Do you rent out a property? Receive rental Income?

If you receive income from renting out a property or part of your private residence in Ireland you need to file an Irish tax return and declare your rental income to the Revenue Commissioners – even if you’re not living in Ireland.

Many landlords decide to prepare their own returns, often repeating the same simple mistakes on their tax return each year, leading to wasted time and in some cases, wasted money due to unclaimed reliefs.

We will file your tax return for a flat annual fee. No hidden costs.

Do you receive rental income? Please provide your details below and we would be delighted to provide you with an Initial FREE Consultation

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What types of Rental Income are there?

  • Rental income from letting a house, flat, apartment, office, building etc. is the most common type.
  • Income from easements, i.e. if payment is received for the right to erect advertising signs, communication transmitters, conacre or grazing rights.
  • Certain leases, normally on non-residential property such as a shop or warehouse, that requires the payment of a premium by the tenant to the landlord. Where the lease granted is of less than 50 years, some of the premium charged will be treated as rent.

Allowable Deductions

A person may claim a deduction from gross rent for these legitimate property related expenses:

  • Ground Rent
  • Rates
  • Maintenance
  • General Repairs (Capital Expenditure excluded)
  • Insurance
  • Management Fees: paid to an agent e.g. rent collectionNote: Landlords may not claim for their own labour.
  • Service charges (water/refuse etc.)
  • Advertising for tenants
  • Accountants fees for preparing rental accounts 96/97 onwards.
  • Wear and Tear – Depreciation of furniture and fittings
    • With effect from 4 December 2002 the allowance is 12.5% per year over 8 years.
    • For the period between 1 December 2001 and 3 December 2002 the allowance was 20% per year over 5 years. Transitional provisions apply allowing the rate of 20% per year over 5 years if the item was acquired under a written contract before 4 December 2002 and the expenditure was incurred before 31 January 2003.
    • Prior to 1 January 2001 the allowance was 15% per year for the first 6 years and 10% in the 7th year
  • Building Expenditure – in a Renewal incentive area
  • Interest – Relief is due for 75% of interest paid on loans to purchase, improve or repair a residential premises (some exceptions).

Some common mistakes made by landlords when filing a tax return:

“I haven’t registered with the PRTB, but I can still claim my mortgage interest as an expense”

“I have my property let to a local authority and I paid the NPPR fee” There is no need to pay NPPR if your property is let to a local authority

“If I buy an item for my property like a washing machine, I use the total cost of this to offset any income for that year”

“My rental income doesn’t cover my mortgage, so I’m not liable to pay tax”

“I only talk to my accountant close to filing time”