Preparing Tax Return on Rental Income

The one that the Revenue dont tell you about is Management visits. If you 'collect' the Rent (which may not be convenient) the Revenue could stop you caliming management visits. Again, if these are reasonable on the face of it, they would be allowed. If somebody does the 'hog' the would be queried.
 
could you give me an example of what I can claim under a Management Visit. Would I need receipts?


Thanks
 
Question about the actual tax, between us myself and my wife will only reach about 53,000euro this year Married tax allowance @20 percent will be 58,400 or so. Our income after interest, expences etc on the investment property will be about 5000 which will just keep us under the 58,000 mark. My question is , if all that went before makes sence, will the income from my property be at 20% or at 40 % . Basicaly what I'm saying is ,is my income derived from the investment always at 40% or does it count as your yearly joint earnings.

Thanks

Tom
 
afaik it will be 20%, does not matter to an individual where it comes from, any profits above that will be at normal rates
 
The Revenue Commissioners will all 10% of rental income for collection of rent.. THis was a great tip that I got from a company that files my returns.. My advice is use a tax professional to do your first return.. It costs me 360 per year .. Well worth it as this fee can also be claimed.. They will give you advice on all the tips and tricks.
 
Clontarf,

Is this in some revenue guide somewhere? I'd like to try to claim this, but haven't come across it befoe,
Thanks,
Ger.
 
Clontarf

Are you saying that you can charge up to 10% of gross rental income for collecting the rent ? Surely what the revenue are saying is that up to 10% can be charged where you have suffered these costs via a letting agent etc ? I get my rent direct debit, I wouldn't like to argue with the Rev that i am entitled to claim 10% of the gross annual rent for collecting it ? I'd be delighted ifanyone else could verify this as a legitimate expense ?
 
Hold on.

- Are you sure rent a room relief would not apply in your first year if you occupied the house?
 
Niallymac I am with you on this. Think that if one submitted this on return one would be asking for trouble from big brother! Am open to correction though (for obvious reasons!!).
 
Clontarf who is the tax advisor? Private mail me if this is easier. From another thread am looking for one.
 
Thanks everyone for your assistance. I submitted my Form 12 today. Decided to go alone rather than go to an advisor. Best of luck to all other first time tax returners!
 
Can anyone tell me where you fill in Wear and Tear Allowance on this year Form 12? Can it be filled in under "Other" in section 13, or does it go in under "Capital/Balancing Allowances for the year 2005".

Also, after capital allowances were deducted last year in my Form 12 submission I came up with a Loss. Can I off set this against this years profit, or can I only off set a loss if it is before CA deduction.

Thanks,
Geri
 
The Revenue Commissioners will all 10% of rental income for collection of rent..
Click to expand...

If you claim 10% letting expenses without actually paying it you have to declare it as income in your end of year tax return.
Either way you pay tax on it.
Better not to claim it in the first place.
 
after capital allowances were deducted last year in my Form 12 submission I came up with a Loss. Can I off set this against this years profit
Click to expand...

If by capital allowances you mean capital expenditure - capital expenditure incurred on additions, alterations or improvements to the premises cannot be claimed against rental income

See [broken link removed] and look at what expenses cannot be claimed for? and What expenses can be claimed for wear and tear?
So you may have a profit for last year?

If you actually have other capital allowances say from a Section 23 property please ignore the above. You can carry forward a loss each year until a profit is made.
 
You must log in or register to reply here.
Back
Top