Frequently Asked Questions
I am starting my own business in Ireland. Do I have 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.
I am employing a nanny from abroad. Do I have to register as an employer?
What is Rent a Room Relief?
What is a Tax Clearance Certificate?
A Tax Clearance Certificate is a written confirmation from Irish Revenue that a person’s tax affairs are in order at the date of issue of the Certificate. Tax clearance certificates issuing since April 1st 2015 have different expiry dates depending on when the certificate issued.
My parents are planning to gift me a house worth €220,000. Will there be any tax implications on me?
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 €335,000 without paying any tax.
I recently bought an investment property. Am I entitled to claim tax relief at source on the mortgage loan?
No, you should only receive tax relief at source on the mortgage loan, which is used to acquire your private principal residency.
Who is classified as Owner Occupier?
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.
I received Illness Benefit for 6 weeks. Is this taxable?
Yes, this is taxable source of income, as the tax exemption applicable to Illness Benefit was abolished with effect from 1 January 2012.
I am planning to buy an apartment for €140,000. Will I have to pay stamp duty?
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.