Revenue Declaration Rent a room

Evian_Water

New Member
Messages
2
For the last three years I have rented a room in my home under the rent a room scheme.

From my reading at the time this was tax free up to €14k. The rent I have collected has been significantly under this threshold and collected via bank transfer.

I recently noticed that there is a section on Revenue "MyAccount" to declare this amount.

Up until this point I was not aware this was necessary and am now concerned that if I declare this money I will be hit with a fine/late fee or even made to pay tax.

Can I ask if others have experience in declaring this information to revenue? Do others think I am likely to be hit by a late declaration fine.

In my opinion it was not clear a couple of years ago.
 

torblednam

Frequent Poster
Messages
410
No, there’ll be no consequences. Just do things correctly going forward, now that you know.
 

noproblem

Frequent Poster
Messages
1,747
Just be sure you can back up all the money paid into your a'c with paperwork, etc and that every cent of it is traceable.
 

Evian_Water

New Member
Messages
2
Thanks very much for the replies.

Yes every cent is traceable as it all went into our main bank account.

Would it be advisable enter this amount for the last couple of years on the revenue website or simply declare it going forward?
 

Homelandfan

Registered User
Messages
12
What if the rent received for a room in your home was paid in cash? Would Revenue have a problem with that?
 

torblednam

Frequent Poster
Messages
410
Not unless there was a question about whether the exemption limit had been exceeded. So unless the rent for a room goes beyond €1k a month, that’s a no. Always best to have a paper trail or be paid by bank transfer though, leaving Revenue aside (avoids potential for he said/she said about when or whether a payment was made).
 
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