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PRTB Late Registration

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  • 19-09-2012 1:55pm
    #1
    TTDublin
    Registered Users Posts: 31 ✭


    Hi,

    Maybe some could help me.

    About two and a half years ago I let my apartment to a couple of guys. I'd closed my business and was financially screwed so it was either let it or hand it back.
    I didn't register it with the PRTB mainly because I was all over the place at the time.
    The rent only covered the mortgage interest and the services so I wasn't making any money out of it.
    The same people are still there - and I was thinking of registering the tenancy as I don't like breaking the law and I want to get everything above board.

    So if I register the tenancy now will I be able to offset the interest (75%) against income tax in the income for the years I missed?
    I don't earn very much as I only work part-time so I don't have money to pay penalties

    Thanks


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    #2
    Victor
    Registered Users Posts: 78,404 ✭✭✭✭Victor


    TTDublin wrote: »
    So if I register the tenancy now will I be able to offset the interest (75%) against income tax in the income for the years I missed?
    I don't know. You would need to get proper advice.
    I don't earn very much as I only work part-time so I don't have money to pay penalties
    Then you need to regularise your problem as soon as possible. Revenue are much better to deal with if you go to them compared to them finding that you haven't been following the rules. You may have to pay interest on any amount due, but they are likely to go easy on the penalties if you cooperate.


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    #3
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Have you paid the NPPR fee? That's €200 per year and the penalty is €20 per month per year so adds up very quickly.

    Of course you should be registered with the PRTB and Revenue and pay your NPPR - registering this tenancy now is likely to prove very expensive. Having said that, the sooner you become fully compliant the cheaper it is because an audit that discovered you to be unregistered would be even more costly. Remember tax is due on all income less allowable deductions, even if you're not making a profit.

    I would seriously doubt that you can claim credits which rely on registration, retrospectively. Call Revenue and don't give them your details but ask hypothetically to be sure.


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