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Personal Tax - Qualifying Disclosure

  • 26-04-2017 4:11pm
    #1
    Roosterreid
    Registered Users, Registered Users 2 Posts: 138 ✭✭


    Hi folks,
    I am still relatively new to Southern Ireland; I moved here 3 years ago from Northern Ireland.
    When I moved, I kept my own house (in NI) as I moved in with my now fiancee who had her own place. The house in NI was rented to a friend who pays me a nominal amount into my original NI bank account just to cover the mortgage.
    I have seen on facebook recently that from the 1st May 2017 that Irish revenue will be pursuing foreign bank accounts and unpaid tax. Im a bit lost with this all and unsure what to do; I find the revenue website very complex.
    I feel that I need to engage a tax accountant, but could I get peoples thoughts on if I should have declared this additional money to the revenue and will I now need to pay back taxes and a fine? I always hoped to move back to NI, but am nervous now that I cant afford to keep my own house.
    Thoughts please...


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,579 ✭✭✭✭Victor


    Probably best to check things with an accountant.

    Note that you should be able to offset some costs against the rent received. I think 75% of the interest paid, but none of the repayment. Also insurance, maintenance, repairs, etc.

    Make sure you are claiming all teh credits you are entitled to - health, pension, etc.

    If you have money on deposit, there may be a DIRT issue, but I suspect not.

    **If** you owe money, expect to pay the original amount + interest + surcharge.

    Do sort things sooner rather than later.

    Be aware that the phrase "Southern Ireland" makes some people uppity. Not something to do with Revenue. :)


  • #3
    Roosterreid
    Registered Users, Registered Users 2 Posts: 138 ✭✭Roosterreid


    Thanks Victor... I'll have a chat with someone tomorrow about this. I want to do things in the right manner.

    Noted on the Southern Ireland comment!


  • #4
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    Roosterreid wrote: »
    Thanks Victor... I'll have a chat with someone tomorrow about this. I want to do things in the right manner.

    Noted on the Southern Ireland comment!

    By the way you would also be liable for tax on rental income in northern Ireland.

    If you paid that you would be able to claim credit relief on the tax paid.


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