Tax man, rental income tax

gabriel74

I got door stepped by Revenue on my 2nd home which is not sorted out for tax on rental income yet,
how did they find me?
anybody any advice on what to do or how to deal with them?

Citizenpain

Is it only recently rented? no return due for 2013 until next year

e.r

2012 is due this year !

Citizenpain

Stupid typo ! 2012 is not recent ; I'll edit !

gabriel74

I moved house in 2011 but haven't sorted out the tax affairs yet.
just woundering how much of a tax bill I am facing, and how they might have caught up with me..

Citizenpain

Lots of ways they can find out .

So you'll owe 2 years tax as of now.
If you are taxed at the high rate already tax prsi and usc will be at 52% potentially plus any interest and penalties applied to 2011

If you havnt registered with the prtb you won't get any deduction for mortgage interest. Are you claiming trs on the interest for the rented house

Best course of action would be to talk to an accountant asap

Mr. Incognito

Revenue do not /should not just turn up unannounced and not for minor income tax evasion

Ask to see proper id and tell them to contact your lawyer or tax consultant

You do have rights

J.Ryan

http://www.boards.ie/vbulletin/showthread.php?p=75131135

The more things change, the more they stay the same.


You don't have to answer their questions, but they are entitled to ask.

Alan Shore

I know that Revenue called to a taxpayers home unannounced following an application for VAT registration in the Dublin region and that it is policy to carry out these checks.

As the OP said that they have rented out the property in 2011, and have not made a return so they are offside.

The tenant may have applied for rent credit, registration with PRTB, cancellation of TRS, was NPPR paid, was LPT paid on two properties, there are lots of reasons how they could be have been aware that you were not living in the house.

It appears that Revenue are going out and checking these things out rather than issuing letters.

gabriel74

Thank you all for your advice.. I hope to find myself a tax consultant over the next week...to advise me on how I should proceed....

Mr. Incognito

I will raise this formally and post a response when I get it.