TRS and banks informing Revenue

lbyrne121

Hi

I was wondering if someone could help, I have been renting out my property for the last 6 months and totally forgot about TRS.. I have since cancelled it but they never said anything about paying for the last 6 months as they never asked.

My question is, I am going for a second mortgage with a different bank at the moment and need to include mortgage statements but it details TRS on it, the bank I am applying for mortgage with knows I have been renting out as I need to state it on application. Does anyone know if the bank will inform revenue that I was getting paid TRS for the months I was renting out, albeit the mortgage application is with a different bank?

Bubbaclaus

"They never asked" is not a valid excuse.

lbyrne121

I know it's not but and I plan to pay back in the new year but I was wondering do the banks inform revenue about things like that? Will it impact my application

rahenyrover

TRS is deducted at source. If you cancelled directly with revenue rather than the bank Revenue will notify the bank to stop applying TRS as you have declared that you no longer live in the home. When cancelling the TRS you also would have had to inform Revenue of an effective date, assuming you didn't make a false declaration then they know you have received it for 6 months more than you should have and will claw it back.

murphaph

If you made a false declaration with respect to the date of termination, correct it. Revenue will accept it as a mistake if you own up yourself before they find out through some other channel. You can then make arrangements to repay the TRS.

You don't want to end up with a black mark in your file over this. I would assume whatever system they use to decide who gets audited would be influenced by this black mark for a long time.

lbyrne121

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lbyrne121

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