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First time landlord rental advice

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  • 31-01-2012 11:28pm
    #1
    romi2010
    Registered Users Posts: 3 ✭


    Like many I had to move county for a job so had to rent out the house I own and rent out somewhere else. Tried renting out the house in Nov&Dec 2011 but wasn't able to find tenants till Jan 2012. Tried renting the house as unfurnished but had to furnish in order to rent so had number of expenses in 2011. Since getting in tenants in Jan I have registered with PRTB and changed the insurance. Next thing on my list is to pay NPPR... Am holding onto receipts for any expenses incurred in 2012 and will get an accountant to help out with taxes at end of the year. Can I claim back on the expenses I incurred in 2011 at the end of 2012? Or do I need to pay taxes as landlord for 2011 in order to claim back expenses?

    This is first time being landlord so any other landlord financial advice greatly appreciated...


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    #2
    NIMAN
    Registered Users Posts: 33,602 ✭✭✭✭NIMAN


    One of the best bits of advice would be to check out www.irishlandlord.com.

    Plenty of great info on there.


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    #3
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    You can't claim for pre-letting expenses but you can claim wear and tear of the fixtures and fittings over an 8 year period from purchase. As has already been mentioned, irishlandlord.com is a phenomenal resource for new landlords.


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    #4
    Marcanthony
    Closed Accounts Posts: 450 ✭✭Marcanthony


    romi2010 wrote: »
    Like many I had to move county for a job so had to rent out the house I own and rent out somewhere else. Tried renting out the house in Nov&Dec 2011 but wasn't able to find tenants till Jan 2012. Tried renting the house as unfurnished but had to furnish in order to rent so had number of expenses in 2011. Since getting in tenants in Jan I have registered with PRTB and changed the insurance. Next thing on my list is to pay NPPR... Am holding onto receipts for any expenses incurred in 2012 and will get an accountant to help out with taxes at end of the year. Can I claim back on the expenses I incurred in 2011 at the end of 2012? Or do I need to pay taxes as landlord for 2011 in order to claim back expenses?

    This is first time being landlord so any other landlord financial advice greatly appreciated...

    Are you a first time buyer and is this property no longer your princible residence.

    You need to notify the revenue and your bank. you will lose your intrest relief and if on a tracker mortgage you may lose that as well. (if the mortgage was given to you as your princible residence and not a buy to let)
    You will need to employ an accountant to do your self assessment returns at the end of the tax year. Keep all receipts for your accountant and he will do the rest.


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    #5
    3DataModem
    Registered Users Posts: 3,997 ✭✭✭3DataModem


    Marcanthony wrote: »
    romi2010 wrote: »
    Like many I had to move county for a job so had to rent out the house I own and rent out somewhere else. Tried renting out the house in Nov&Dec 2011 but wasn't able to find tenants till Jan 2012. Tried renting the house as unfurnished but had to furnish in order to rent so had number of expenses in 2011. Since getting in tenants in Jan I have registered with PRTB and changed the insurance. Next thing on my list is to pay NPPR... Am holding onto receipts for any expenses incurred in 2012 and will get an accountant to help out with taxes at end of the year. Can I claim back on the expenses I incurred in 2011 at the end of 2012? Or do I need to pay taxes as landlord for 2011 in order to claim back expenses?

    This is first time being landlord so any other landlord financial advice greatly appreciated...

    Are you a first time buyer and is this property no longer your princible residence.

    You need to notify the revenue and your bank. you will lose your intrest relief and if on a tracker mortgage you may lose that as well. (if the mortgage was given to you as your princible residence and not a buy to let)
    You will need to employ an accountant to do your self assessment returns at the end of the tax year. Keep all receipts for your accountant and he will do the rest.

    Tax return does not require accountant... Just did my form 11 and it's pretty easy... About 10 boxes to fill out of a 25 page form.


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    #6
    Marcanthony
    Closed Accounts Posts: 450 ✭✭Marcanthony


    3DataModem wrote: »
    Tax return does not require accountant... Just did my form 11 and it's pretty easy... About 10 boxes to fill out of a 25 page form.

    Your lucky then.If the op can do it himself. one less expense. But if he does not know , what he can claim for. Then Id say he needs some kind of pro advice.


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