PRTB - what to do?

S

SunnyEyes

Guest
We own and let a property for the last few years. We have never registered with the PRTB and got a letter some months back noting we had not registered.
We now wish to register the property but are not sure if we should backdate the commencement of the lease or what to put down as the commencement date. We have the property registered from tax perspective.There are approx 4 tenants living in the property and one of them has been there for the past 3 years or thereabouts , others have changed over time but all the same for the last 12 months... Can anyone advise what is best in this case and also what is PRTB fee - 140? or 180?
Many Thanks
 
Composite (multiple registration) fee is €375 -
Code: 
https://prtb.ie/FAQ.aspx#Q36
 
SunnyEyes said:
We own and let a property for the last few years. We have never registered with the PRTB and got a letter some months back noting we had not registered.
We now wish to register the property but are not sure if we should backdate the commencement of the lease or what to put down as the commencement date. We have the property registered from tax perspective.There are approx 4 tenants living in the property and one of them has been there for the past 3 years or thereabouts , others have changed over time but all the same for the last 12 months... Can anyone advise what is best in this case and also what is PRTB fee - 140? or 180?
Many Thanks
Click to expand...

If you've had the property registered with Revenue, and you say you have, you're not entitled to take a deduction (i.e. an expense) for any mortgage interest paid, for any year that you haven't complied with PRTB registration requirements.

Assuming you may not have been aware of this and have claimed an interest expense, at the moment you're a prime candidate for a Revenue audit for the years since you became a landlord - if you have an interest expense included in your figures to calculate rental income then you need to get tenancies registered as far back as necessary to avoid a potentially very nasty sting.
 
Páid said:
Composite (multiple registration) fee is €375 -
Code: 
https://prtb.ie/FAQ.aspx#Q36
Click to expand...
It all depends on how the OP has let the property - if all the tenants pay their rent separately (i.e. if each tenant has his/her own contract (either written or verbal) then there are multiple tenancies therefore, as you say, multiple registrations. If a tenant leaves, either at the end of the tenancy or without assigning the lease, then a new tenancy starts with a new tenant and a new registration fee must be paid.

However, if the property is let as a single unit with all the original tenants on the same lease agreement (again, it can be written or verbal) then there is only one tenancy with multiple tenants and therefore only one registration fee. When there is a change of tenant, the landlord just needs to notify the PRTB of a change of tenant.

For the current rates, see the PRTB website - though last time I tried it, it was "down".
 
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Brendan
Administrator
 
A key point to remember here is that you are not allowed to off-set your mortgage interest for any property if it was not registered with the PRTB. You should definitely back date it to inception as you could have a bigger issue dealing with the nice people in the revenue if they do ever manage to come knocking at your door.
 
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