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  1. Pre-Letting expenses: Expenses incurred before the property is let for the first time by the owner are not tax deductible. Certain pre-letting expenses are allowable e.g advertising costs, legal fees. Once a tenant is in place expenses can be deducted.
  2. Expenses incurred in-between lettings are fully deductible.
  3. Property owners to set up a special bank account for all income and expenses relating to the property.
  4. Property owners should have a written lease in place with tenants.
  5. All new tenancies need to be registered with the RTB otherwise the property owner may not be entitled to a deduction for mortgage interest. If the tenant stays four years in the property, the tenancy has to be registered with the RTB.
  6. 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.
  7. Establish the original cost of the fixtures & fittings in the property. A tax deduction can be claimed on fixtures & fittings at 12.5% over 8 years. Make sure an itinerary of the fixtures & fittings in the property has been done before letting a property.
  8. Members should be aware rental income is taxable on a receivable basis i.e. 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.
  9. If you are a non-resident landlord, 20% of the rental income should be deducted and submitted to Revenue
  10. Where TRS is being claimed on a property being let, this should be deactivated.
  11. The owner of the property is still liable to pay the Local tax each year
  12. Property Owners 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.
  13. Where the owner previously lived in the property as a principal private residence and subsequently rents out the property, the Capital Gains Tax implications should be considered.
  14. Landlords will need to register for Income tax as rental income is a non-PAY source of income and file an annual tax return.





Winter has now very much arrived, and households across the Ireland are starting to feel the cold. Here at Money Dashboard, we want to help you make better decisions about how you spend and manage your money, which is why we've put together 16 money saving tips to help you do just that this season. Read on to find out more.

1. Time your heating

Set your heating timer for the hour before you get up so you have toasty toes in the morning, and for an hour in the evening to keep the temperature ticking over through the night.

2. Leave the oven door open

A nifty little trick for an extra blast of warmth without reaching for the thermostat: after you’ve used the oven and switched it off, leave the door open so the excess heat can circulate round the kitchen.

3. Don’t let the draught in

Buy a couple of fun, cheap sausage dog-shaped draught excluders to keep heat inside a room.

4. Fill the kettle with a cup

Save loads of water over the winter season by filling the kettle with just enough to fill a cup. It’s better for the environment and for your wallet.

5. Winter help

If you’ve got someone in your home who qualifies as an OAP and receives a state pension, you could be eligible for financial help with your winter energy bills.

6. Switch off

Easy to say, harder to do! If you switch the lights off every time you leave the room, you can save up to 15% on your energy costs across the year.

7. Candle-lit evenings

Get romantic and light your living room with candles in the evenings. It looks wonderful and saves you money on your lighting bills.

8. Fill your washing machine

Always put a full load into the washing machine, and wash it on a 30 degree cycle to keep costs down.

9. Turn down the thermostat

Even turning your thermostat down by one degree can save you 10% on your heating bills.

10. Turn off standby

Once you get into the habit of doing it, turning off your appliances at the wall is an easy way to save pennies this winter. You could save up to £80 a year by just flicking off that little red light.

11. Check your stopcock

Avoid frozen pipes bursting by knowing where your stopcock is and how to turn it off. This will prevent a flood – and a hefty bill – when the frozen pipes thaw out.

12. Organise an insulation survey

Some energy companies are giving away free insulation to homes that qualify. Organise an insulation survey and in the long term you could save thousands.

13. Energy saving lightbulbs

Energy saving lightbulbs use only a quarter of the energy of normal lightbulbs and can last up to eight times longer.

14. Wrap up

It may sound like something your mum would say, but putting on a jumper (and hat and woolly socks) rather than turning up the heating really does help to curb your energy bills.

15. Buy a flask

Take your home-brewed caffeine fix to work in a flask instead of popping to the nearest coffee shop and your wallet will feel heavier by the time spring rolls around.

16. Track your spending

Once you've started racking up the savings, stay on top of your finances. 




Ray Maher Property Service are pleased to announce that we now offer the complete property package.

