paying 2006 tax - was not registered with PRTB!

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Can anyone help me?. I rented a house out in 2006 for 6 months (was doing it up for the other 6 months) and didn't register with the PRTB (I now have! - I didn't even know it existed). Is there anyway that I can deduct the interest on mortgage at this stage?

Thanks
 
from the PRTB website

7. Are landlords eligible for tax relief on interest paid on borrowing to purchase investment properties?
Landlords should be aware that the Finance Acts have been amended to explicitly provide that compliance with the registration provisions contained in the Residential Tenancies Act registration provisions is a condition of eligibility for mortgage interest relief on residential properties. It is a matter for individuals to satisfy themselves that they are in compliance with the Residential Tenancies Act. The PRTB will not routinely provide letters confirming exemption from the Act. The PRTB propose to supply the Revenue Commissioners with information on unregistered tenancies of which it becomes aware so that, as well as facing criminal prosecution, the landlords in question will lose any mortgage interest relief relating to the dwelling.
BD14565_.GIF
The following link relates to the Revenue Commissioners' requirements with regard to the registration of tenancies: http://www.revenue.ie/publications/txbrefng/tb63/tb01.htm
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Just register your tenancy in 2006 now - pointless i know but then you can feel covered. it will only cost you 140 euro to register late. cheaper then not claiming your interest back.
 
Can you do it retrospectively? And does this satisfy the Revenue requirements for registration and claiming tax relief?
 
yankinlk said:
Just register your tenancy in 2006 now - pointless i know but then you can feel covered. it will only cost you 140 euro to register late. cheaper then not claiming your interest back.
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Hmm - that's an interesting proposal actually.

WOuld be curious as to whether this is satisfactory.

If it is then it's a very simple way around the problem.
 
This isnt the first post I have made on the PRTB and its connection with investors claiming interest relief. I dont hide the fact that i dont agree with the requirement...however its here to stay - so might as well comply.

I dont think you will find anywhere on the PRTB's un-professionally designed website any mention of reporting Landlords for not registering old tenancies - however they do threaten to report lanlords that dont bother to register at all the assumption being that if they dont take RA and dont register PRTB they probably arent declaring tax either.
 
Know this guy who has 00's of properties. He got audited recently and was not registered with PRTB. Deducted mortgage int and revenue auditor said there was nothing he could do. But don't take just my word for it, get a professional opinion. In my own case I did register my tenancies and when I had a problem with one tenant moving half of Nigeria into the apartment and messing with the rent the PRTB were worse than useless. In fact 10 months later I managed to get the tenant out and the PRTB have still not got back to me with a hearing date.
 
You can't register a tenancy that has ended with the PRTB.

Based on my simply dealings with the PRTB I'd be amazed that such an incompetent organisation could inform the revenue of non registered landlords.
 
I rang the PRTB to ask this question but they told me you can not register a tenancy that has ended. Of course they could be incorrect and they were most unhelpful and downright rude. I've not read the legislation so I have no definitive proof.

Actually thinking about it the PRTB are inconsistent. If you have a tenant in your property say from Jan 1 2007 and today you send off the form for late registeration and Nov 1 the tenant leaves, it takes 6 months for the PRTB to register you tenant, say March 2008 - they will be actually registering a tenancy that's ended. Not sure what would happen if you sent in the new tenant registration on Nov 1, would it cross with the late registration tenancy etc. What is amazing to me is that it takes 6 months to type about 6 lines (names & address & PRSI numbers) into an excel sheet.
 
Bronte said:
I rang the PRTB to ask this question but they told me you can not register a tenancy that has ended.
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Thanks. Fwiw, I would be very reluctant to take such a statement at face value. It would be interesting to see if they could produce a legislative reference to settle the issue once and for all.
 
Bronte said:
You can't register a tenancy that has ended with the PRTB.
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What about a situation where the tenant is still in place but you hadn't registered them in 2006? Can you register the tenant for last year retrospectively?

Your tax return requires you to declare that you are in compliance with the residential tenancies act, and would registering late mean that techically you are still meeting your requirerements?
 
webtax said:
What about a situation where the tenant is still in place but you hadn't registered them in 2006? Can you register the tenant for last year retrospectively?

Your tax return requires you to declare that you are in compliance with the residential tenancies act, and would registering late mean that techically you are still meeting your requirerements?
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I would guardedly say that as long as you register within the time allowed then you are in compliance. For example if the tenancy started on the 24th of December 2006 and you registered on the 1st of January 2007 then technically you would not have been in compliance in 2006.

As many people have intimated they are sometimes helpful but mostly incompetent and the system just is not working.
 
was thinking more along the lines of a person about to submit a tax return for 2006 in the next few weeks (i.e. late registering for 2006 in Oct 07)
 
webtax said:
was thinking more along the lines of a person about to submit a tax return for 2006 in the next few weeks (i.e. late registering for 2006 in Oct 07)
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The person may as well try and register the tenancy now, submit tax return and wait and see what the PRTB say. If you see where i am going.
 
I would be more inclined to suggest that they get professional advice on where they stand rather than just submitting a potentially flawed return/payment which could land them in hot water. Chancing one's arm or pleading ignorance will cut no ice with Revenue if there are mistakes.
 
I've just had a quick look at the revenue site. It says you have to register within one month, I can honestly say none of mine were registered within one month except the ones I did for 2004. I wonder what percentage of registrations are late. I now realise that some tenancies I registered in 2004 (deemed date of 1/9/2004) will be four years next year. It seems I will have to register them again and pay another fee.
 
Bronte said:
I've just had a quick look at the revenue site. It says you have to register within one month, I can honestly say none of mine were registered within one month except the ones I did for 2004. I wonder what percentage of registrations are late. I now realise that some tenancies I registered in 2004 (deemed date of 1/9/2004) will be four years next year. It seems I will have to register them again and pay another fee.
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Fee for what he asks rhetorically...

It's a bit ridiculous, because you are dependent on the tenants providing you with their details. We had a brief tenancy last year where the tenants never returned the PRTB form to us so it was never registered.

In addition the PRTB lets you register last for an increased fee. does the Revenue not deem that to be registration?
 
Stifster said:
It's a bit ridiculous, because you are dependent on the tenants providing you with their details. We had a brief tenancy last year where the tenants never returned the PRTB form to us so it was never registered.
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This is a terrible attitude. If I ran a company with this lack of comman sense I'd be out of business within a year. "Arrah shure I sent the bill to my clients but dey never replied, what could I do?".

It's a business. It's not a hobby. If your tenants don't return a form to you get down to the house and get it off them. It's YOUR responsibility. YOU'RE the one who'll end up in court. Would you show the same frivilous attitude if they didn't pay the rent?
 
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