rynivn somebody said on the site the other day the 7620 limit had gone up a bit just so you know
I certainly wouldn't take everything on revenue.ie as gospel, if I were the OPmaybe look up revenue.ie to confirm
YesWas looking at the limit of 7,620 which works out at EUR 317 a month. If 2 rooms were rented out at EUR 300 each per month and expenses like electricity and gas were added at EUR 30 per month, would that count as being over the limit ?
Also, can you just charge an estimate of what the expenses are ?
You can rent as many rooms as you like - its the €7620 threshold thats the controlling factor.I think you can only rent one room in your property to qualify for this scheme.
No, why would you want to do this. Expenses are irrelevant to the Rent a Room scheme.
and the gross rent received, including sums arising for food, laundry or similar goods and services
I was of the understanding that you could off-set some expenses like maintainance from your rental income thereby helping you come in under the €7620 figure.
This is not the case with the rent a room scheme as far as I know.I was of the understanding that you could off-set some expenses like maintainance from your rental income thereby helping you come in under the €7620 figure.
E.G.
Total Income = 10000
Maintainance = 3000
Net Income = 7000
Therefore the 7000 is less than the €7620 figure, so you have no tax liability.
I was of the understanding that you could off-set some expenses like maintainance from your rental income thereby helping you come in under the €7620 figure.
E.G.
Total Income = 10000
Maintainance = 3000
Net Income = 7000
Therefore the 7000 is less than the €7620 figure, so you have no tax liability.
I was of the understanding that you could off-set some expenses like maintainance from your rental income thereby helping you come in under the €7620 figure.
E.G.
Total Income = 10000
Maintainance = 3000
Net Income = 7000
Therefore the 7000 is less than the €7620 figure, so you have no tax liability.
Thanks for the info, so it basically means that if a renter uses electricity that this must be included in the limit ?
Not under the rent a room scheme as far as I know.imo, you would be able to split with them their share of actual gas/electricity bills (but am open to correction on this).
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