Rent - tax advice needed

beeceedeecee

Hi , i bought a house to rent 3 years ago and have let all legal issues completely slip , ive not registered with PRTB or made any tax returns etc etc and would really like to put things in order as the longer i leave it the worse it becomes , but where do i start , i want to do it right but dont want to be robbed in the process as the rent has never covered the mortgage in the first place and i am trying not to loose any more money on this , all advice welcome .
BRIAN

D3PO

beeceedeecee wrote: »

, i want to do it right but dont want to be robbed in the process as the rent has never covered the mortgage in the first place and i am trying not to loose any more money on this ,

paying what you owe isnt being robbed .... its what you owe

Not filing for three years is going to hit you hard with interest penalties.

If you dont know how to file your returns honestly you need to get an accountant to sort this for you because the last thing you want to do is make even more of a hash of it.

The basics are your situation are simple

rent minus tax deductable expenses = taxable amount + penalties for late filing

If you managed to cover the mortgage or not is irrelevent.

am i bovvered

Hello,
Unfortunately you have some problems, the major one as I see it is not registering with the PRTB. You cannot claim tax relief on mortgage interest unless you have registered.
It is possible to pay a late fee of €140 and register now, https://www.prtb.ie/ if you have had the same tenant from day one it you might get away with a late registration and then filing a return.
I do my own returns but maybe best at this stage to consult a tax expert.
Have you paid the NPPR, if not you have a €20 per month penalYou have just missed the 31st Oct deadline but the sooner this is sorted the better.
Good luck

D3PO

am i bovvered wrote: »

Hello,
Unfortunately you have some problems, the major one as I see it is not registering with the PRTB. You cannot claim tax relief on mortgage interest unless you have registered.
It is possible to pay a late fee of €140 and register now, https://www.prtb.ie/ if you have had the same tenant from day one it you might get away with a late registration and then filing a return.
I do my own returns but maybe best at this stage to consult a tax expert.
Have you paid the NPPR, if not you have a €20 per month penalYou have just missed the 31st Oct deadline but the sooner this is sorted the better.
Good luck

yep the penalties will rack up

late fee for PRTB, all of last years NPPR penalty if not paid, interest penalties to the revenue.

All in all this is going to be one hell of an expensive lesson OP. Given all the penalties involved I think getting an accountant to sort this mess is the only way to go.

beeceedeecee

Thanks for the replys and advice , looks like i will need to speak to an accountant to sort this mess out .
Cheers
BRIAN

D3PO

beeceedeecee wrote: »

Thanks for the replys and advice , looks like i will need to speak to an accountant to sort this mess out .
Cheers
BRIAN

if it makes you feel any better accountants fees are tax deductable

beeceedeecee

D3PO wrote: »

if it makes you feel any better accountants fees are tax deductable

Any good news is ok with me , my own fault im in this mess , a day turned into a week , a week into a month and so on , it probably will be January before im in any position to get a loan to pay for all this , i have no problem paying my dues , just want it done properly so as not to incur any unnecessary costs .

BRIAN

D3PO

beeceedeecee wrote: »

Any good news is ok with me , my own fault im in this mess , a day turned into a week , a week into a month and so on , it probably will be January before im in any position to get a loan to pay for all this , i have no problem paying my dues , just want it done properly so as not to incur any unnecessary costs .

BRIAN

thats why im saying use an accountant. Last thing you want to do is compound the issue with an incorrect return.

Cream Bun

Hi beeceedeecee
Have you had any luck sorting this out? Just wondering as my boyfriend is in a similar situation and doesnt know where to start

Cheers..