non resident landlord irish tax

[Boi]

Hi,
I hope you don't mind helping me with understanding irish/uk tax.
I live in uk and I am a higher rate tax payer. I also have house in dublin. I have a collection agent but I think we might have been doing things wrong. Whole thing is confusing even after contacting irish revenue.
Irish Earnings (rent)= 12600
Total Deductions: € 3214.
My questions are:
1. whats tax liable? it seems to be adding prsi but it never did previous years.
2. Also, what about HMRC in relation to irish tax/income.
3. Thirdly, should I include my uk income when filing irish tax return(this is what we have been doing).
4. Also do I get married person tax credit in ireland in my/agent calculations
5. Anything else we might be overlooking?
6. My current tenants have been there for just over 2 years, they are good tenants but initially I put rent at below market value (1050/month), rents in area are well over 1300(malahide, 3 bed)-when would it be good idea to increase rent and by how much?

Ps, I am Irish citizen but been living in uk for 4.5 years.

thanks in advance for your help.
regards.
Boi

 

[Bronte]

Presumably you are PAYE in the UK and that takes care of your UK income. You do not include this income in your Irish tax returns. All that goes in there is the rent. You may or may not be liable to further tax in the UK but it is highly unlikely. After you've done your Irish tax returns you have to find out from HMRC what you need to do.

Are you registered with the PRTB. Do you pay property tax, did you pay NPPR and household charge. What are you doing about the Water situation.

Can you tell us what the deductions are made up of.

What did Irish revenue tell you.

What agent calculations?

No your UK income does not go on your Irish tax returns.

You need an accountant. It is tax deductable and will (should) set you on the right road for an inconsequential sum of money.

Have you read all the other threads on here about being a landlord.

Here's a thread with some of the deductions

http://www.askaboutmoney.com/threads/help-in-taxation-for-rental-income.171272/

 

[Boi]

Hi,
Thanks for reply. I have registered with PRTB, paid all taxes/fees-LPT,NPPR etc since we moved out. I have also been paying tax on rental income but just realised we must have been doing it wrong after reading posts in here. I have always included my uk income.

expenses are: mortgage interest, landlord insurance, mortgage protection, LPT, management fees.
tenants are paying water charges.
Irish revenue said I have to include worldwide income but I have always found that strange as it means its "double" taxation.
agent calculations I meant how my agent has been doing things-I was told I have to appoint some1 as a non resident.

I hope I am making sense. Ps I would appreciate recommendation for accountant.
regards.

 

[Sophrosyne]

Irish revenue said I have to include worldwide income but I have always found that strange as it means its "double" taxation.

This has nothing whatsoever to do with double taxation.

An Irish citizen is entitled to tax credits in the proportion that their Irish income bears to their worldwide income.

The Irish Revenue needs to know the amount of your worldwide income in order to calculate the amount of your Irish tax credits.

For instance, if your Irish income is 1/4 of your worldwide income, you would be entitled to 1/4 of the tax credits available to an Irish resident.