the revenue’s coming to town
Landlords: You better watch out, you better not cry
What’s that they say about the taxman, they don’t care when they get you as long as they get you.
Revenue to get access to the PRTB, I had some dealings with these chaps, and their data base shuld make for VERY interesting reading
sbpost.ie/post/pages/p/story … qqqx=1.asp
I am Revenue hear me roar
So there’s a piece missing here.
I don’t buy that the Revenue don’t have all the information they need.
Most of the people out there paying rent are entitled to claim an allowance for this, the Revenue has all these addresses. In probably the majority of cases they also have the RSI number for the Landlords, even if they aren’t registered with the PRTB.
What else is the PRTB going to give them ?
I’m all for the Revenue chasing LLs who aren’t tax compliant, but lets not pretend they they couldn’t have done this before now. I’m not sure why this is a story all of a sudden. If there was a pot of gold at the end of the rainbow, the Revenue would have been all over this years ago. Its hardly news that there are scumbag LLs out there & that they aren’t paying their way.
So we can now expect to see a dramatic drop-off in the number of landlords registering with the PRTB. The country has been crying out for a body to to set rules and guidelines to protect both sides in a rental agreement; now that body will have it’s data accessed by the revenue service in order to ensure tax compliance by landlords. This undermines it’s primary function. This is joined-up government for the recession era.
From my memory there is a fairly large fine for not registering, if your getting Rental allowance your l/l should be traceable but maybe they are now getting you with a double whammy. Failure to register and non declaration of earnings
Top Tip for Dodgy landlords:
Dodgy landlords, avoid Revenue attention by not registering with the PRTB.
Friend works in the revenue,they know exactly who the tax evading Landlords are(tenants do not need LLs PPSN to claim rent relief)the interest and penalties build up on a daily basis,this was always their piggy bank money,PRTB co-operation is only fine combing/double checking of declared rental income,I would expect a ramping up of brown harp stamped envelopes to be dropping through evaders letterbox in next few months,it will be a total wealth destroyer for many evading LLs I would think…bout time too!
the PTRB is meant to be there to settle landlord tenant relations, this move will just ensure that people won’t register. what they should do is ensure that PPNS numbers for landlords and tenants are stated on lease agreements and then use those via the tax return on rent allowance to match the renter to the landlord. the ptrb are likely not within their remit to pass on this information, there is not (if i recall correctly, i’ll have to go check) scope within the registration of the PTRB to pass on your details so it may be that this is not even sticking to the rules.
Sorry MB but is the new leglisation not going to plug those holes?
There have been about 4 decades of mass tax evasion in the private rented sector. . It was well mooted a long ago on this forum by a few posters that this was the rainy day/piggy bank fund. I think if revenue had have been on this pre boom I don’t think we would have seen as much of an uptake in the buy to let market since many would shy away from having to declare income .
I sud it yonks ago and it was a founding interest of the pin.
LL & Private rented accommodation should be licensed exactly like taxis. Every LL a license number and a unique no for each registered property.
Its a system we all now and works in one area of public life so whats the problem. Its also sefl fiancing and is totally transparent if there is a problem. Transpose one system form one sector to another service sector big deal… too simple for some of these prise boffins.
Hmm, there’ll be a few cannies choking on their cornflakes in the morning.
This move surprises me a little - I would have thought that this would strike right at the heart of FF supporters. No?
I think that people need to get a little more real. Even if landlords don’t register with the PRTB, if they put one foot wrong, the tenant can bring the dispute to the PRTB in which case non registration just adds to the grief.
I think however, that this is just a signal to non-tax compliant landlords that their number is up.
In the long term I think this is a good thing as it should lead to greater levels of compliance. In the short term it will probably have two effects: another bottleneck in rental supply with another glut onto the sales market not unlike Jan 2007 when everyone tried to get out with their wealth intact.
No chance of selling the '06 X5 to cover the tax bill either!
Well FF aren’t too popular at the moment, they may as well try and get the money now regardless
Good to see the revenue getting ready to dip into the rainy day fund. These guys knew what they were at all along as far as I’m concerned.
Revenue can and do catch landlords through the rent relief claims. Tenants frequently send these in even if the landlord refuses to sign them. Tenant always gets the relief landlord gets an audit.
Not registering with PRTB unwise as your loan interest is not decuctible against income then. Never seen revenue check this but can see them screwing people in audits.
Yup, saw that one coming a mile off.