Unprompted disclosure rental income and An Post deposit interest

C

Cortado

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We need to make an unprompted disclosure on rental income. However we do not have the bank account statements with rent received for some of the earlier years. We know that the tenant claimed rent subsidy so the rental income was equal to the rent subsidy amount at the time. Will this be acceptable.? The bank used in earlier years is gone out of Ireland. We have some expenses receipts kept. We will only submit the expenses for which we have receipts. We got tradespeople to do work from time to time. We will not submit these expenses as we don't have receipts.

We know we have to calculate the rental income expenses, tax and interest due. Do we calculate the interest to the date we are paying? Or the date we said we were doing a disclosure?

Also we have a small amount of the 10 year national solidarity bonds. Should we fill these in on the filing? We encash them at the end of the 10 years. They are advertised as tax free.
 
Thanks. The rental income was between 7k and 9k. It was one house. We will only submit expenses for which we have receipts. We have done the capital allowances for white goods. My spouse is private and may not like to get an accountant. Some of the babk statements are Ulster bank and some AIB
 
Cortado said:
Thanks. The rental income was between 7k and 9k. It was one house. We will only submit expenses for which we have receipts. We have done the capital allowances for white goods. My spouse is private and may not like to get an accountant. Some of the babk statements are Ulster bank and some AIB
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It’s clear from what you’ve posted you’ve had expenses that you don’t have receipts for. This does not preclude their being part of your submission. Records are only expected to be kept for 6 years by revenue.

You are ill advised not to use a professional. Money well spent. Think again. And even if you don’t go with this advice, I recommend you itemise all your reasonable memory of the expenses incurred.
 
Interested to know how far back revenue are enquiring or what prompted them ? I doubt if anyone has statements available other than what’s on a banking app and they don’t go far back ? Should everyone print off their statements and keep paper copies every year in case revenue want to look at something?
 
January25 said:
I doubt if anyone has statements available other than what’s on a banking app and they don’t go far back ? Should everyone print off their statements and keep paper copies every year in case revenue want to look at something?
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Revenue requires you to keep 6 years of records.

Yes I have decades of paper records including bank statements. My old boss once gave me the advice to keep all receipts when he was demented dealing with a revenue audit which resulting in him paying 2 million about 20 years ago. Revenue will only go far back if they find something in recent records is my understanding.
 
I don’t get them in the post, I print them off. Bank of I send me a message when they are available. My foreign bank I just go on the app and print monthly so I can check it. Can’t do that on the BofI. Very annoying. Ulster used to send me statements in the post.
 
I also think it is essential to get the help of an accountant who will know all the rules regarding an Unpromped Disclosure.

To be a proper disclosure it must

1.Be made in writing and signed by you

2.Give all the information out the tax issue

3.State the amount of tax and interest due

4.Include a declaration that all the information is correct and complete

5.Include a payment for tax and interest due

Later on Revenue may look at whether there is also a penalty to be imposed.
The level of this penalty will depend on whether the error was due to carelessness or if it was a deliberate error.

The advice of everyone here to get a professional as soon as possible to help you get it sorted is the correct advise and I hope you decide to take it.
 
Do we have to file the new amount of Income tax form 11 when we make the unprompted disclosure or is it enough to calculate
it with supporting Information and pay it with interest?
 
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