Professional – Our professionalism allows us to be outstanding and sets us above & beyond our competition. We believe in doing the right thing in everything we do.
Dedicated – Our experienced team understands the property industry in Ireland.
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1 customer review
Therese Durkin
I would highly recommend Prestige Property Consultants. Stephanie is extremely professional and efficient. Gets on the job and gets results. In my case within a few days of airing the video of my rental office I got a great result. All signed and sealed within one week! Therese Durkin, 70 Main St. Longford More...
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What kind of accounting services do you provide?
Book keeping, Tax Computation & Annual Returns, Payroll,
Property Management
Prestige as a property management agent will safeguard and enhance your investment at all times, your property investment is just that – an asset that should grow and provide you with a positive return.
Properties need to be maintained. Rents need to be collected & late rents will need to be pursued. Routine property inspections will need to be carried out and repairs looked after. Emergencies will need to be dealt with professionally and within an acceptable time frame.
Prestige can manage every aspect of any property rental and will liase with a tenant in relation to maintenance requests and or administration of the tenancy, the property and lease particulars.
Protecting your asset and peace of mind Prestige in doing so employ third party contractors if and when required to carry out all repairs and maintenance.
Project management of any refurbishment project, redecoration and the acquiring or replacement of furniture is also handled if and when requested.
Letting
Normally the result of one of two situations letting a property normally comes about because you are either in possession of a property you no longer live in, but don’t want to sell or you have purchased a property specifically for buy-to-let purposes.
Prestige actively remove the complexities surrounding rentals and can guarantee that when managed correctly, a property investment can bring both short term and long-term financial gains.
Prestige assist and provide services to property owners in order to maximise their asset, like any other investment manager our objective is to attain the highest return possible.
This is achieved by maximising rent yield and minimising any expenditure and or loss due to periods of vacancy.
Prestige ensure that being a landlord is not a complicated, full-time job either, our property managers will manage your property fully which in turn will allow you to pursue your own career or enjoy your free time without worry or indeed any unnecessary phone calls or correspondence.
Prestige can provide a no obligation property valuation, whilst onsite our services can be described in detail, we will also give advice in relation to the relevant property market, appropriate rent yields and or sale price if this is an option you are considering.
Prestige carefully assess the criteria of both landlords and prospective tenants to ensure a property closely matches all needs on both sides.
Sales
Marketing and selling property is as much an art as it is a business, our in- depth knowledge of the property market and our proven ability to promote and sell all types of property is competitively apparent.
Prestige firmly believe in implementing an effective marketing strategy to ensure properties sell at the right time and at the right price. By keeping up with property trends and advising sellers of the best course of action in terms of pricing and placement, we ensure the optimum sale price is achieved.
Our first step is to advertise your property on the leading portals ensuring that your property appears as a premium listing.
Buyers Agent/ Investment
It’s all about you so let us find the perfect home or investment.
Prestige provide a unique relationship built on trust and commitment and as a buyer’s agent will work solely for you the client eliminating any conflict of interest.
As an exclusive buyer’s agent Prestige will at all times represent your best interests and can offer a professional opinion to include a commitment that will secure the perfect property within as short a time frame as possible.
With experience and knowledge beyond compare Prestige can offer advice on current market conditions will ensure that you the buyer avoids any pitfalls that can occur when purchasing a property and can advise on any required repairs / costs involved on any prospective purchase.
As buying a property is an emotional process it is our objective as an agent to remove the emotion from the transaction thus allowing objective decision making and ultimately a definitive correct investment strategy allowing negotiation for the best possible price for you the buyer.
Prestige will carry out a property search and aid in any acquisition, on request we also offer a negotiation service only if you have already found the prefect property.
Once a sale has been agreed Prestige will liaise with the vendor’s agent and at all times will keep you informed of the processes involved, we can also recommend solicitors, surveyors and architects if required to progress a purchase.
If you really have a passion for buy-to-let property Prestige are experts in the building and management of client portfolios and can promise to be an excellent property partner for the future.
Non-Resident Landlord End to End Service
Non Resident Landlord End to End Service
10% Plus Vat
* Letting
* Management
* Compliance
* Collection Agent
* Rental Account Preparation
* Income Tax Computation & Filing
Prestige Property Consultants Limited offer a range of services to the non- resident landlord to ensure revenue compliance and financial adherence.
If you own rental property in Ireland but are not currently living in the country, you are considered a non-resident landlord.
All non-resident landlords must declare any Irish rental property income to the Revenue Commissioners.
As of 1st July 2023, non-resident landlords, in Ireland will encounter a new way for processing the tax on their rental income. This is due to the introduction of the Non-Resident Landlord Withholding Tax (NWLT) system.
Additionally, they must appoint a Collection Agent or put in place an arrangement with tenants to pass 20% of the monthly rental charged to the Revenue Commissioners via the NWLT system.
A non-resident landlord must also file a tax return for any income earned, and pay any rental income tax for which liability exists.
Managing and filing your taxes while living abroad can be both frustrating and time-consuming
Prestige Property Consultants Limited not only provide property management services but can act as both a tax agent and collection agent if required.
This combined service simplifies the process for Non-Resident Landlords.
Prestige Property Consultants ltd acting as Rent Collection Agent ensures the landlord receives the rental income direct from the tenant(s) thus enabling any and all taxes to be paid in full and on time.
The Non Resident Landlord End to End Service is both protective and comprehensive, it includes the preparation of annual rent accounts & the submission of annual tax returns to Irish Revenue therefor there is no need to engage an accountant separately.
