I need a sounding board...

Magic Pips

I live in my own house and im probably going to rent a room out.

If i charge 600 p/month (Ex. bills) this will be below the Tax threshold.

Will i need to do tax returns at the end of the year legally?

This is what im getting from Oasis...

apologies if i'm wrong or just dumb! :P

The_Conductor

Yes- you will have to declare the income to the Revenue Commissioners- regardless of the fact that you are below the threshold.
Also- if you are availing of the Rent-A-Room scheme- please note that the sum you get from your rent-a-room person is all included towards your limit from the revenue commissioners. I.e. You are stating that you are thinking of charging 600 a month excluding bills- for the rent a room scheme your income for revenue purposes is inclusive of bills (so it could well be 600 + 200 or whatever.....). This could very well put you over the threshold before you knew what happened.......

Once you go over the threshold- the whole sum, not just that portion over the threshold, is automatically taxable income.

Shane

Magic Pips

thanks for taking the time to reply McC

Thats bad news about the bills having to be included! DAMN you bertie!!!

Thanks again man

Victor

Magic Pips wrote:

If i charge 600 p/month (Ex. bills) this will be below the Tax threshold.

Are you sure you will get someone to pay this amount?

Magic Pips

Victor wrote:

Are you sure you will get someone to pay this amount?

Nope, no where near sure! But i just wanted to know what my ceiling was before i start negotiating!

Thanks people