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Declaring Rental Income

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  • 19-10-2007 1:22pm
    #1
    joeyrat
    Closed Accounts Posts: 50 ✭✭


    Hi All, I'm new to this.
    Basically will be renting out my property to a person on Rent Allowance.
    I know I've to register with PRTB & can do this straight away.
    Do I also have to declare the tax as soon as she moves in, or does it have to be done at end of tax year or something like that?
    When is end of tax year?

    But, if I don't need to declare til then, she'll be receiving RA before then, & I'll be listed as a landlord, but a londlord who doesn't pay tax???
    How does it work?
    Do I need to notify someone immediately?


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    #2
    Cantab.
    Closed Accounts Posts: 1,444 ✭✭✭Cantab.


    joeyrat wrote: »
    Hi All, I'm new to this.
    Basically will be renting out my property to a person on Rent Allowance.
    I know I've to register with PRTB & can do this straight away.
    Do I also have to declare the tax as soon as she moves in, or does it have to be done at end of tax year or something like that?
    When is end of tax year?

    But, if I don't need to declare til then, she'll be receiving RA before then, & I'll be listed as a landlord, but a londlord who doesn't pay tax???
    How does it work?
    Do I need to notify someone immediately?

    Tax year ends october 31st... you might be better off letting her move in on November 1st?


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    #3
    joeyrat
    Closed Accounts Posts: 50 ✭✭joeyrat


    Oh, very good, thanks for that.
    But, when would I then need to contact the revenue to declare this tax?
    Would it be straight away, or not until Oct 31st next year?


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    #4
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    TBH I'm not sure of the procedure to be followed, but I find that if you contact the Revenue, they're very helpful in dealing with queries.


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    #5
    Electric
    Registered Users Posts: 539 ✭✭✭Electric


    Em doesn't the tax year run from 1st January to 31st December.

    I think the October 31st deadline mentioned is the deadline for payment of preliminary tax.


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    #6
    ednwireland
    Registered Users Posts: 14,380 ✭✭✭✭ednwireland


    second the contact your local revenue office they are very helpul (beleive it or not they dont want you to get in trouble) i declare it on my tax form a income as i am self employed its just added to the rest of my income. if your paye you can have to a preliminary tax return for this year by 31st oct (thats in advance for this year makes no difference whether they move in now or 1st nov) your first year of declaring is fairly flexible i remember puttin in as zero return cos i was allowed to - had to pay the tax the following year.

    but basically get on to your local revenue office - be prepared for tenants never having seen a prtb form none of mine i4 years have ever seen one just shows how many people are avoiding tax

    My weather

    https://www.ecowitt.net/home/share?authorize=96CT1F



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    #7
    blue banana
    Registered Users Posts: 337 ✭✭blue banana


    You need to register with the PRTB within one month of the commencement of the tenancy. http://www.prtb.ie/pubregfaq.htm

    The tax year runs from 1 Jan to 31 December. My understanding is that you need to declare any rental income that you receive for this year (2007) by October 31st 2008. It will make no difference if the tenant moves in before or after 1 November.


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