Category: Capital Gains Tax

Deadline• Due date for self-assessed Income Tax and Capital Gains Tax returns for the year of assessment 2014.
• Due date for the payment of any balance of Income Tax for the tax year 2014, if inadequate preliminary tax was paid for 2014.
• Due date for the payment of Preliminary Income Tax (inclusive of USC) for the tax year 2015.
• Due date for the payment of Capital Acquisitions Tax and filing returns in respect of gifts and inheritances taken in the 12 month period ended on 31st August 2015.
• Due date for the payment and return of €200,000 Domicile Levy for 2014.
• Latest date for making contributions to a PRSA, an AVC or an RAC for the tax year 2014.

Some of the above dates are extended to 12th November 2015 if using ROS.

Other relevant dates:

1st November 2015:
Date on which residential property must be held in order to be liable for the 2016 Local Property Tax.

31st December 2015:
General deadline for qualifying work under the Home Renovation Incentive.
Claims for repayments of Income Tax for the year of assessment 2011 must be submitted by this date.

As usual if you have any questions about your tax then contact us.

The deadline for sorting out your rental income through Airbnb is looming. Any income earned in 2014 needs to be entered on your 2014 Income Tax return which is due to be filed by 31st October 2015.

If you are not in the habit of filing Income Tax returns then you need to start now. Don’t leave it until the end of October as you will need to register for filing online and this takes up to two weeks. You will have a penalty to pay if your return is late.

If you have already filed then you need to send in your rental details and ask for an Amended

2013 Income
If you had income in 2013 which you have not declared, then you need to declare it now, before Revenue come to you. Otherwise the penalties and interest you have to pay will be a lot steeper.

2015 Income
You need to be setting aside up to 58% to pay your Income Tax when it becomes due.

You cannot afford to ignore this. As you know, Airbnb are supplying names and addresses to Revenue of all those who rent out a room / house through them so Revenue will most certainly be aware of the income. If you do not go to Revenue first, they will come to you, and the result will not be pleasant!

Capital Gains Tax
Be aware that if you are renting part of your Principal Private Residence then you may have a Capital Gains Tax liability if you sell your premises. Normally, there is no liability on your Principal Private Residence but there may be on the part used for a business (in this case renting).

Rent A Room Allowance
Please see the separate blog below about this. It is a connected area and can cause confusion.

If you have any questions about any of the above or if you want help to get your tax affairs sorted out, then please Contact us.