Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

PRTB late fee as a tax expense??

Options
  • 29-07-2016 3:07pm
    #1
    springer111
    Registered Users Posts: 60 ✭✭


    Does anyone know if you can include the late fee for a Prtb registration as a deductible expense. Or would it just be €90 registration cost itself that you can claim for

    Many thanks


Comments

  • Options
    #2
    Gumbo
    Moderators, Society & Culture Moderators Posts: 39,406 Mod ✭✭✭✭Gumbo


    I would assume the full amount can be off set.


  • Options
    #3
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    kceire wrote: »
    I would assume the full amount can be off set.

    I would not assume this to be the case.

    OP get proper advice on this from a tax consultant- you could end up in serious trouble relying on information you get here.


  • Options
    #4
    Turkish1
    Registered Users Posts: 273 ✭✭Turkish1


    kceire wrote: »
    I would assume the full amount can be off set.

    Would be shocked if that was the case.

    Generally fines and penalties are not tax deductible - Im not 100% sure in this case but would be quite sure it applies to this late fee.


  • Options
    #5
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,384 CMod ✭✭✭✭Pawwed Rig


    No is the answer


  • Options
    #6
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    Being late may also have implications for claiming relief of mortgage interest if applicable. Consult a professional to be sure.


  • Advertisement
  • Options
    #7
    Cath54
    Registered Users Posts: 61 ✭✭Cath54


    Prtb registration is not claimable as expense against rental income no more than local property tax is ( or nppr was). so I would assume late payment fee isn't either I'm afraid....


  • Options
    #8
    pkvader
    Registered Users Posts: 329 ✭✭pkvader


    Sorry for hijacking,but can anyone tell me do you have to register with the PRTB every year if you've the same tenant for a few years?,or is it just the once?


  • Options
    #9
    exaisle
    Registered Users Posts: 2,675 ✭✭✭exaisle


    Cath54 wrote: »
    Prtb registration is not claimable as expense against rental income no more than local property tax is ( or nppr was). so I would assume late payment fee isn't either I'm afraid....

    No, you are incorrect. PRTB registration fees ARE an allowable expense against rental income for tax purposes.

    Also, the amount paid to the PRTB is deductible for tax purposes whether it is paid within one month of the tenancy starting, or not.There is no specific late penalty and the amount paid is neither a tax, a fine or a penalty. It is a registration fee regardless of the amount paid.


  • Options
    #10
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,384 CMod ✭✭✭✭Pawwed Rig


    Cath54 wrote: »
    Prtb registration is not claimable as expense against rental income no more than local property tax is ( or nppr was). so I would assume late payment fee isn't either I'm afraid....

    As above, that is incorrect. PRTB fees are claimable.


  • Options
    #11
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,384 CMod ✭✭✭✭Pawwed Rig


    MarkAnthony wrote: »
    Being late may also have implications for claiming relief of mortgage interest if applicable. Consult a professional to be sure.

    There is no implication if the fees are paid regardless of when it is done and you do not lie on your tax return.


  • Advertisement
  • Options
    #12
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,384 CMod ✭✭✭✭Pawwed Rig


    pkvader wrote: »
    Sorry for hijacking,but can anyone tell me do you have to register with the PRTB every year if you've the same tenant for a few years?,or is it just the once?

    Every 4 years with same tenant or each time you get a new tenant.


  • Options
    #13
    pkvader
    Registered Users Posts: 329 ✭✭pkvader


    Pawwed Rig wrote: »
    Every 4 years with same tenant or each time you get a new tenant.

    Thanks


  • Options
    #14
    Gumbo
    Moderators, Society & Culture Moderators Posts: 39,406 Mod ✭✭✭✭Gumbo


    The_Conductor wrote: »
    I would not assume this to be the case.

    OP get proper advice on this from a tax consultant- you could end up in serious trouble relying on information you get here.
    Turkish1 wrote: »
    Would be shocked if that was the case.

    Generally fines and penalties are not tax deductible - Im not 100% sure in this case but would be quite sure it applies to this late fee.

    My reasoning is that it's not s fine or penalty. It's a late registration charge and it's still a fee.

    Of course proper advice should be sought though.


  • Options
    #15
    Turkish1
    Registered Users Posts: 273 ✭✭Turkish1


    kceire wrote: »
    My reasoning is that it's not s fine or penalty. It's a late registration charge and it's still a fee.

    Of course proper advice should be sought though.

    Yeah perhaps allowable, would probably depend of what the PTRB officially refer to it as.

    It's something a tax advisor will have no doubt come across before and able to tell you very quickly.


Advertisement