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Thread: Revenue cracks down on landlords

  1. #1

    Default Revenue cracks down on landlords

    http://www.ireland.com/newspaper/ire...830425245.html
    Revenue cracks down on landlords in Donegal
    CRONAN SCANLON
    THOUSANDS OF owners of investment properties could face fines or other penalties as a result of a Revenue Commissioners' national investigation of undeclared rental income. Revenue officers have been calling to houses and apartments in Letterkenny, Co Donegal, asking questions about the identity of landlords and how much rent is being paid.
    A spokesman for Revenue said its mobile service personnel recently began an operation to look at undeclared rental income in the county. The investigation is specific to Donegal and may be extended to other divisions at a later stage.
    The spokesman stressed that homeowners availing of the "rent- a-room" scheme would not come under the scope of its investigations. Under the scheme, income from room rental in the house you live in is exempt from income tax, provided it does not exceed €7,620 per year. "We are only interested in investment properties where the landlord does not live. We are only investigating landlords," he explained.
    He would not elaborate on the specifics of the operation other than to say Revenue was surveying the level of declaration of rental income in the county. "If someone was found not to be declaring rental income they would have to pay tax, interest, penalties and possibly face a prosecution, depending on the amount of money involved," the spokesman said.
    © 2008 The Irish Times

    Why did they have to go all the ways to Donegal to start? A short journey to Ranelagh, Rathmines and any other so-called flatland areas of Dublin would probably yield a bonanza in undeclared rental income.
    And as for the amount of rented appartments in Dublin - years of work await.

  2. #2
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    Default Re: Revenue cracks down on landlords

    Cos they can do it quietly in Donegal, they know most of the rest of the country ignores what happens in Donegal - from endemic unemployment to corrupt Gardaí.

    So do a quiet sweep in Donegal, from the results of that learn all the canny and savvy strokes the amateur BTL Brigade are trying to pull to hide the money, estimate the amount of penalty income you might pick up over the entire country, and sweep everywhere else all at once.
    Je suis un loo-lah

  3. #3
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    Default Re: Revenue cracks down on landlords

    Quote Originally Posted by The Lighthouse Keeper
    http://www.ireland.com/newspaper/ire...830425245.html
    Revenue cracks down on landlords in Donegal
    CRONAN SCANLON
    THOUSANDS OF owners of investment properties could face fines or other penalties as a result of a Revenue Commissioners' national investigation of undeclared rental income. Revenue officers have been calling to houses and apartments in Letterkenny, Co Donegal, asking questions about the identity of landlords and how much rent is being paid.
    A spokesman for Revenue said its mobile service personnel recently began an operation to look at undeclared rental income in the county. The investigation is specific to Donegal and may be extended to other divisions at a later stage.
    The spokesman stressed that homeowners availing of the "rent- a-room" scheme would not come under the scope of its investigations. Under the scheme, income from room rental in the house you live in is exempt from income tax, provided it does not exceed €7,620 per year. "We are only interested in investment properties where the landlord does not live. We are only investigating landlords," he explained.
    He would not elaborate on the specifics of the operation other than to say Revenue was surveying the level of declaration of rental income in the county. "If someone was found not to be declaring rental income they would have to pay tax, interest, penalties and possibly face a prosecution, depending on the amount of money involved," the spokesman said.
    © 2008 The Irish Times

    Why did they have to go all the ways to Donegal to start? A short journey to Ranelagh, Rathmines and any other so-called flatland areas of Dublin would probably yield a bonanza in undeclared rental income.
    And as for the amount of rented appartments in Dublin - years of work await.
    That’s exactly what they are trying to avoid.

    The revenue select somewhere they can cover with a minimum of manpower & work, publicise it, throw a scare into landlords everywhere else and await a flood of landlords declaring themselves. Result, buckets of money for minimum of time & work, then move on to the hard cases.

  4. #4

    Default Re: Revenue cracks down on landlords

    Sounds a good strategy and decades overdue.
    It wouldn't surprise me if a few Donegal Gardaí own a few oul' flats in the 'mines?

  5. #5

    Default Re: Revenue cracks down on landlords

    Its a way of trying out a few techniques in a small area before honing them and expanding it.

    Pretty easy way around this is to insist that all mortgages have the PRSI number of the applicant (s) and tell the banks they have to do this retrospectively with details of all mortgages since 2000 and provide the details to the revenue.

    Non declaration means no right to deduction of mortgage interest on repayments hence all income is fully taxable plus add in all the penalties.

    Next is to ask for declaration of overseas mortgages.

    If property held for capital gain without letting out then no right of deduction on int payments.

  6. #6
    Politics.ie Member Sligoboy's Avatar
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    Default Re: Revenue cracks down on landlords

    Quote Originally Posted by odie1kanobe
    Its a way of trying out a few techniques in a small area before honing them and expanding it.

    Pretty easy way around this is to insist that all mortgages have the PRSI number of the applicant (s) and tell the banks they have to do this retrospectively with details of all mortgages since 2000 and provide the details to the revenue.

    Non declaration means no right to deduction of mortgage interest on repayments hence all income is fully taxable plus add in all the penalties.

    Next is to ask for declaration of overseas mortgages.

    If property held for capital gain without letting out then no right of deduction on int payments.
    Oh stop making sense
    Veni, vidi, arrivederci

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    Default Re: Revenue cracks down on landlords

    Surely this isn't what 'the property market' (tm) needs right now?

  8. #8
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    Default Re: Revenue cracks down on landlords

    I have tenants paying me in cash. I know the bank doesnt care who is living in the house as long as they get their money.
    yes i know all about the revenue would be after ye stuff, but we have to take risks. isnt half the country at it. i had to rent the house out as i got a good job in another part of the country.

  9. #9

    Default Re: Revenue cracks down on landlords

    Quote Originally Posted by aggressivesecularist
    Quote Originally Posted by odie1kanobe
    Its a way of trying out a few techniques in a small area before honing them and expanding it.

    Pretty easy way around this is to insist that all mortgages have the PRSI number of the applicant (s) and tell the banks they have to do this retrospectively with details of all mortgages since 2000 and provide the details to the revenue.

    Non declaration means no right to deduction of mortgage interest on repayments hence all income is fully taxable plus add in all the penalties.

    Next is to ask for declaration of overseas mortgages.

    If property held for capital gain without letting out then no right of deduction on int payments.
    Sounds sensible. We'll be needing a change of government for that, though, won't we? And the outcry about privacy, etc. would be loud and shrill.
    Privacy v Tax Evasion ?

    Fraid privacy doesn't come into it

  10. #10
    Politics.ie Member Aindriu's Avatar
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    Default Re: Revenue cracks down on landlords

    Quote Originally Posted by Oriel27
    I have tenants paying me in cash. I know the bank doesnt care who is living in the house as long as they get their money.
    yes i know all about the revenue would be after ye stuff, but we have to take risks. isnt half the country at it. i had to rent the house out as i got a good job in another part of the country.
    You are preventing the tenants from being able to claim tax relief on their rent payments. Furthermore, you must have not registered the tenancy as you are legally required to do. It is gombeen landlords like you that give decent landlords a bad name.
    If you continue to elect idiots in elections, don't be surprised when the result is an idiotic government.

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