Tax issues - incomplete returns on apartment - sort out the mess

Ervin

Registered User
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9
Hi, your first response to my post will be that I am an idiot, but I need help.

In 2008, my wife and I moved from Ireland, but we retained an apartment which we let out.

Immediately, the mortgage went from staff rate to SVR and it has been tough making payments.

My only thought has been to make the mortgage payments.

I made a tax return via an accountant in 2009 to cover me for 2008, but have not done anything since.

I haven't paid LPT since it was implemented, I missed some years of NPPR and paid others, I have been receiving €150 in Revenue Tax Credit per month which I suspect I am not entitled to, plus Revenue think they overpaid my rebate by €4k in 2009 and asked for it back all those years ago.

I have just about kept my head above water, between paying the mortgage, repairs, property management and letting agent.

I received a solicitor's letter on behalf of Revenue recently, asking for €6k for unpaid income tax and LPT.

My tenants are moving out in September and I should see an increase in rental income of €150 - €200 per month. This should cover mortgage and property management, leaving me to put the money I had been topping up into trying to put everything right.

Does anyone have any idea how I can begin to sort this mess out, and is €150 per month going to be enough to sort it?
 
Well you'll just have to negotiate with Revenue and see what happens. Perhaps start with a lower offer and "accept" €150 but you really should have addressed this as advised back in 2012/2013.
 
You can't get blood from a stone. I just haven't had the money. Do you think I need to start with the most recent year and work my way backwards? Can I just send the payments in and wait for the penalties to come?
 
LPT and the NPPR can be put on a slight back-burner for now. First you need to pay revenue income tax for the rental income. You mention an agent so I'm guessing they registered tenants with the PRTB as required. You need to fill in a form 12 for every year from 2009 to 2014 immediately (2015 is due in October this year). Replicate the one filed in 2008 by the accountant if you still have a copy or else have a read of what you can claim for. This will at least show revenue you are trying. Then negotiate a payment plan.
 
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