I have encountered approx 25 of these letters and all have been as a result of tenants claiming rent relief. Not sure if revenue profiling computer could profile whether taxpayers are more/less likely to have a rental property
I have encountered approx 25 of these letters and all have been as a result of tenants claiming rent relief. Not sure if revenue profiling computer could profile whether taxpayers are more/less likely to have a rental property
E
Elphaba
Guest
Re: you are in receipt of Rental Income letter!!
Dont draw attention to the percenatge amount of time you are at the house, or they will definately smell a big rat. Its your primary residence and thats that. Revenue don't have a spy sitting across the road, so just be clear on that.
Dont draw attention to the percenatge amount of time you are at the house, or they will definately smell a big rat. Its your primary residence and thats that. Revenue don't have a spy sitting across the road, so just be clear on that.
Re: you are in receipt of Rental Income letter!!
Did they send the letter to this house or to the other place you stay? That might indicate whether they're acting on the assumption that it is your primary residence or not.
Did they send the letter to this house or to the other place you stay? That might indicate whether they're acting on the assumption that it is your primary residence or not.
Having exhausted the "offshore assets" investigations, rental income and in particular stamp duty clawbacks (ftb) was next on the agenda. I posted about it here ages ago.
Also on the go at the moment is the one where they are investigating deposit accounts that had more than €100K in them. See here.
http://www.finfacts.ie/irishfinancenews/article_1013693.shtml
You will need professional tax advice. Tax advisor or Accountant to negotiate on your behalf. If going to an Accountant make sure the Accountant specialises in tax and will deal with it personally and not just farm it out to a tax advisor, so you may end up paying twice. Dealing with the Revenue is like anywhere else, a lot depends on the individual you get assigned to your case.
Also on the go at the moment is the one where they are investigating deposit accounts that had more than €100K in them. See here.
http://www.finfacts.ie/irishfinancenews/article_1013693.shtml
You will need professional tax advice. Tax advisor or Accountant to negotiate on your behalf. If going to an Accountant make sure the Accountant specialises in tax and will deal with it personally and not just farm it out to a tax advisor, so you may end up paying twice. Dealing with the Revenue is like anywhere else, a lot depends on the individual you get assigned to your case.
Re: you are in receipt of Rental Income letter!!
Do you know that for a fact from the details posted so far? I'm not sure that there is no rat to smell here.
I agree with the above 100%.
I also agree with everything Clubman has said.
If the property is you PPR then I presume you are receiving TRS? There will also be CGT implications.
Don't you just wish people would get advice before they do something instead of when they get caught by Revenue. It's really quite irritating!!
Seek help!!!
Re: you are in receipt of Rental Income letter!!
Wow that's an interesting double negative!
I notice someone said 'it's your PPR and that's that', I'd love to see that argument. Well Mr. Inspector of Taxes it's my PPR and that's that!
If he is renting the property out, which he is, part of the house will be subject to CGT.
Once an individual is in receipt of rental income above the Rent-A-Room relief threshold then the entire income is subject to income tax, not just the excess.
Wow that's an interesting double negative!
I notice someone said 'it's your PPR and that's that', I'd love to see that argument. Well Mr. Inspector of Taxes it's my PPR and that's that!
If he is renting the property out, which he is, part of the house will be subject to CGT.
Once an individual is in receipt of rental income above the Rent-A-Room relief threshold then the entire income is subject to income tax, not just the excess.
Re: you are in receipt of Rental Income letter!!
No particular reason, I just hate the things! It takes me about five minutes to get my head around them!!!
No particular reason, I just hate the things! It takes me about five minutes to get my head around them!!!
Tenants claiming rent relief is one of the ways they find out, but the profiling computer has other ways. Revenue know who owns every house in Ireland as they collect stamp duty. So if you own more than one house then you are likely to be flagged by the profiling computer. Revenue can also find out even if tenants are not cliaming rent relief as Revenue knows every workers address. So if they have people living at an address who they know dont own the house or member of the owners family, its a fairly safe assumption that in the vast majority of these cases, the owner is receiving undeclared rental income.
Black Sheep
Registered User
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I don't think it makes any sense working out how the Revenue got their information. They have it and they will follow it up. Like many other posters I suggest you get a good tax adviser to sort it out, putting it on the long finger only worsens the situation
I don't think that really matters.
Recently the chairman of the Revenue Commissioners said that long ago there was a saying "if only Revenue knew what Revenue knows". The RC are now discovering that they already know a lot of things which they just were not getting in the right places to be of use. This is now happening through REAP and other systems and we will be seeing a lot faster and more focused work on their part in the future.