Advice on revenue bill for overpayment of TRS

lanciadub

Hi , received a bill from revenue today for an overpayment of mortgage Interest relief (4 years) due to the fact my wife and I rent a property closer to her parents . Our house is rented on a rent a room agreement as I stay there a couple of nights a week when working late in Dublin . The revenue says we have moved from our primary residence and are not entitled to have received the trs . Our big mistake was not submitting any returns . We are going to talk to an accountant asap but in the meantime was wondering do we have any recourse and would we be liable for more bills ,

I know this is pretty vague but I genuinely haven't a clue about this type of thing ?

Lockedout2

You are entitled to TRS on your Principal Private Residence.

Your comments like I stay there a couple of nights a week when working in Dublin would indicate that you don't consider this your PPR.

The rent a room scheme only applies to your sole or main residence so by implication you are not entitled to that relief so potentially the rental income is not exempt from tax and you need to compute the income less expenses to see if you have a taxable profit.

lanciadub

Lockedout2 wrote: »

You are entitled to TRS on your Principal Private Residence.

Your comments like I stay there a couple of nights a week when working in Dublin would indicate that you don't consider this your PPR.

The rent a room scheme only applies to your sole or main residence so by implication you are not entitled to that relief so potentially the rental income is not exempt from tax and you need to compute the income less expenses to see if you have a taxable profit.

Thanks , I'll have to delve further , no profit here I can assure you ,. Quite a big loss monthly

Geuze

Note that rental profit is gross rent - 75% of mortgage interest.