PRTB late fee as a tax expense??

springer111

Does anyone know if you can include the late fee for a Prtb registration as a deductible expense. Or would it just be €90 registration cost itself that you can claim for

Many thanks

Gumbo

I would assume the full amount can be off set.

The_Conductor

kceire wrote: »

I would assume the full amount can be off set.

I would not assume this to be the case.

OP get proper advice on this from a tax consultant- you could end up in serious trouble relying on information you get here.

Turkish1

kceire wrote: »

I would assume the full amount can be off set.

Would be shocked if that was the case.

Generally fines and penalties are not tax deductible - Im not 100% sure in this case but would be quite sure it applies to this late fee.

Pawwed Rig

No is the answer

MarkAnthony

Being late may also have implications for claiming relief of mortgage interest if applicable. Consult a professional to be sure.

Cath54

Prtb registration is not claimable as expense against rental income no more than local property tax is ( or nppr was). so I would assume late payment fee isn't either I'm afraid....

pkvader

Sorry for hijacking,but can anyone tell me do you have to register with the PRTB every year if you've the same tenant for a few years?,or is it just the once?

exaisle

Cath54 wrote: »

Prtb registration is not claimable as expense against rental income no more than local property tax is ( or nppr was). so I would assume late payment fee isn't either I'm afraid....

No, you are incorrect. PRTB registration fees ARE an allowable expense against rental income for tax purposes.

Also, the amount paid to the PRTB is deductible for tax purposes whether it is paid within one month of the tenancy starting, or not.There is no specific late penalty and the amount paid is neither a tax, a fine or a penalty. It is a registration fee regardless of the amount paid.

Pawwed Rig

Cath54 wrote: »

Prtb registration is not claimable as expense against rental income no more than local property tax is ( or nppr was). so I would assume late payment fee isn't either I'm afraid....

As above, that is incorrect. PRTB fees are claimable.

Pawwed Rig

MarkAnthony wrote: »

Being late may also have implications for claiming relief of mortgage interest if applicable. Consult a professional to be sure.

There is no implication if the fees are paid regardless of when it is done and you do not lie on your tax return.

Pawwed Rig

pkvader wrote: »

Sorry for hijacking,but can anyone tell me do you have to register with the PRTB every year if you've the same tenant for a few years?,or is it just the once?

Every 4 years with same tenant or each time you get a new tenant.

pkvader

Pawwed Rig wrote: »

Every 4 years with same tenant or each time you get a new tenant.

Thanks

Gumbo

The_Conductor wrote: »

I would not assume this to be the case.

OP get proper advice on this from a tax consultant- you could end up in serious trouble relying on information you get here.

Turkish1 wrote: »

Would be shocked if that was the case.

Generally fines and penalties are not tax deductible - Im not 100% sure in this case but would be quite sure it applies to this late fee.

My reasoning is that it's not s fine or penalty. It's a late registration charge and it's still a fee.

Of course proper advice should be sought though.

Turkish1

kceire wrote: »

My reasoning is that it's not s fine or penalty. It's a late registration charge and it's still a fee.

Of course proper advice should be sought though.

Yeah perhaps allowable, would probably depend of what the PTRB officially refer to it as.

It's something a tax advisor will have no doubt come across before and able to tell you very quickly.