Services now offered:

For more information please contact our office on 059-9143100 or by email at


Stabilising Rents


Unequivocally it can be said that there is a housing supply issue prevailing in Ireland presently. The demand for properties at the minute is far outweighing the supply that is available. Time constraints such as planning permission and the construction period, has resulted in the property development industry being relatively slow in responding to an increase in demand. However other factors have compounded this supply issue, such as the under provision of social housing since 2006 which has led to massive problems for the social welfare recipients; there has been an influx of cash and newly mortgage approved buyers to the market; and there has been a continued increase of Irelands population, to name but a few. Furthermore the changing landscape of Ireland’s population such as the younger age profile of its citizens and the decreasing average household sizes has added more purchasers, especially first time buyers to the market. Consequently much of the rental improvement in residential rental prices in urban locations has been fuelled by the shortage of accommodation in a market, where an increasing proportion of householders are opting to rent accommodation as opposed to buying.

Restrictions on mortgage lending that were introduced in February have taken much of the steam out of the housing market that had been evident up to the end of last year. The central bank mortgage lending rates have hampered sales in the first half of 2015, however it also resulted in a surge in mortgage applications in early 2015 ahead of their implementation.  Affordability has become stretched and the Central bank rules have stopped first time buyers responding by taking out even higher mortgage loans. Yet in the first quarter of 2015, more than 5,600 new mortgage loans valued at €983 million were drawn down. This represents a decrease from the fourth quarter of 2014, where over 7,500 new mortgages were drawn down, valued at €1,341 million.  These figures highlight the effect the new mortgage rules are having on prospective buyers, with many prospective buyers unable to get a mortgage even if their affairs are in order. Of the 5,600 mortgages drawn down in Q1, first time buyers represented 50.9%, accounting for €501 million.

Carlow like many counties outside Dublin hasn’t fully recovered from the recession. Certainly Carlow has lacked investment, since the closure of many industries during the recession and before. However prices in Carlow have started to improve over the last year, with property prices now averaging €143,967, a change of 6.9% from the same quarter last year, according to a recent Daft report. This represents a 1.6% change since Q2 2015. According to recent figures calculated by, the average house price of a 3 bed semi in the third quarter of 2015 was €119,750. This represents a 0.2% change from the previous quarter and represents a -54% change from the peak prices. Yet average prices in Carlow are up 2.9% on the year, the first annual rise recorded.  Below is the average asking price in Carlow, during the third quarter of 2015, as calculated by daft.

1 bed apartment

2 bed terraced

3 bed semi-d

4 bed bungalow

5 bed detached

€56  1.0%

€67   4.7%

€101 12.3%

€203   10.4%

€232 12.5%

Average asking prices across Carlow (€000s), and annual change (%), 2015 Q3

According to the Central Statistics Office, the second quarter of this year, 49 planning permissions were granted in County Carlow, 14 of which were new dwellings. Furthermore in the first six months of this year, 84 houses were built in Carlow, 49 of which were one off dwellings, representing a 1% drop in constructions in the same period last year. Indeed nationally the current rate of permissions is at its lowest level for thirty seven years. Planning restrictions and building regulations are specifically designed to impose constraints on building activity, and measures like these can work to dissuade potential developers from developing.  Notwithstanding this, finance is playing a major role in the underdevelopment since the housing crisis started.  The length of the process from site identification through planning, construction and sale can be considerable so without strong financial backing, it can be difficult for developers to maintain their activities. Yet the unacceptable lending that went on during the boom is why we find ourselves in this crisis. 

In a recent report by the ERSI they acknowledged these facts but warned against giving developers tax incentives to build, as money would be taken from the exchequer in to the developer’s pockets. Moreover this would amount implicitly to the government paying the price of strict regulations.   In the short term, the Government should streamline the planning process to speed up decisions; secondly they should introduce a builder’s finance fund to support SME builders completing developments; and finally they should create incentives for builders to start work immediately on vacant land or manage their loan applications more stringently.  Furthermore incentives  should be given to people who have emigrated abroad, as the SCSI have acknowledged that many specialist trades are in very short supply, thereby driving up tender prices.

Employment is rising and the public finances are now on a sustainable path, most evident with the recent expansionary budget. Wage growth coupled with Tax cuts in Budget 2016 will help to support house price inflation. The on-going lack of housing supply and strong rental inflation will also support transaction prices. For some perspectives the rising house prices can be viewed as a positive development as this helps the problem of negative equity for many people. Conversely, rising house prices and rents point to higher household costs for households, when a lot of people are already stretched very thin. Moreover, at present is due to repossessions or receiver sales, with it accounting for a large portion of the market.  NAMA is slowly releasing its portfolios of property, and intends to offload the remainder of their stock before the end of next year, which in turn will put more stock on the market. Nonetheless demand for housing will continue to increase in accordance with population trends and a reduction in household sizes.


PKF_Budget 2016

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