Tax

TAXATION ON PRIVATE RENTAL ACCOMMODATION 
Legislation under the Finance Act of 1992 requires all Letting Agents and Property Managers to make returns to the Revenue Commissioners on an annual basis listing details of properties let and managed. 

The following details are requested: 

       
  • Landlords name
  •    
  • Landlords address
  •    
  • Landlords PPS number
  •    
  • Address of the rental property
  •    
  • Rental income on the property

TAX FOR NON-RESIDENT LANDLORDS 
Where the Landlord is a non-resident, the letting agent collecting the rent is liable to deduct tax at the standard rate of tax (20%) and forward same to the Revenue Commissioners. Where there is no agent the tenant is liable to deduct the tax and forward same to the Revenue Commissioners. 
Coldwell Banker Carlton must deduct this tax unless an accountant is appointed and is filing tax returns on the Landlords behalf. IN this case we would require a letter from the accountant to confirm this. 

FINANCE ACT 1995 
Legislation under the Finance Act of 1995 offers a tax relief to people paying rent in private accommodation. For people sharing accommodation each person will receive the allowance. 
The following details are requested: 

       
  • Landlords name
  •    
  • Landlords address
  •    
  • Landlords PPS number
  •    
  • Address of the rental property
  •    
  • Amount of rent being paid
The tenant can apply for this tax relief without the consent of the Landlord and without all the above information. 

INDIVIDUAL TAXATION As each individual’s tax situation is different; it is of the utmost importance to consult your accountant or tax advisor on your position in relation to your tax. All letting, management fees and numerous other costs are tax deductible. Please note that Coldwell Banker Carlton receive advice on an ongoing basis regarding any changes in tax legislation in relation to rental accommodation 

PRIVATE RESIDENTIAL TENANCIES ACT 2004 All Landlords must register with the Tenancies Board (fine up to €3000 if property is not registered) 

Budget 08 - €200 levy for each property