Many landlords may be worried following recent reports that banks (EBS, AIB & Bank of Ireland), may attempt to collect rental income directly from tenants for those properties where the landlord is in arrears on mortgage repayments. A report in today’s Irish Times points out that there may be some legal difficulty in this regard. Also, the banks appear to be to be keen to stress that this will not apply to small investors. It seems that the bank is targeting those landlords, some who have moved abroad, who use their rental income for other purposes and have allowed arrears to build on their buy-to-let mortgages.
At SCK Group we have been helping landlords maximise their rental income through Rent-Monitoring and where properties are difficult to let because they are in bad repair, through our Property Refurbishment Scheme. We also negotiate with lenders on behalf of landlords.
In yesterday’s Sunday Business Post, some ideas for reducing your tax bill are listed (see below). We are available to offer you additional advice in any or all of these
Tax Saver Commuter Tickets – for employees
Rent a Room Relief – Rental income of up to €10,000 allowed tax free
Rent Relief – if you are paying rent for private rented accommodation
Medical expenses – allowable at the standard rate of 20%
Work expenses- flat-rate expenses which are allowable for certain categories of workers, medical, architects & others
Film Finance – Section 481 fax relief for financing a film
Invest in a business – EII scheme allows up to 41% tax relief for investment in SMEs
Tuition Fees – tax relief available on college education fees
Bike-to-work scheme – employees can benefit from tax relief on buying a bicycle
Mortgage interest tax relief