FAQ

FAQ

If your expected turnover for the year will exceed €37,500, then yes, you are obliged to register for VAT.

General rule for VAT registration is that a trader is required to register for VAT for making supplies of goods and/or services, subject to his or her turnover exceeding certain thresholds. The most common are €37,500 for the supply of services, and €75,000 for the supply of goods.

Yes, if you are employing a nanny, you are obliged to register with Revenue and deduct tax from the nanny’s wages, if applicable and pay the employer’s PRSI to Revenue.
Rent a Room Relief – where a room (or rooms) in a person’s principal private residence is let as residential accommodation, gross annual rental income of up to €12,000 (€10,000 in 2014) is exempt from tax.

This does not affect an individual’s entitlement to mortgage interest relief or CGT exemption for a principal private residence.

A Tax Clearance Certificate is a written confirmation from Revenue that a person’s tax affairs are in order at the date of issue of the Certificate. In line with changes introduced in the Finance Act 2014, electronic Tax Clearance (eTC) is due to be introduced from the 1st of January 2016.

Tax Clearance Certificates issuing since the 1st of April 2015 have an expiry date of the 31st of December 2015. From the 1st of January 2016 all applications for tax clearance will be made through the new online eTax Clearance system.

Assuming that you have not received previous gifts from your parents, there will be no tax implications on either of you. Currently, a parent can give to a child a gift to a value of €225,000 without paying any tax.
No, you should only receive tax relief at source on the mortgage loan, which is used to acquire your private principal residency.
An owner-occupier is a person who purchases a new apartment or house for use as their principal place of residence (PPR) and no rent, other than rent obtained under rent a room arrangements, is derived from the property for a period of two years from the date of the purchase.

This relief is subject to clawback provisions. Prior to 5 December 2007, the period where no rent could be obtained was five years. Following the Finance Act 2008 this period was reduced from 5 years to 2 years for deeds executed on or after the 5 December 2007.

Yes, this is taxable source of income, as the tax exemption applicable to Illness Benefit was abolished with effect from 1 January 2012.
Yes, since 7 December 2011 stamp duty on transfers of residential property is 1% on the first €1,000,000. You will be liable to pay stamp duty amounting to €1,400.

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