Tax returns made simple for landlords
We help Resident and Non-Resident Landlords all over Ireland complete their income tax returns and minimise their tax on rental income.
Our customers include Private Landlords, Accidental Landlords, Non-Resident Landlords, and those renting a room across Ireland.
Securely handled by Certified Accountants from just €299.
A Guide to Rental Income Tax Returns
If you receive income from rental properties or holiday homes in Ireland, then you must declare these properties to the Revenue Commissioners and file a tax return related to any income earned from those rental properties.
There are multiple kinds of rental income, the most common type being that received from letting a house, apartment, building, office or land.
We help those who’ve intentionally purchased a rental property as well as the growing number of ‘Accidental Landlords ‘in Ireland. Even those who are not an Irish resident but rent property in Ireland are required to file a rental income tax return. Before filing your rental income tax return, you must determine whether you classify as a Resident Landlord or Non-Resident Landlord, to ensure you remain tax compliant.
What is a Non-Resident Landlord?
Should circumstances require you to move abroad and you intend on renting out your Irish property you will be classified as a Non-Resident Landlord (NRL). If you let a property in Ireland but you live either in Northern Ireland or in a different country, you are classified as a Non-Resident Landlord and are required to file an Income Tax Return and possibly appoint a Collection Agent. Tax Return Plus provide a combined service to act as both Tax Agent and Collection Agent.
Any rental income earned from properties in Ireland by people living outside the state is subject to the same tax as residents of Ireland must pay. There are rules for Non-Resident Landlords to ensure returns are submitted such as the appointment of a Collection Agent. Non-compliance with these rules can have serious repercussions for both you and your tenants.
Learn more about Non-Resident Landlords here.
What expenses can I write off?
There are many "Allowable Deductions" which can be offset against your tax on rental income for both Resident and Non-Resident Landlords. Our Accountants uncover and advise on what you can claim for and file your rental income tax return for a low fee starting at just €299. In general, you can claim deductions for these common rental property expenses:
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Repairs & Maintenance
Expenses incurred such as cleaning, painting and decorating are allowable. Repairs include rot treatment, mending windows, doors or machines.
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Capital Allowances
Summarised as writing off the cost of wear and tear of furniture and equipment, provided by the Landlord, over a period of 8 years.
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Insurance
Insurance premiums against fire and public liability are allowable expenses.
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Mortgage Protection Premiums
The policy must relate to the specifically to the rented property.
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Accountancy Fees
Accountancy fees are tax deductible e.g. the fees for engaging Tax Return Plus are allowable expenses.
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Property Management Services
Engaging the services of a letting agent or a property management company are allowable expenses.
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Mortgage Interest Relief
A Landlord can claim 80% of the Mortgage Interest paid on a rental property. To do so, the Landlord must be registered with the Residential Tenancies Board (RTB).
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Residential Tenancies Board (RTB)
This cost to register with the TRB is tax deductible. More importantly it permits the Landlord to claim the Mortgage Interest Relief allowance.
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Home Renovation Incentive Scheme
Landlords can benefit from this scheme through their tax credits. It relates to large scale construction work carried out after October 2014 on the rental property. Learn more about the Home Renovation Incentive Scheme here.
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Prior Year Losses
Losses incurred in previous years can be used to offset current year profits. However, the losses incurred must be declared to the Revenue Commissioners and ‘ring-fenced’.
Still have questions? Find out the answers to 20 of the most frequently asked questions on tax on rental income here.
