, That makes things alot clearer

Peteb - Thanks for fighting my corner

Protocol - When I bought the property i had no intention of renting it out, i bought it as a home and not an investment, things have changed alot for me in the last few months and after a death in the family i decided to move in with my sister to be close to her and to make things easier financially i decided to rent out my property.
I hope you are never shot down on here if you ask for people's advice!!!!!

 

[remey]

As I said before, it amazes me that people acquire assets worth 100,000s of euros, yet they admit ignornace of basic tax laws.

Sorry I'm not answering your query, I'm sure others will.

How ignorant!!!

 

[Protocol]

I apologise if I sounded harsh.

I suppose my point is aimed more at those who do acquire houses specifically to rent, and then don't seem to know much about rental income taxation.

Might this help:

[broken link removed]

 

[wheels]

As I said before, it amazes me that people acquire assets worth 100,000s of euros, yet they admit ignornace of basic tax laws.

Sorry I'm not answering your query, I'm sure others will.

Sour grapes? Seriously, there was no need for that post. The original poster is looking for help, but a cutting smart remark.

 

[Lauren]

Serious lack of moderation here...In other examples the offending comments are deleted pretty quickly.....

 

[Bop]

I am new to being a landlord and want to make sure I do everything right..
Management company have got me tenants and am paying them a fee each month too look after my tenant and to register me with the PRTB...

When do I have to declare that i am a landlord/what if anything do i need to fill in? Will i be paying much tax on the rent i get as its only just covering the mortgage and when will i have to pay this?

I know these sound like very obvious questions but i'm totally new to this and dont know where to start

thanks

Angrygirl
Good for you trying to do things right. As webtax said, no return due until Oct 2009 so no panic. Keep all receipts in relation to the property. You will probably find that you have very little tax to pay for first few years.
I would suggest that you get an accountant to set you on the right path from the start. A good accountant can make the whole process more tax efficient and his fee is tax deductable. Once you get into the swing of things it's a piece of cake and you might even make some money, but dont tell protocol...!!!

 

[Angrygirl]

Good for you trying to do things right. As webtax said, no return due until Oct 2009 so no panic. Keep all receipts in relation to the property. You will probably find that you have very little tax to pay for first few years.
I would suggest that you get an accountant to set you on the right path from the start. A good accountant can make the whole process more tax efficient and his fee is tax deductable. Once you get into the swing of things it's a piece of cake and you might even make some money, but dont tell protocol...!!!

Bop - Thanks for the advice about getting an accountant, i mentioned this to the management agency as they are really friendly and helpful and they have a lady that they recommend to landlords like myself...

I like the sounds of making a few bob, altho once my property is looked after and my tenants are happy that'll do for me... I'll keep it to myself if that should happen tho...!!!