Yearly Tax Return

I

iarmst

Guest
Hi,

This might seem (and probably is!) a stupid question - but do I need to submit a tax return every year on my rental investment?

I have a repayment mortgage, so the rent I receive from the tenants does not cover the mortgage. In fact, I need to top this up by €600 each month. I have an accountant doing my tax return every year, for which he charges €500. Do I need to do a tax return if I so obviously am not making any money. I also do not live in Ireland, as I work and live now in the UK.

Any advice would be much appreciated :D

iarmst.
 
but do I need to submit a tax return every year on my rental investment?

Maybe - see [broken link removed]:
How is the tax due on rental income collected?

Profit rent is taxed on an actual tax year basis. For individuals taxed under the PAYE system with rental profits that are relatively small it can be arranged to have the tax collected by reduction of their tax credits and standard rate cut-off point. Otherwise, the tax due will be collected under the Self Assessment system. Leaflet IT 10 Guide to Self Assessment gives full details. This is available at www.revenue.ie, from Revenues Forms and Leaflets Service at LoCall 1890 30 67 06 or any Revenue office.

I have a repayment mortgage,

Have you seen about the potential advisability of taking out an interest only mortgage on an investment property?

I also do not live in Ireland, as I work and live now in the UK.

Oh - in that case you should read the bit in IT70 about non-resident landlords if applicable.
 
Oh - in that case you should read the bit in IT70 about non-resident landlords if applicable.

Thanks for the advice ClubMan. I've checked the form and it's pretty clear what I need to do.

Cheers, iarmst.
 
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