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Good letting agents??

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  • 11-05-2004 1:59pm
    #1
    Cuauhtemoc
    Registered Users Posts: 420 ✭✭


    Hi All.

    Just looking for some recommendations for letting agents.
    Am going to rent out my apartment for a couple of years and would like to find an agent whose % fees aren't too bad and do a good service.

    Will probably go for the more expensive all in service where they look after everything as i'll be out of the country and won't be able to check up on it.

    On a side note*, i know i'll have to register as a landlord, but does anyone know what the tax implications on the rental income are if i'm out of the country??

    Thanks,

    C.

    Should probably post this in business/finance forum?


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    #2
    Victor
    Registered Users Posts: 78,387 ✭✭✭✭Victor


    I'm sorry I can't recommend anyone, they all tend to be sharks. :(

    Take a look at www.revenue.ie for the tax side. It will depend on how long you leave the country for and whether you loose tax residency (3 years?). If you only leave for one-three years, you are likely to have to pay income tax in Ireland. If you stay away longer (you can visit / holiday here) you would pay the income tax in your new country of residence.

    While you are living abroad, your tenant is obliged to withold the tax part of the rent.


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    #3
    Cuauhtemoc
    Registered Users Posts: 420 ✭✭Cuauhtemoc


    Hmph!:(
    From the revenue site it looks like i'd be paying 20% flat rate of tax on the rental income. Less, apparently, some deductable expenses. Might not even be enough to cover my mortage.
    Wonderful:dunno:

    As for the letting agent i'll try one of the bigger Estate agents i suppose. Apparently they hold the taxable rent portion if i'm non resident.

    Cheers for the info.

    C.


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    #4
    Victor
    Registered Users Posts: 78,387 ✭✭✭✭Victor


    Copied from Accommodation / Property
    Originally posted by Cuauhtemoc
    From the revenue site it looks like i'd be paying 20% flat rate of tax on the rental income. Less, apparently, some deductable expenses. Might not even be enough to cover my mortage.
    No, no , no, my dear fellow. What is left over (if anything) from the mortgage is taxed, not the total rent (its essentially the difference between "sales" and "profit"). I suspect the 20% is a withholding tax - if you exceed the threshold you would pay 42%. I'm going to copy this over to B/E/F.
    Originally posted by Cuauhtemoc
    As for the letting agent i'll try one of the bigger Estate agents i suppose.
    Be aware that the big one will charge a premium for their name. What you would probably prefer is someone who specialises in management.
    Originally posted by Cuauhtemoc
    Apparently they hold the taxable rent portion if i'm non resident.
    They could, but make sure this is kosher with the revenue first.


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