landlord tax returns and property services

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Holiday Homes
This type of property is most often found in coastal, lake or woodland areas. The majority of the income is received in the holiday periods (Easter, Half-term, Summer and Christmas).

The rent received from this type of property is subject to income tax with deductions for costs incurred during the year – see allowable expenses.

As Irish people have acquired properties across the globe, they have received rents from these properties. In some cases, property management companies may look after all issues relating to the property for their owners, including paying local tax in that country.

In Ireland, you are still subject to declare this rental income on an annual basis.

The rent received from this type of property is subject to income tax with deductions for costs incurred during the year.

In you have paid local tax relating for this property in that country, you can claim a double tax relief which will reduce your tax bill in Ireland.

Non Resident Landlords (NRLs)
This is where a landlord resides outside the country and the rental property is located in the state. Non resident landlords (NRLs) are liable to Irish income tax on income from properties within Ireland and must file an Irish Tax Return. The Irish income tax year runs from 1 Jan – 31 Dec each year.

In the case where the rent is paid directly to NRLs or to their bank account either in the State or abroad, tax must be deducted by the tenant at the standard rate of tax (currently 20%) from the gross rents payable. Failure to deduct tax leaves the tenant liable for the tax that should have been deducted.

At the end of the year, the tenant should give the landlord a completed Revenue form R185, which details the amount of the rent that was paid over to Revenue for which the landlord can then claim as a credit on their annual Tax Return.

What happens if I use an agent?
If the NRLs appoints an agent (who is resident in the State) to manage the property and collect the rents, then the rents must be paid gross to the agent.

The agent is then chargeable to tax on the rents as Collection Agent for the landlord and is required to submit anannual tax return and account for the tax due under Self Assessment

Rent A Room Relief

What’s the Rent a Room Scheme?

The Rent a Room Scheme is a great way to earn money tax free, to meet your mortgage repayments or live that little bit better.

Under the Rent a Room Scheme, you can earn up to €10,000 a year tax free from renting out one or more rooms in your house.

You also do not have to register the tenancy with the PRTB (Private Residential Tenancies Board) or pay Property Tax

Tax and the Rent a Room Scheme

  • As a Landlord, you can claim up to €10,000 tax free under this scheme
  • Between levies, PRSI and income tax, this can save you €5,300 a year in savings on your taxbill – very tax efficient that!
  • While the rent is tax free, you do have to declare it through a Tax Return
  • If you are getting a means test social assistance payment, this income is taken into account
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