Any and all tax savings is identified and tax advice given in order to ensure that your property, alternative savings plan and investment is optimised.
Non-Resident Rent Collection Service
Rent Collection Agent
If you are living abroad and earn rental income from a residential property in Ireland you are in the Non Resident Landlord (NRL) category for taxation purposes.
As of 1st July 2023, non-resident landlords, in Ireland will encounter a new way for processing the tax on their rental income. This is due to the introduction of the Non-Resident Landlord Withholding Tax (NWLT) system.
Additionally, they must appoint a Collection Agent or put in place an arrangement with tenants to pass 20% of the monthly rental charged to the Revenue Commissioners via the NWLT system.
A non-resident landlord must also file a tax return for any income earned, and pay any rental income tax for which liability exists.
For non-resident landlords in Ireland, by designating Prestige Property Consultants as your Irish-resident agent to take on the tax liabilities of your property the requirement to deduct 20% tax at source is not a current Irish Tax or Revenue necessity.
Prestige Property Consultants also offer a standalone Non-Resident Landlord Tax Collection Agent & Tax Return Service, as you may prefer to manage the property yourself or you may have an agent already in situ.
Non-resident landlords must report any Irish rental property income to Irish Revenue on a Form 11 each year. If the property is owned jointly, both spouses must file separate tax returns and disclose their share of the rent separately.
Overseas Landlord Tax: How Is It Collected?
In Ireland, there are specific rules in place surrounding tax collection and payment that all non-resident landlords must abide by. When it comes to putting aside taxes for Revenue, there are two choices available to landlords living abroad.
Tenant Withholding Tax:
Typically, when a tenant is renting a property from landlord living abroad, they are required to take 20% of the monthly rent amount and use this as a tax payment on your behalf.
This may seem like an unusual arrangement, but was introduced for a couple of reasons. First, it is used as a way to ensure that landlords that are not residents pay their taxes in the first place. Second, it means that the person responsible for payments is based in Ireland, making the process of making payments or receiving a refund much more straightforward.
Collection Agent:
A non-resident landlord(s) can appoint a collection agent to deal with taxes and rent collection.
The rent collection agent will register with Irish Revenue and will apply for a separate tax number to use solely for dealing with your property. The rent collection agent essentially act as an intermediary, collecting rent and filing income tax on your behalf and making sure that all tax obligations are met.
Using a collection agent has several benefits over a tenant withholding tax, the most obvious being that non-payment of tax or the correct tax will result in negative consequences for the non-resident landlord and could lead to penalties and or the implication of fines by Irish Revenue.
There are also some potential financial advantages. When you use a collection agent, you receive all of the due rent (via the agent) and can take control of your own taxes. We’ll take a closer look at this below.
Book Keeping, Account Computation & Revenue Annual Returns, Payroll
Income Tax & Computation
Thoroughly understanding tax responsibilities is crucial for all landlords, particularly non-residents. Conducting detailed research and seeking professional tax advice can help optimise your financial situation. Filing your tax return punctually and accurately will also aid in avoiding penalties and ensuring all potential deductions are captured.
Allowable Expenses
Knowing exactly what expenses you are allowed can go a long way in reducing your tax bill. While there are many available, it’s important to be aware of the circumstances where they can be applied to ensure you stay compliant. Here are some of the key areas that most landlords can make a saving.
Your RTB Registration Fee
Almost anyone letting a property in Ireland is obliged to register each tenancy with the RTB (Residential Tenancies Board). The standard fee is currently €90 and can be claimed as an expense. As well as being a requirement, without registration, you will not be entitled to claim your mortgage interest, which we’ll cover next.
The Interest Portion of Your Mortgage
While you cannot claim your entire mortgage payment, since 2019 landlords have been entitled to claim 100% of the interest paid. However, bear in mind that you can only do so while the property is being rented out (or in between tenancies, as long as you are not living in the property yourself). In other words, you cannot claim for any of the months prior to the first tenancy, even if you purchased the property with the intention of renting it out.
Repairs and Maintenance
All properties need work done from time to time, and some tasks can come with a hefty bill. Fortunately, you can claim all essential repairs and maintenance against your rental income. Labour costs can also be included, provided you do not carry out the work yourself. Again, the only time you cannot claim back these costs is when the repairs are done while the property is not being rented out.
Capital Allowances
If you provide any furniture or appliances for your rental property, then don’t forget to claim capital allowances (sometimes called ‘wear and tear allowances’). While the cost of these purchases can’t be written off in one go, capital allowances give you a way to claim back the cost over a number of years.
The current rate for these allowances is 12.5% of the cost of the items per year and can be claimed for a maximum of 8 years. For example, say you provided a sofa that cost €1,000 and a dishwasher that cost €400 for your rental property. Your capital allowances would be €175 per year (12.5% of €1,000 + 12.5% of €400).
Agency and Management Fees
The vast majority of landlords that are not residents will use a professional service to manage their property and tenancies. While these services do come at a price, the fees can be claimed as an expense. This includes any fee you pay for a collection agent.
Other Lettings Costs
A lot goes into renting out a property, and any money you spend on advertising, legal or accountancy fees can all be written off against your rental income. As with the other expenses on this list, make sure to keep any relevant paperwork for the services you pay for. Revenue states that this documentation must be kept for a period of 6 years, and they could ask for it at any time. We also have a guide for non-resident corporate landlords in Ireland.
Insurance Premiums
Though it’s not a legal requirement, it’s highly recommended that you get special landlord insurance if you are renting out a property. Not only will this help protect your investment, but the monthly or annual premium can be claimed as an expense. Check out our post on the services every landlord needs.
