Selling Property- what to declare?

Jeppers

Hi all, quick question about selling a property and what needs to be declared. We have recently discovered that we have been receiving TRS payments for a number of years that we shouldn't have been getting. (It should have been cancelled 4-5 years ago)
If we sell the property now will Revenue know about this over payment of TRS and come looking for it? If so are we better off declaring our mistake to Revenue before selling the property and try to come to an agreement on the repayments?

Any advise would be gratefully received.

whippet

Jeppers wrote: »

Hi all, quick question about selling a property and what needs to be declared. We have recently discovered that we have been receiving TRS payments for a number of years that we shouldn't have been getting. (It should have been cancelled 4-5 years ago)
If we sell the property now will Revenue know about this over payment of TRS and come looking for it? If so are we better off declaring our mistake to Revenue before selling the property and try to come to an agreement on the repayments?

Any advise would be gratefully received.

you will be best placed to tell them as soon as possible.

I know first hand .. we didn't cancel ours .. was going to; but sort of put it on the long finger and hoped that it wouldn't come to light. 5 years later, lovely letter arrives in the door looking for €4.5k of a back payment .. as in pay immediately.

We called them, agreed to pay 50% upfront and the rest over 10 months.

There is no way of getting out of it

Jeppers

Thanks Whippet, that's what I feared.

Part of me wants to leave it and see if Revenue discovers it but the thought of getting a similar letter down the line will probably drive me to contacting them sooner than later.