Simon Ball, writing in today’s Irish Independent gives a timely warning to those PAYE people who have moved out of their homes and have their property rented out to a third party. The resulting rental income may be chargeable for income tax, even though the individual considers him or herself a standard PAYE worker. A lot of individuals are not fully aware of this and their obligation to file a tax return before 31st October. It is essential that people in this situation keep enough money aside from their rental income to cover the tax that may be due. Preliminary tax may also be due for the following year. Failure to file a tax return on time can lead to additional surcharges and interest.
At SCK Group we can advise you on allowable expenses in relation to an investment property. We can complete your rental accounts and can file a tax return for you. If we let and manage your property, we will complete your rental accounts or file your tax return for FREE.