Hi,
First thing I would advise is to go and talk to a tax consultant.
John Rambo's point is very important about the unpromted qualifying disclosure. You will be saving yourself a fortune and the humiliation of publication which could be a possibility based on the facts.
Until you get advice do not ring Revenue!!!!
There really isn't a huge amount to preparing the tax calculations/return but given the circumstances here it may be best to get everything up to date, learn as much as you can from AAM and your advisor and then consider doing it yourself from here on in.
On the allowances for the fixtures and fittings, you will be able to claim allowances on the original items you would have purchased for the house to the extent that they are now being used by the tenants (Sofas, beds, TV, pots & pans). However, the total period of write off is 8 years. So you have to disallow 12.5% for each year before the house was rented.
You can also deduct any other expenses associated with the property mortgage interest (subject to prtb registration and the new 75% restriction), ESB bills, refuse, painting, repairs etc.
Hope this is of help!
First thing I would advise is to go and talk to a tax consultant.
John Rambo's point is very important about the unpromted qualifying disclosure. You will be saving yourself a fortune and the humiliation of publication which could be a possibility based on the facts.
Until you get advice do not ring Revenue!!!!
There really isn't a huge amount to preparing the tax calculations/return but given the circumstances here it may be best to get everything up to date, learn as much as you can from AAM and your advisor and then consider doing it yourself from here on in.
On the allowances for the fixtures and fittings, you will be able to claim allowances on the original items you would have purchased for the house to the extent that they are now being used by the tenants (Sofas, beds, TV, pots & pans). However, the total period of write off is 8 years. So you have to disallow 12.5% for each year before the house was rented.
You can also deduct any other expenses associated with the property mortgage interest (subject to prtb registration and the new 75% restriction), ESB bills, refuse, painting, repairs etc.
Hope this is of help!