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Tax allowances? Where? How?

  • 21-05-2008 5:29pm
    #1
    watty
    Registered Users, Registered Users 2 Posts: 32,417 ✭✭✭✭


    Living in the Midwest and working in the Big City.

    It would cost 300,000 to move plus leaving family etc.

    Surely there is tax credits for cost of renting flat etc away from home as otherwise I'm paying full tax on expenses of working away from home?


Comments

  • #2
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    In theory Watty,I know it's possible to charge these things when self employed but I don't know how to do this with PAYE.
    I'm moving the thread to the Accountancy forum where by the looks of things you will get a better answer.


  • #3
    watty
    Registered Users, Registered Users 2 Posts: 32,417 ✭✭✭✭watty


    Ta.


  • #4
    mkdon05
    Registered Users Posts: 766 ✭✭✭mkdon05


    you can apply for a rental tax credit, unfortunately its only worth €330 per year.


  • #5
    watty
    Registered Users, Registered Users 2 Posts: 32,417 ✭✭✭✭watty


    The form Rent1 is for a main residence. I have a main residence with Morgage Tax relief in Midwest, where the family lives, and I live there at weekends. The €330 per year does not even appply.

    After 2 years of alternate working in two locations on East and at home, I have to work most of the time in the East, rent apartment during the week. This is nearly **** p.a. of extra expenses. However if pay is increased by identical **** to cover this, I actually end up paying tax on that so leaves me worse off than before when I simply claimed hotel/ B&B charges.


  • #6
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Surely there is tax credits for cost of renting flat etc away from home as otherwise I'm paying full tax on expenses of working away from home?

    sure- in Happy Land. It's your choice to rent a flat away from home. there are zero tax credits or subsidiaries for this. none.

    If you are seconded by your employer or have to move to work on a job etc there are subsistence rates and that which are tax free, but in this case, well work closer to home.


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  • #7
    watty
    Registered Users, Registered Users 2 Posts: 32,417 ✭✭✭✭watty


    No, it's not my choice. I've been working for the same company, doing same job for over two years.

    Even if I did want to sell & re-purchase at vast increase in cost, the Government taxes mobility, due to taxes (VAT & Stamp duties) involved.


  • #8
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    I'm sure Setanta L will tell us if this is legal or not or doable from a hassle point of view etc but why not set up a company and use the rented house in Dublin as it's office and charge the rent out to the company.
    Pay yourself a salary from the company and contract the companies services to the people you work for if they are agreeable.

    You'll have to do up a set of accounts for it and submit them but , if living away from home is really costing that much,it might all be worth it?


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