Paying Tax on Rental Income

[ellsbells]

Hi all....have a house rented out and just want to know the story with regards paying tax on the money I get towards the rent. Am I supposed to be paying 20% of what I get on...what are the chances the tax man will come calling for that money?

 

[FeuFollet]

- You need to register your tenancy with the PTRB
- No you won't pay tax on all your rental income; in fact it may well be under the minimum and you may end up not paying.

You must make the appropriate tax returns and appropriate paperwork even if you end up not being liable for tax.

Tax evasion will be severely sanctioned and it won't matter to anyone if you say 'I didn't know'

 

[LDFerguson]

The tax is payable at your highest rate on the rental income less allowable expenses, so it might be 41% or 20%. It's self-assessment tax so it's your responsibility to declare and pay it. Revenue website has useful information.