Kerry tax expert says householders missing out on earning €14,000 tax-free

A Kerry tax expert says householders are missing out on earning up to €14,000 tax-free annually.

Tax partner with Orbitus Tax in Tralee, Tommy Walsh, says the ‘rent-a-room’ scheme is an easy way for people to earn more money and help students find accommodation.

Rent-a-room relief lets home owners or sub-letters earn the tax-free money by renting out spare bedrooms or self-contained unit on their property, such as a converted garage or an attic flat, to private tenants.

To qualify, the property must be your main residence, and the rental income cannot exceed the annual exemption limit of €14,000.

Tommy Walsh of Orbitus Tax says the scheme is straightforward, but there are important conditions.