Memories of the Celtic Tiger


#61

[quote=“The Wild Colonial Bhoy, post: 852685, member: 80”]naturally enough Im paying tax on my rental property.

Ive heard of two cases where revenue have caught people not declaring rental income and the penalties are huge

too risky not to declare it[/quote]

How did they catch them?


#62

[quote=“The Wild Colonial Bhoy, post: 852685, member: 80”]naturally enough Im paying tax on my rental property.

Ive heard of two cases where revenue have caught people not declaring rental income and the penalties are huge

too risky not to declare it[/quote]

agreed, im the same
since 2011 the revenue have slammed in hard on 2 things

  1. tax on rental property- anyone not paying this is not clever, they will screw you
  2. tax on share options that are given to employees of various US corporations, i know a few lads who never paid any tax on these since ~2002 and every year they getting increased amounts of the yokes, buying gaffs, boats, weddings, etc. One fella i know panicked, met his accountant, came clean and sent a check of 17k into the revenue last october. Since 2011 some companies are now just deducting 48% of whatever they give you in shares and sending that to the revenue for you. You still owe the BIK tho.
    A few individuals i know are hoping the revenue have forgotten about what they were at pre 2010, they’ll be fucked otherwise

#63

100% correct on the revenue data bases, technology and calibre of employee they use to track this had improved


#64

an anonymous poster on an internet forum sang like a canary


#65

Did said poster have previous form of singing like a canary from his stint working in the airport?


#66

yes he has


#67

@Mac, very precarious position to be in for you. Your tenants could on a whim report you, do you really want to be at their power like that?


#68

Lethal area. Lot of accidental landlords gonna get stung. Revenue have decent system

  • you can’t claim interest relief unless your reg with Tenancy board
  • so if you register with ten board you will need to make tax return because your on the List of landlords
  • youl have to pay non PPR annual fee coz you have flagged to revenue you don’t live there

Lot of cases property nearly be better off empty and a tracker rate almost a negative because can only offset 75% of the interest paid. Net tightening.


#69

You can also write off wear and tear over 8 years against fixtures and fittings in the property.

It is worth buying something for the property and doing some work each year to maintain or improve the place to write off against the tax as the improvement is only costing 50 per cent in real terms and the capital item costs you nothing as can write it off.

If paying management fees remember it also claim these and claim life assurance on the mortgage and the insurance on the property.

The restriction of interest to 75 per cent is unfair as other businesses can claim full cost of interest on business loans.


#70

I don’t know about people from abroad not claiming tax relief- we’ve had guys from Poland, Romania and China working for us for years and they all claim tax relief, have always done so


#71

+1

one issue and they go to the tenancy board and its game over for Mac.


#72

[quote=“The Wild Colonial Bhoy, post: 852774, member: 80”]+1

one issue and they go to the tenancy board and its game over for Mac.[/quote]
Completely agree Peter.


#73

@Mac is fucked, gambling debts mounting up, issues with the revenue


#74

Too true. Now hurry up and put up another degenerate accum. I’ll gamble my way out of my problems.


#75

He could “disappear” in a sea kayaking incident


#76

The overflow car park at B&Q Liffey Valley.


#77

People queueing overnight for concert tickets for a gig not taking place for a year.

Good times are back as there’s gobshites camped out in fucking Arklow to buy Ed Sheeran tickets tomorrow morning. Weirdos.


#78

Ah right, so that’s what it was.

There was a big line of them with their sleeping bags stretching from Zhivago records in Shop Street right down as far as Taaffe’s at 9:30pm tonight. Who knows, the queue may have stretched on at the other side of Taaffe’s, I continued down towards the bridge and didn’t bother to look.

I initially thought it was some sort of young women’s homeless solidarity thing.


#79

How did you resist the opportunity to be outraged?


#80

With the greatest of ease.

Pity you couldn’t resist such temptation in regard to my post.