Tax and accountancy issues of today
includes information on taxation issues surrounding investment property
Interest on borrowed money is allowable as an expense against rental income. The borrowed monies must have been used for the purchase, improvement or repair of the rented premises. Only 75% of the interest due for the year is allowable. From 01.01.17 this rises to 80% From 1st January 2016 where the rental property is … Read more DEDUCTIBILITY OF LOAN INTEREST AGAINST RENTAL INCOME
It may be possible to claim interest payable on your rental property as a rental expense. Interest on money borrowed to purchase, improve or repair let property is deductible as a rental expense in computing your rental income for tax purposes. It is restricted to 75% of the interest accruing. From 01.01.17 this increases … Read more RENTAL INCOME – CLAIMING INTEREST ON BORROWINGS AS A RENTAL EXPENSE
The Non Principal Private Residence Charge (NPPR) was introduced by The Local Government (Charges) Act 2009. It imposed a €200 annual charge on non principal private residences,payable by the owners to the local authority in whose area the property concerned is located. With the introduction of the Local Property Tax in 2013 the NPPR charge … Read more NON PRINCIPAL PRIVATE RESIDENCE CHARGE 2014 PENALTIES
The Revenue have issued an e-brief today with regard to the Form 11 There will be three different versions of the Income tax return forms for self assessed individuals for 2011: Form 11 – This is the most complete version of the individual’s tax return form. There will be no printed version of this form. … Read more INCOME TAX RETURN FORMS 2011
In Budget 2011, it was proposed that investors could only use the section 23 relief against the section 23 property itself and not as previously against their other income. Similarly the accelerated capital allowances could only be used against the property the capital allowances relate to. The investors who bought them did so for the … Read more BUDGET 2012 – PROPERTY RELIEF SURCHARGE