Accountant Cork | O'Donovan Keyes & Co Chartered Accountants | Ireland

Accountant Cork ODK, we will improve your business. Our clients will tell you that.

  • Home
  • How we work
  • Services
    • Audit
    • Annual Accounts
    • Solicitors
    • Taxation
    • Payroll Outsourcing
  • Accounting Login
  • Submit A Form
    • Personal Tax Form
    • Business Kickstart
    • Cashflow
    • Pay Online
  • Help Videos
  • Blog
  • Contact
  • Live Chat

Room to Spare?

04/04/2018 By O'Donovan Keyes & Co

You can rent out a room in your home for up to €14,000 per annum tax free.

As long as the rent charged does not exceed €14,000 annually, you will not pay income tax, USC or PRSI on the rental income. There is no effect on the CGT exemption if you decide to sell your home.

The rented room can be a self-contained unit within the house, such as a basement flat or a converted garage. However, a unit that is not attached to the property will not qualify.

Short term stays provided through B&Bs, a guesthouse or online booking sites do not qualify for the relief.

There is a four year time limit to claim relief. This is important if you were paying tax all along on your rental income which should have been exempt.

Contact our tax department if you require assistance with the above.

Share this:

  • Print
  • LinkedIn
  • Twitter

Filed Under: Latest News

Latest Articles

What the All Blacks can teach us about the business of life

When you talk about a premium brand it doesn’t get much more premium than the All Blacks. Legacy by … [Read More...]

Improve Your Bank Balance – 4 Step Action Plan

In less than four minutes we walk you through a simple but powerful case study and offer a 4 Step … [Read More...]

Company Car – SME Tax Implications – Simple Explainer

A recurring query that we have from clients is around the tax treatment of a company car for the … [Read More...]

Have Your Online Banking Publish To Your Accounting Software

Having your online banking post entries directly to your accounting software is not new but … [Read More...]

How Pricing Can Be 5 Times More Effective Than Cutting Overheads

Get your pricing wrong and profitability may be a far off dream. Watch the short video below to see … [Read More...]

3 Ways An SME Can Charge A Premium Price

Below are three ideas for small businesses, which will help you to charge a premium price. The … [Read More...]

More articles

CONTACT US

PHONE + 353 21 4628188
E-MAIL info@odk.ie
 
ADDRESS
O'DONOVAN KEYES & CO
Chartered Accountants & Statutory Auditors
Bridge House
Cork
Ireland

Copyright © 2023 · O'DONOVAN KEYES & CO