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Renting old house in UK, living in Ireland

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  • 04-02-2010 4:51pm
    #1
    dr strangelove
    Registered Users Posts: 816 ✭✭✭


    I own, and rent out a property in the UK, but have lived in Ireland for the last 12 years, and consider myself an Irish resident.

    The rent money is paid into my old UK bank account and i transfer over what i need from time to time.

    What are the implications of this?
    Is it seen as a second imcome?
    How will this affect my TAX here in Ireland?
    Do i (or should i) need to declare to revenue?
    What happens if i don't, and they find out later?
    Can they find out without me telling them?

    Thanks


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


    dr strangelove wrote: »
    What are the implications of this?
    You may have tax liabilities here and in the UK. However, if this is your only income in the UK, any tax there is likely to be minimal. You are also considered not to be a first time home buyer here.
    Is it seen as a second imcome?
    Yes, assuming you are making a profit.
    How will this affect my TAX here in Ireland?
    Depending on how much you earn, you will have to pay income tax, levies etc.
    Do i (or should i) need to declare to revenue?
    You need to do an annual tax return. Given that there might be problems, talking to an accountant would be important. There may be penalties and interest involved, but these are minimised when you come clean. Resist and they'll take you to the cleaners.
    What happens if i don't, and they find out later?
    Maximum penalties and interest, possible prosecution and sentencing. Imprisonment is rare, but can happen. Fines or possible community service are more likely.
    Can they find out without me telling them?
    Sure, they only have to look at the regular transfers of money into your accounts here, realise that you appear to be living beyond your means or any one of the other methods of finding out.


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    #3
    dr strangelove
    Registered Users Posts: 816 ✭✭✭dr strangelove


    they only have to look at the regular transfers of money into your accounts here

    That's the thing, it's not coming into my account regularly, maybe a thousand or so after christmas, a bit more for my holidays - i'm using my rent from the house as a savings account, to maybe buy something decent later on........
    but <sigh> i guess it's better to be safe than sorry.


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