Landlords | Rowan Fitzgerald Auctioneers
At Rowan Fitzgerald Auctioneers, our main aim is to find the right tenant for your property. Given the experience our staff have gained over the last decade in the property industry, we are confident that we are the best Agents to source the right tenant for your premises. Over the past number of years, we have experience in successfully letting upwards of 1000 properties.
Rowan Fitzgerald Auctioneers offers a “No Let, No Fee” service including evening and weekend viewings.
No Let, No Fee
This service includes:
- Source suitable tenants.
- Draw up a tenancy agreement between you and the new occupants.
- Obtain utility readings & transfer ESB & Gas bills into the tenants’ name as and from the date of occupancy.
- Obtain relevant details regarding the tenant for your records.
- Take inventory of the property.
- Issue tenant with your bank details so as rent is paid directly to your account.
- Take one month’s rent in advance and one month’s rent as security deposit from the tenant which is transferred to you.
- Complete the PRTB registration form for you to sign.
- Both the landlord & tenants contact details are positioned on the first page of the tenancy in the event that either party needs to contact the other.
For more information on letting your property, please give us a call or e-mail us. We also have a full list of landlord related frequently asked questions on our FAQ page.
Tax Guide for Landlords letting out residential property
- Pre-Letting expenses: Expenses incurred before the property is let for the first time by the owner are not tax deductible. Landlords should endeavor to have a tenant in place before incurring expenses.
Note: Certain pre-letting expenses are allowable e.g. advertising costs, legal fees re the drafting of the lease.
- Landlords should note that expenses incurred in-between lettings are fully deductible.
- Landlords should set up a special bank account for all income and expenses relating to the property.
- Landlords should have a written lease in place with the tenant.
- Landlords should register the tenancy with the PRTB otherwise they may not be entitled to a deduction for mortgage interest.
- A deduction for mortgage interest incurred on borrowings is only available where the borrowings have been used for the purchase, repair or improvement of the investment property. Hence, any non-allowable element of borrowings should be reviewed.
- Establish the original cost of the fixtures and fittings in the property. A tax deduction can be claimed on fixtures and fittings at 12.5% over 8 years. Landlords should draw up an itinerary of the fixtures and fittings in the property before letting a property.
- Landlords should be aware rental income is taxable on a receivable basis ie. What you are entitled to receive as per the lease rather than what was actually received. Any unpaid rent, if not recoverable, can subsequently be written off as bad debt and a refund can be claimed for any tax paid on it.
- Landlords who are non-resident should establish whether a collection agent is to be appointed or whether 20% of the rental income should be deducted and submitted to revenue.
- Where TRS (Tax Relief at Source) is being claimed on a property being let, this should be deactivated.
Taxation of Irish Rental Income
- Landlords of the property are still liable to pay the Local Property Tax each year.
- Landlords should set up a special property file and maintain records in respect of expenses incurred as taxpayers are required to hold valid receipts for any expenses claimed for a period of 6 years expenses.
- Where a Landlord previously lived in the property as a principal private residence and subsequently rents out the property, the Capital Gains Tax implications should be considered.
- Landlords will need to register for Income tax, as rental income is a non-PAYE source of income, and file an annual tax return.
