PRTB - Didn't know I wasn't registered!!

AlphabetSoup2

Hi

Looking for advice please. I moved abroad in 2012, renting out my property from that date. I was aware that I needed to register with he PRTB and this was included in he services of my letting agent. They emailed me to say that they had registered the property and billed me €90 so I thought it was registered.

However I received a letter from the PRTB today that says that the tenancy isn't registered because the wrong fee was paid. I think this is because it was received just over a month from commencement of the tenancy. However, the letter was sent over a year after the application was received so I have been unregistered all that time.

The property still has the same tenant so I assume I can register now and pay the late payment fee?
But what can I do about revenue? I've already submitted my 2012 return and claimed tax relief on the mortgage interest. Will they accept that I tried to register or will I have to refile and pay back a lot of tax?
Can I claim tax relief on mortgage interest for 2013 if I register now or is that lost too?

I want to be compliant with both PRTB and revenue as quickly as possible.

Thanks!

riclad

REGISTER as soon as possible, last time i checked, you can’t claim tax relief on mortgage interest 75 per cent as a landlord unless you are registered.
Look on revenue.ie landlord tax relief.
Did you send in your 2013 tax return yet?
Even get a friend in Ireland to pay the fee OR see if you can pay it online.
http://www.prtb.ie/landlords/registering-a-tenancy-what-you-need-to-provide

I think you can download the form online for registration.
MY advice is register NOW asap once registered send in your tax return.
It says you can register online, pay by credit card.

https://portal.prtb.ie/

I think you maybe able to print out a receipt or email to show you are registered .
Take a note of the day, time you registered too.

riclad

LET me put it this way, i,d prefer to be 3 months late with a tax return,
and register with the prtb,
than send in a tax return,
BEFORE I register with the prtb.
i think on the tax return form it says no tax credits for mortgage interest will be given if property is not registered with the prtb.

AlphabetSoup2

Thanks for the reply. I will certainly register online today. As long as I do this before submitting my 2013 return can I still claim relief on the mortgage interest for that year?

I've already claimed relief on my 2012 return, I guess I'll have to contact revenue ASAP to explain the situation.

The_Conductor

riclad wrote: »

REGISTER as soon as possible ,last time i checked ,
you cant claim tax relief on mortgage interest 75 per cent as a landlord ,unless you are registered.

I'd be grateful if you could link to this please. It'll help other people too.

Thankyou.

The_Conductor

Alan Shore

You need to register from day 1. Pay the late fee. Revenue will accept a late application for PTRB so if you register from day 1 your 75% interest claim for 2012 is safe no need to contact Revenue.

Mrs OBumble

You believed you were registered, you paid the fee ... some else slipped up.

Revenue have bigger fish to fry than you. Don't worry about them. Just sort the PRTB bit ASAP.

riclad

DO not contact the revenue, REGISTER TODAY, when you get an email receipt registration complete, maybe wait 1 week for payment to go thru to prtb. WHEN you are sure you are registered send in your tax return.
ALL the revenue care about is, are you registered as a landlord on the day they receive your tax return. If YOU are registered then you'll get the 75 per cent tax credit for mortgage interest relief.
THE revenue are dealing with 1000's of landlords it would be very stupid to contact them before you are registered and pointless.

There’s a fine for not being registered - here’s a link,

http://www.rentalincome.ie/tax-allowable-expenses/prtb/

Why is the PRTB registration so important?
Landlords must comply with the PRTB registration before they can claim mortgage interest relief on rental properties

http://www.rentalincome.ie/prtb-faq-help/

There’s a prtb late fee 140 or 180 euro, depending on when the tenancy commenced. The registration lasts for 4 years, but say you get a new tenant in 2 years, you’ll need to register the new tenant .

6. Is the registration an annual requirement?

The registration of a tenancy lasts the length of the tenancy agreement but is subject to a maximum duration of 4 years. If a tenancy has been in existence for four years it must be re-registered with the PRTB. Thus, the registration may not be an annual requirement.

Citizenpain

From Revenue.ie http://www.revenue.ie/en/tax/it/leaflets/it70.html

For 2006 onwards interest on money borrowed for the purchase, improvement or repair of rented residential properties is not deductible unless you can show that you have complied with the registration requirements of the Private Residential Tenancies Board in relation to all tenancies that existed in the particular premises in the chargeable period in question

riclad

I think the revenues policy is not to chase after people re prtb registration as long as you are registered on the date on which they receive the tax return.
I presume they check you are registered when calculating your tax liability for that year or they can email the prtb. Since registration lasts 4 years they may not check every year. Once they see you are now registered as a landlord make a note to register again in 3 years, 11 months from now.

Citizenpain

This thread might be more at home in the taxation forum