Tax returns made simple for landlords
We help landlords all over Ireland complete their income tax returns and minimise their tax on rental income.
Our accountants provide a professional, efficient and affordable rental income tax service starting at €150 (+VAT).
What expenses can I write off?
There are many “Allowable Deductions” which can be offset against your tax on rental income. 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 €150 (+VAT). In general, you can claim deductions for these common rental property expenses:
Repairs & Maintenance
Expenses incurred such as cleaning, painting and decorating are allowable. Repairs include rot treatment, mending windows, doors or machines.
Summarised as writing off the cost of wear and tear of furniture and equipment, provided by the landlord, over a period of 8 years.
Insurance premiums against fire and public liability are allowable expenses.
Mortgage Protection Premiums
The policy must relate to the specifically to the rented property.
Accountancy fees are tax deductible e.g. the fees for engaging Tax Return Plus are allowable expenses.
Property Management Services
Engaging the services of a letting agent or a property management company are allowable expenses.
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).
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.
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.
Prior Year Losses
Losses incurred in previous years can be used to offset current year profits. However, the losses incurred must be declared to revenue and ‘ring-fenced’.
If you let a property in Ireland but you live either in Northern Ireland or abroad in another country, you are classified as a non-resident landlord. 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. Learn more here