Self Employed /Company Advice Please

dogbert27

If you believe you are going to get a minimum of €1500 rent from a semi detached house in Longford then you are confirming that you do really need professional advice.

Furze99

https://www.boards.ie/discussion/comment/120039917#Comment_120039917

• "Pay tax 40% - The est figures ( for your wages ) you have given us are very low. You and your wife should be at least be increasing your wages to what you can earn at 20% tax rate. Also why not pay tax at 40% on some earnings. Yes you can save this and do what you like with it."

I think we assume that the reasons John quotes drawings of €15K & €20K annually for he & his wife, is that this represents declared income. John like many tradespeople would have jobs going for cash which would supplement above. Not writing this to criticise John but more as statement of fact.

If I was John and set on buying property at cheaper end, I would neither a borrower or lender be. Just pay tax normally at 40% and minimise the taxable income. Save income left to spare and ahem 'extra income' and buy outright, no mortgage. Apart from wiring, probably handy enough at other trades and can call on mates to refurbish as required too as cheaply as possible.

Deeec

https://www.boards.ie/discussion/comment/120039995#Comment_120039995

Yep I would think John has his 'cash' income aswell - well at least I hope he does and the family are not living a miserable life on €35K with a husband and father concentrating all his time and money on how he can buy a rental property! John should at least be honest with us and tell us what he is actually living on, including undeclared cash income.

Being honest the information he has given us ( if his only income ) he would be better off going off and working for anther contractor!

Anyway I think all John wants here is for someone to come on here and tell him - 'Yes John go buy a rental property through your company'. I dont think he is interested in anything else🙈.

Mrs OBumble

https://www.boards.ie/discussion/comment/120039930#Comment_120039930

A psychologist?

Or a creative writing specialist to help with presenting the crazy story in a less hostile way?

spakman

https://www.boards.ie/discussion/comment/120040059#Comment_120040059

I don't think he has been aggressive - I think some of the replies have been a bit aggressive and condescending though!

The OP has been stubborn though, and as other have said, seems to only be interested in hearing what he wants to hear!

John Electrician33

Im not sure why everyone or nearly everyone thinks property is sure a bad investment - over the last 5, 10, 20 50 years how much has house prices increased? - its certainly done way better than any investment pension fund - i understand there is risks with tenants not paying and maintenance repairs - but to me its a good investment - a good monthly income and also over 10 years if i decide to sell house I'm certain it will also have increased in price. Longford gives a good rental yield - there is a 3bed semi for rent on daft today for €1,400 - its just an example.

Ok for argument sake say my income was €100,000 a year - what would be the most tax efficient way of buying the house - please

AndrewJRenko

https://www.boards.ie/discussion/comment/120039995#Comment_120039995

You know that Revenue will be profiling John against his peers, and may well choose to audit or investigate further if his legitimate income is not in line with industry standards or his own lifestyle?

dogbert27

https://www.boards.ie/discussion/comment/120048782#Comment_120048782

Exactly. Paying himself 15,000 and his wife 20,000 for "admin work" is a red flag.

Mrs OBumble

https://www.boards.ie/discussion/comment/120048900#Comment_120048900

A red flag, or an industry standard?