- You must file a tax return even if the revenue have not requested one from you
- A loss on a rental property cannot be offset against PAYE income
- A loss in one tax year can be carried forward to offset against rental profits in future years
- You must register with the PRTB in order to claim mortgage interest as an allowable expense
- Check you have claimed for all legitimate expenses
- Don’t forget to claim for wear and tear on capital items e.g. furniture, appliances etc
- Use a separate bank account for rental income and expenses (it makes it much easier to gather together the information you will need to file a tax return.
- Keep all receipts and invoices for expenses incurred during the tax year
- Remember you cannot claim your own time as an expense (for example if you cut the grass or do some decorating in the rental property)
- Consider hiring an accountant if you are not comfortable preparing and submitting you own tax return
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