Tax Return from as little as €150 + Vat
We are here to help and are passionate about offering the best customer experience in what can be a stressful and unknown entity. We don’t know anyone other than ourselves who enjoy tax return completion and hey we are good at it! Make the quick call or request a call back – we will get you on the straight and narrow without too much hassle.
What do you want?
To be compliant, know where you stand and have no worry
Pay exactly what is owed – not a cent more
File online by 14th November for previous year
Early filing means any refunds due are received immediately to enjoy
Early filing with tax liability – no payment until 14th November, which gives you time to accumulate funds to pay taxation
You need to file a tax return if you answer YES to any of these questions?
• Own a rental or investment property/s.
• A paid or unpaid director of a company
• Earned investment income
• Any income that is not captured within the PAYE system
• Contractors or sub-contractors
• A member of an employee share scheme
• Received capital gains including inheritance
• Sole traders
Avoid late file, avoid penalties, avoid interest charges – call TaxBuddy now on (01) 257 3838
Click on a button below and see how we can help you.
Property investment is classed as a business whether it is a commercial or residential property and therefore landlords are liable to the following taxes:-
- Income tax on the rental income
- Stamp duty on property purchase
- Capital gains tax when disposal / selling property
Certain expenses incurred may be used to reduce the income tax liability on rental income, these include:-
- Qualifying mortgage interest (you must be registered with the PRTB to claim interest)
- Management fees
- Advertising expenses
- Estate agent fees
- Insurance premiums
- Legal fees for drawing up leases
- PRTB registration fee
- Mortgage protection policy premium
- Accountants fees for preparing rental accounts
- Refuse and other service charges – if paid by the landlord
- Cost of repairs and maintenance – this covers repairs and general maintenance of a property, however it is not possible to claim for your own time, for example, cutting the grass
- Wear and Tear (including in capital allowances)
Note: Pre-letting expenses are an allowable deduction once the property has been vacant for the 12 months prior to the first day of letting.
If you do repairs to the property yourself, it is not possible to claim your own labour as a cost.
Proprietary directors are obliged to submit an income tax return every year – the deadline date for the previous year is 31st October, or 14th November if submitting an on-line return. This must be done!! otherwise you will be charged a 10% surcharge of your total PAYE for the year in question.
Director example: you earn a salary in the company, paid the PAYE via your company payroll system. You may then have had no further income – YOU STILL NEED TO SUBMIT AN INCOME TAX RETURN.
Simple demonstration – proprietary director, single, only income is salary of €50,000:
Taxed as follows:
€33,800 @ 20% = €6,760
€16,200 @ 40% = €6,480
Total PAYE = €13,240
Personal Tax Credit €1,650
Earned Income Tax Credit €950
Total PAYE Payable less Tax Credits €10,640
Less PAYE paid €10,640
Tax Liability €0
Also therefore a surcharge of €1,064
If the tax return is filed more than 2 months late a surcharge would be issued for 10% of the total tax liability – therefore a surcharge of €1,064.
As you will see it can be very costly to miss the tax filing deadline therefore we would recommend that returns be completed sooner rather than later.
Capital Gains Tax is charged on the profits arisen from the sale or disposal of assets. Most forms of property other than Irish currency is deemed to be liable for Capital Gains Tax.
The most frequent disposals that are subject to Capital Gains Tax is when one sells a property (that is not their principal private residence), or on the sale of shares, or a part share in a property lease which is sold. If the disposal of the asset is made by exchange (not for Euro) or a gift, this is also liable to Capital Gains.
One piece of good news is there is an exemption for the first €1,270 gain. Bad news is it is compulsory to submit a return and declare Capital Gains, failure to do so will result in a penalty charge of €250.00
The main disposal of assets that do not fall under the tax regime of Capital Gains is the disposal of your car, or if you win the lottery! As mentioned above your home is not liable for Capital Gains and actually any winnings from betting or sweepstakes. For farmers disposal of animals is not taxable.
The Capital Gains tax rate has been steadily increasing and currently you will pay 33% tax on the profit on disposal of an asset.
Below outlines the capital gains historical rates
“TaxBuddy has completed my income tax return for the last 5 years and I have the utmost faith in their capability. I find them to be efficient, knowledgeable and ensure I do not overlook any tax saving opportunities. It’s a chore I must undertake every year, but TaxBuddy minimise the hassle and looks after it for me.”
Managing Director, Phonelink