Liam Burns is an expert landlords’ accountant and is an active member of and on the Committee of the Residential Landlords Association of Ireland (RLAI)*.
Liam was involved in the formation of the RLAI and has worked as a committed member with the association since its formation, representing Landlords on the numerous issues that arise.
*For further information on accountancy and tax advisory services for landlords, contact Liam on 01-567 7380 or use the enquiry form here,Liam’s interest and expertise in this area is such that clients can be assured that they will avail of every possible relief to ensure they pay as little tax as possible while remaining fully compliant.
Liam Burns and Co. will deal with Revenue Commissioners on behalf of clients in relation to inquiries and Revenue Audits. We will argue on your behalf to ensure that all relevant expenses can be claimed if they are incurred for the purpose of obtaining the rental income.
Landlord Expenses Allowed
Generally, any expenses that would be allowable if the rental income was treated as a trade will be allowable i.e. expenses wholly and exclusively for the purposes of receiving the rent.
- Repairs, Maintenance, Cleaning
- 75% of Mortgage Interest – obliged to register with PRTB to claim this as expense. (100% of Mortgage Interest may be allowable if tenants are availing of Social Welfare).
- Letting Agents Fees
- Management Charges
- Motor and Travel Expenses
- Accountants Fees
- PRTB Fees (Registration is mandatory)
- Light and Heat expenses – incurred by landlord
- RLAI Membership Fees (or similar)
- Wear and Tear Costs
- Beds, Carpets, Appliances, Furniture, etc. are allowed as an expense against rental income over 8 years. If replaced prior to the 8 year, the remaining cost can be used as an expense in the year of disposal.
Property Tax is supposed to be tax deductible being introduced on a phased in basis. Government have not clarified this position to date (01/01/2016)
Landlord Expenses not allowed
- Pre-letting expenses (expenses prior to first letting)
- Post-letting expenses (after final letting)
- Capital expenditure – may be allowed as wear and tear
- Costs of your own labour
- Expenses incurred for exempt lettings
What information do you need for your Tax return?
- Details of all relevant costs and expenses (see above)
- Copies of Mortgage Interest Certs, confirmation of PRTB registration
- Details of rental income received and receivable for each property
- Details of any other Income – PAYE Income (P60), Deposit interest, Dividends
- Details of any social welfare received
- Details of any assets sold during the year
- Details of any gifts or inheritances received
- Details of any medical expenses
- Details of your tax credit cert
Have you a second property that is rented out? Bought an apartment or house in the boom, grown out of it or moved out of it but now have it rented.
You might think that ‘the rent doesn’t even cover the mortgage so surely I don’t have to pay any tax’.
Unfortunately, this may not be the case! You need to act fast now to ensure you are not faced with penalties and interest as well as any tax liabilities.
Some important points you should know;
- Your mortgage repayments are not deductible against the rental income (only 75% of the mortgage interest is allowed or 100% of mortgage interest from 2016 if rented to social welfare tenants)
- You are obliged to complete an income tax return on an annual basis
- You should not be claiming mortgage interest relief on the property
- You are obliged to register with the PRTB
- You may have been liable to the NPPR which could be accruing significant penalties if not paid
Liam Burns & Co. will guide you through getting your returns up to date as efficiently as possible minimising any liabilities, interest and penalties, leaving you with peace of mind.
We will ensure that you are aware and avail of all expenses deductible and any reliefs that may apply to you.
Contact Liam Burns & Co here today for a competitive quote and get peace of mind for as little cost as possible.
As part of our service we review your previous 4 years to see have you overpaid tax through the PAYE System – Maybe you are due a Tax Refund!!
Accounts Fees/Pricing: €500 ex VAT*
- Prepares and submits standard Income Tax returns for Landlords from €500 excl Vat (for one property – each additional property is only €100 ex Vat for the same return)
- Price based on return for persons with up to two properties*, and PAYE income.
- €100 per each additional property for three properties plus.
*Pre ’63 properties may be slightly higher – Please contact us here for a quote.RLAI MEMBERS RECEIVE €70 DISCOUNT
FREE ACCOUNTS SPREADSHEET FOR LANDLORDS!
You can simply fill in your details on this excel sheet and submit them to your accountant