How to register old tenancies with PRTB?

stresstest

After some illness and unemployment, I am hoping to clear some of my outstanding debts. Number 1 is revenue. I have had a tenant in the house since Aug 2012 and can easily register that tenancy. But I have had tenants prior to that dating back to 2009, and I dont know if I can register those old tenancies separately, even though they are no longer in the house, and also, if I can register the old one concurrently with the latest one?
Hoping to do everything properly (finally) but cant afford to pay the tax without deducting the mortgage interest

discodavie

stresstest wrote: »

After some illness and unemployment, I am hoping to clear some of my outstanding debts. Number 1 is revenue. I have had a tenant in the house since Aug 2012 and can easily register that tenancy. But I have had tenants prior to that dating back to 2009, and I dont know if I can register those old tenancies separately, even though they are no longer in the house, and also, if I can register the old one concurrently with the latest one?
Hoping to do everything properly (finally) but cant afford to pay the tax without deducting the mortgage interest

You only need to register tenants you have currently in your property.

If tenancies have come and gone forget about them. But catch up on any ones you haven't registered as soon as you can.

D3PO

stresstest wrote: »

After some illness and unemployment, I am hoping to clear some of my
Hoping to do everything properly (finally) but cant afford to pay the tax without deducting the mortgage interest

You didn't do things properly and now will have to face the consequences. You wont be able to deduct the mortgage interest, plus you will owe significant penalties for late declaration.

Im sorry you were ill but its not an excuse.

Victor

discodavie wrote: »

If tenancies have come and gone forget about them. But catch up on any ones you haven't registered as soon as you can.

As indicated by D3PO, non-registration has serious implications, although there may be little that can be done with historical tenancies.

OP, the only positive point in this experience is that you should be able to write off your medical expenses (see if revenue will accept a broad interpretation of this) and if you had no other income, your tax credits will off-set a lot of the income tax liability. Also look at capital allowances.

It may be useful to talk to an accountant, but make sure you find out their costs first, to make sure this is a sensible approach.

murphaph

There's a thread on askaboutmoney about this and one of the accountants there says he has clients who have registered "old" tenancies by simply paying the late fee. Apparently the law is so badly written that the PRTB have no greater sanction to impose than the late fee and once you have registered your tenancies then you have the right to claim mortgage interest relief (75%) on your tax returns. It's a loophole basically.

D3PO

murphaph wrote: »

There's a thread on askaboutmoney about this and one of the accountants there says he has clients who have registered "old" tenancies by simply paying the late fee. Apparently the law is so badly written that the PRTB have no greater sanction to impose than the late fee and once you have registered your tenancies then you have the right to claim mortgage interest relief (75%) on your tax returns. It's a loophole basically.

I'm not so sure. The late fee is to register a current tenancy late.

Its a possible loophole but I wouldn't want to test it out with revenue unless you know of people that have done it been audited and found to be in the clear.

relax carry on

D3PO wrote: »

I'm not so sure. The late fee is to register a current tenancy late.

Its a possible loophole but I wouldn't want to test it out with revenue unless you know of people that have done it been audited and found to be in the clear.

So long as the prtb registration certificate covers the period where the interst is claimed as a deduction then it doesn't really matter. If the PRTB provide the information to back up the interest claim, then its usually not worth the argument unless it forms one element of a larger compliance/fraud issue.